Banro is focused on the advancement of four wholly owned gold projects on the 210-kilometer-long Twangiza–Namoya gold belt in eastern Democratic Republic of Congo (DRC), where it has been advancing its key projects for 12 years. The company has a unique arrangement with the government of the DRC that grants Banro 100% ownership with no royalties and a 10-year tax holiday.

Among Banro's three main projects, it has identified 9.55 million ounces of gold but is trading at US$3.68 enterprise value per ounce—a significant discount to the average of US$22.35 per ounce for exploration and development peers.

"Banro Corporation (TSX: T.BAA, Stock Forum) Monday reported further results from the company's core drilling program at its wholly-owned Lugushwa gold project in the Democratic Republic of the Congo, which included 48.80 metres grading 3.51 g/t gold. Its shares surged 15% to $1."
    -   stockhouse.com (11/17/08)

"More Strong Infill at Twangiza

Dundee’s Trading Call: Banro is transitioning to the development stage, and progress toward building mines is likely to influence the share price more than drilling results. Banro’s exploration has continued to demonstrate that it has multiple world-class gold deposits. Although the company recently completed a financing, it may soon face the challenge of raising larger sums to build mines in a jurisdiction with high political risk.

The News: Infill drilling continues to hit high-grade gold at Twangiza. On October 29, Banro announced drilling results from its 100%-owned Twangiza gold project in the Democratic Republic of the Congo.

The results are from 42 core infill holes drilled at 40m spacings within the Twangiza North and Twangiza Main deposits. Figure 2 shows a map view of the project with drill hole locations.

The holes hit numerous wide intersections of gold mineralization, frequently starting from surface. Highlights include 9.0 g/t gold over 23m, 2.5 g/t gold over 143m, and 2.6 g/t gold over 106m. True widths are 80% to 95% of reported intervals.

Implications: These results continue to confirm the high-grade mineralization at Twangiza, and they should facilitate a resource upgrade. These holes are part of a feasibility drill program focusing on upgrading the resource to the Measured and Indicated categories. The holes consistently encountered high-grade gold mineralization, helping fill in the existing zones. This should help lead toward an upgraded resource."
    -   Dundee Mineral Exploration Watch List (11/04/08)

"Mike de Wit, who runs the DRC part of the business, has earned great respect in the diamond industry and in the DRC—because he’s been there for a long time. He was with De Beers—but he is something of an alluvial expert and regarded as a one of the real experts in sedimentology. I know Mike and I know the Banro guys. We don’t cover it, but BRC’s share price has been as dismal as so many others.

That said, their prospects in the DRC may be better than most, and Mike is one of the reasons why. A lot of people believe that he probably understands what’s happening in diamond geology in the DRC better than most. And as I say, the DRC could be the world’s next big diamond field." Read full article
    -DES KILALEA,   RBC CAPITAL MARKETS (10/10/08)

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