TORONTO (Commodity Online): Banro Corporation (NYSE AMEX - "BAA"; TSX - "BAA") has reported progress in all asepcts of planning and preparation for the construction of Phase I of the Twangiza Gold project in Democratic Republic of Congo.

It said that progress has been acheived in staffing and logistics, detailed plant design and layout, access road planning, power and fuel supply, raw water supply and tailings management. The preparation for shipping of the gold plant from Australia to site is well-advanced, with the refurbishment in Australia of plant components nearing completion.

Design for the enhanced throughput of the plant from 1 mtpa to 1.3 mtpa has been completed; additional parts as required will be manufactured and shipped from South Africa. Resettlement work, which is being conducted in partnership with the community and provincial authorities, has begun with the construction of a temporary access road and fresh water supply to one of the host sites. The Company plans to begin mobilizing equipment at Twangiza by year-end in order to facilitate commencement of construction activities in February 2010, following the peak rainy season.

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The Company also reports progress with respect to arranging debt financing through Standard Chartered Bank, which is the exclusive debt finance advisor for the Twangiza project. It is planned that this process will be concluded by early June 2010. Completion of the Twangiza "Phase I" project and the first pouring of gold is scheduled for December 22, 2011.

Exploration Activities
The Company began a diamond drilling program in October on the Twangiza West flanking structure, where rock sampling and auger drilling results indicate the potential for economic mineralization occurring over a strike length of approximately 1 kilometre, immediately west of the Twangiza Main pit. The initial drilling program comprises 12 holes (1,485 metres) on six 80-metre spaced lines covering the most promising 400 metres of strike.

Meanwhile, exploration continues at several prospective sites at the Twangiza project. As a result of ongoing soil, rock chip and channel sampling activities and auger drilling, diamond drilling programs have been planned for the Twangiza East flanking structure, lying immediately east of the Twangiza Main pit, and the Kaziba Prospect. Fieldwork is also progressing at the recently discovered Ntula workings, the Kakeru Grid, the Karhundu area and a Radiometric Anomaly within close proximity of Twangiza. Future fieldwork and drilling programs are planned for the Mufwa and Tshondo prospects. (Courtesy: PRNewswire)

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