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Banro Corporation

TICKER: BAA:TSX; BAA:NYSE

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Banro Corporation is a Canadian-based gold exploration and development company focused on the development of four major, wholly owned gold projects, each with mining licenses along the 210-km.-long Twangiza-Namoya gold belt in the northeast Democratic Republic of the Congo. Led by a proven management team with extensive experience in gold and with Africa, the company is scheduled to pour first gold at its flagship Twangiza Phase I Mine in Q411.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Gold Report Interview with Nana Sangmuah (4/27/12) "We just saw the first commercial gold production coming with Banro Corporation picking up the march." More >

Mike Kozak, Cormark Securities (4/26/12) "Banro Corporation recently put its 100%-owned Twangiza open-pit gold project into production and is ramping up to a run rate of ~120 K oz/year. . .plant optimization is ongoing and management now appears confident commercial production will be attained in Q212. . .Namoya remains on track to be the company's second production asset along the Twangiza-Namoya gold belt. . .first production is targeted for Q113 with commercial production in Q213 at rate of 10–12 K oz/month."

Cosmos Chiu, CIBC World Markets (4/25/12) "Banro Corporation provided an operational update for its Twangiza mine and Namoya project in the DRC. . .we believe operations at Twangiza are moving in the right direction, with a better-than-expected average grade of 3.1 g/t in Q112 and recoveries trending up to 84% by the end of the quarter. . .as operations progress to full capacity and cost reduction measures are implemented, cash costs are expected to decrease below $550/oz."

Morning Coffee (4/25/12) "Shares of Banro Corporation jumped after the company reported a solid operational update from its Twangiza and Namoya mines in the Democratic Republic of the Congo. . .at its Twangiza mine, Banro reported quarterly production of 17,412 oz gold, with average cash costs of $613/oz. Average grade came in at 3.1 g/t with recoveries reaching 84% by the end of the quarter; production is forecast to increase to the planned 10-Koz/month level in Q212. . .at the Namoya project, Banro noted that Namoya is on track for first gold production in Q113 with planned ramp-up to full production of 10–12 Koz gold/month by Q213."

Brock Salier, GMP Securities (4/25/12) "Banro Corporation anticipates stronger production and lower costs in H212, and so expects 2012 production and cash contribution to be similar to targets set prior to the mill-motor replacement. . .cash costs were a positive surprise. . .the company is now targeting costs under US$550/oz. . .this reduction is very much achievable via workforce restructuring, diesel contract negotiations and especially the reduced impact of fixed costs on unit costs as throughput and production increases. . .we retain our Buy recommendation."


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