Banro Corp. (BAA-T, BAA-X) says it is on schedule to finish building its Twangiza gold mine in the Democratic Republic of the Congo in the fourth quarter of 2011 and a ship containing a reconditioned gold processing plant has already left Australia on its way to the Port of Mombassa.
When the plant arrives in July, it will be transported by truck in 140-foot containers to the Twangiza site and reassembled. (Banro bought the processing facility in 2009.) A second set of containers with components will be sent from South Africa.
In addition, the Toronto-based junior says it has signed a memorandum of understanding with the Luhwindja community and a separate agreement with Twangiza artisanal miners.
Under the MOU, Banro’s charity, the Banro Foundation, will continue to invest in infrastructure projects including schools, health clinics, potable water, and roads and bridges. The charity is also working on resettlement issues.
The agreement with the artisanal miners provides construction jobs for 875 people. Four hundred other artisanal miners will enroll in life and work skills training through local non-governmental organizations and Banro is also funding a program that will send 200 former artisanal child miners back to school.
Banro’s flagship Twangiza project, which it acquired in 1996, is along the 210-km Twangiza-Namoya gold belt in the DRC’s Kivu and Maniema provinces. The property is 45 km southwest of Bukavu is made up of six exploitation permits covering 1,164 sq. km.
The deposit contains measured resources of 17.2 million tons grading 2.40 grams gold per tonne for 1.32 million oz. contained gold. In the indicated category Twangiza contiains 90.3 million tons grading 1.50 grams gold for 4.28 million oz. gold. Inferred resources tally 8.2 million tons grading 1.7 grams gold for 400,000 oz. contained gold.
In early afternoon trading in Toronto, Banro was up 10¢ or 5.03% to $2.09 per share.
Over the last year Banro has traded in a $1.60-$3.37 per share range. The company has 173.1 million shares outstanding.
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