Banro Provides Corporate Update
June 02 2014 - 3:11PM
Marketwired
Banro Provides Corporate Update
TORONTO, ONTARIO--(Marketwired - Jun 2, 2014) - Banro
Corporation ("Banro" or the "Company") (NYSEMKT:BAA)(TSX:BAA)
announces changes the Company has made and is proposing to make to
the composition of its board of directors ("Board").
New Chairman of the
Board
Banro is pleased to announce the appointment of Richard
Brissenden to the role of Chairman of the Board. Mr. Brissenden,
with his extensive experience as an independent board member,
joined Banro's Board in December of 2013.
"We look forward to receiving the benefits of Richard's valuable
mining company experience and welcome Richard's continued
involvement in the oversight of Banro from this new role,"
commented Banro founder Arnold Kondrat. "Banro's board and
management team also wish to thank outgoing Chairman, Bernard van
Rooyen, for his long-time service and dedication to the Company as
well as his oversight, which has supported the Company's progress
from an early stage exploration company to the company it is today
with two operating gold mines."
Additional Independent
Director
The Company also announces the appointment of Thys Terblanche as
an additional independent director on the Banro Board. Mr.
Terblanche is a mining sector specialist with capital markets,
project finance and merger and acquisition experience gained in
several key mining financial markets and business/corporate
development expertise and experience gained within the industry. He
was most recently Managing Director in the mining investment
banking group of CIBC World Markets Inc., based in Toronto, and
prior to that was Global Head of Mining with an African and
emerging market-focused investment bank based in the United
Kingdom. Mr. Terblanche started his mining career working in
corporate finance and business development with a major diversified
global mining company, based in South Africa and the United
Kingdom. Mr. Terblanche holds Chartered Accountant (South Africa)
and Chartered Global Management Accountant (Canada, United Kingdom)
qualifications and is currently a member of the board of the Canada
Southern African Chamber of Business.
Three Directors Not
Standing for Re-Election at AGM (June 27, 2014)
Long serving Banro directors Arnold Kondrat, Bernard van Rooyen
and Richard Lachcik will not be standing for re-election at the
upcoming annual shareholders' meeting ("AGM"). The Company wishes
to thank all three for their many years of service and oversight as
Board members during the Company's evolution. Mr. Kondrat will
remain in his management role as Executive Vice President of Banro.
With these changes, the six directors to be nominated for
re-election at the AGM are as follows: Richard Brissenden, John
Clarke, Maurice Colson, Peter Cowley, Thys Terblanche and Derrick
Weyrauch (such that John Clarke, as President and CEO of Banro,
will be the only non-independent director on the Board).
These changes to the Banro Board reflect the continued evolution
of the Company. Banro's first gold mine (at Twangiza), which began
commercial production in September 2012, was the first new
commercial gold mine in the DRC in over 50 years. Within two years
of achieving commercial production at Twangiza, Banro finished
construction of a second mine (at Namoya) in the DRC, which is
currently going through the hot commissioning phase. These are very
significant accomplishments, which were carried out during Messrs.
Kondrat, van Rooyen and Lachcik's tenure on the Board. As the
Namoya mine approaches commercial production, Banro is reaching a
milestone in its history where it will be able to reap the benefits
afforded to a multi-mine company, such as opportunities to harness
synergies in exploration, extraction and production. These
synergies will enable Banro to be more efficient with its
infrastructure and workforce.
The development and reorganization of the Banro management team
in the DRC over the last year provides Banro with a team of high
quality industry professionals with appropriate international
experience as well as a ten-year track record of successful
operation in the DRC. The team has completed the Twangiza mine
expansion project and the construction of the Namoya mine. Going
forward, the management team will include a focus on expanding the
near-mine potential resources and unlocking the full potential of
the Twangiza-Namoya gold corridor.
The refreshed, highly capable Board to be proposed for election
at the AGM not only has the skills and experience to deliver the
full potential of the Company's assets along the Twangiza-Namoya
gold belt but also reflects the Company's desire for good
governance, solid management direction and professional
oversight.
Banro Corporation is a Canadian gold mining company
focused on production from the Twangiza mine, which began
commercial production September 1, 2012, and completion of its
second gold mine at Namoya, located approximately 200 kilometres
southwest of the Twangiza gold mine. The Company's longer term
objectives include the development of two additional major,
wholly-owned gold projects, Lugushwa and Kamituga. The four
projects, each of which has a mining license, are located along the
210 kilometre long Twangiza-Namoya gold belt in the South Kivu and
Maniema provinces of the Democratic Republic of the Congo (the
"DRC"). Led by a proven management team with extensive gold and
African experience, the initial focus of the Company is on the
mining of oxide material, which has a low capital intensity to
develop but also attracts a lower technical and financial risk to
the Company. All business activities are followed in a socially and
environmentally responsible manner.
For further information, please visit our website at
www.banro.com, or follow the Company on Twitter @banrocorp.
Cautionary Note
Concerning Forward-Looking Statements
This press release contains forward-looking statements. All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future (including,
without limitation, statements regarding estimates and/or
assumptions in respect of future gold production (including the
timing thereof) and gold recoveries, and the Company's development
plans and objectives) are forward-looking statements. These
forward-looking statements reflect the current expectations or
beliefs of the Company based on information currently available to
the Company. Forward-looking statements are subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things: uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; the possibility
that actual circumstances will differ from the estimates and
assumptions used in the economic studies of the Company's projects;
failure to establish estimated mineral resources and mineral
reserves (the Company's mineral resource and mineral reserve
figures are estimates and no assurance can be given that the
intended levels of gold will be produced); fluctuations in gold
prices and currency exchange rates; inflation; gold recoveries
being less than those indicated by the metallurgical testwork
carried out to date (there can be no assurance that gold recoveries
in small scale laboratory tests will be duplicated in large tests
under on-site conditions or during production) or less than those
expected following the expansion of the Twangiza plant;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; political
developments in the DRC; lack of infrastructure; failure to procure
or maintain, or delays in procuring or maintaining, permits and
approvals; lack of availability at a reasonable cost or at all, of
plants, equipment or labour; inability to attract and retain key
management and personnel; changes to regulations affecting the
Company's activities; the uncertainties involved in interpreting
drilling results and other geological data; and the other risks
disclosed under the heading "Risk Factors" and elsewhere in the
Company's annual information form dated March 29, 2014 filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein.
Banro CorporationNaomi NemethInvestor Relations+1 (416) 366-9189
or +1-800-714-7938, Ext. 2802info@banro.comwww.banro.com
BAA (AMEX:BAA)
Historical Stock Chart
From Mar 2024 to Apr 2024
BAA (AMEX:BAA)
Historical Stock Chart
From Apr 2023 to Apr 2024