Name and Location
Twangiza gold project, South Kivu province, Democratic Republic of Congo.

Project Description
The Twangiza project has total proven and probable reserves of 4,54-million ounces of gold and consists of six exploitation permits totalling 1 156 m².

The project envisages a conventional openpit shovel-and-truck operation to mine sufficient ore to supply five-million tons a year of oxide ore throughput and, subsequently 3,75-million tons a year for transitional and fresh ore throughput. The feasibility study indicates full production at the Twangiza project to be over 300 000 oz/y of gold over the first three years, at average operating cash costs of $261/oz, based on current resources.

The process plant includes the addition of a processing facility to treat refractory ore, which will improve recoveries of refractory material from 36,4% to 64% for transitional ore and from 51,7% to 72,2% for fresh ore, resulting in an overall increase in gold recovery from 72,6% to 78%.

A standalone 30-MW hydroelectric plant will be developed separately.

Value
The initial project costs are estimated at $377,43-million.

The hydroelectric plant will cost $133,8-million, including a contingency of $20,1-million.

Duration
The construction of the process plant and associated infrastructure is expected to take 24 to 30 months. The hydroelectric plant will be built simultaneously and has an expected timeline of about 28 months.

Client
Banro Corporation.

Key Contracts and Suppliers
Standard Chartered Bank (debt finance adviser).

Latest Developments
Banro Corporation has announced that the reconditioned gold processing plant, which the company acquired in 2009 for reassembly at the Twangiza gold project, has been shipped from Australia and was scheduled to arrive at the Port of Mombassa, in Kenya, in July.

The company has also signed a memorandum of understanding with the community of Luhwindja and a separate agreement with the leadership of the Twangiza artisinal miners, which provides social and economic benefits to both communities and creates a partnership among the parties in support of the development of the Twangiza project.

On Budget and on Time?
The company remains on schedule to complete construction of the first phase of the Twangiza gold mine in the fourth quarter of 2011.

Contact Details for Project Information
Banro Corporation, tel +1 416 366 2221 or email info@banro.com.