News

July 07, 2008

Banro’s Twangiza Gold Property Moves Up A Level And Mike Prinsloo Is About To Hit The Road To Tell The World

By Rob Davies

It was a little behind schedule, but Banro has now released the details of the pre-feasibility study on its Twangiza gold property in the Democratic Republic of Congo (DRC). The pre-feasibility had originally been promised for the end of the first quarter of 2008, but a slippage of a quarter of a year in these times of overstretched consultants isn’t such bad going. The experiences of AIM Resources and Northland - both had to pull reports after they had been released in order to correct errors - demonstrate the need to get these reports right first time.

And this report makes good reading for Banro shareholders. Average annual production of 345,125 ounces of gold in the first three years of operation helps to contribute to a calculated net present value for the project of US$352 million. However, it’s clear from talking to Mike Prinsloo, president and chief operating officer, that this area of the DRC has a lot more to offer than just this project at this scale. Now that Banro has evolved from an explorer to a developer, Mr Prinsloo has taken...