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Stock Market & Financial Investment News

News Breaks
December 4, 2012
09:23 EDTBAABanro provides update for its Twangiza Mine
Following the reinstatement of Ball Mill 1 in September, gold production at the Twangiza Gold Mine has been steadily increasing as a result of improved plant availabilities. This is demonstrated by November's performance with production of 8,559 ounces poured and unit costs below $700/oz. These are the best results for Twangiza since start up. Recovery for November was also a record since start up at 85.4%, where previously recoveries had averaged 81.5%. At times during November, gold recoveries reached the 90% mark at lower throughputs, illustrating that residence times are material to performance, which confirms the company's confidence that additional CIL capacity included in the upcoming expansion will have a positive impact upon plant recoveries. Despite frequent disruption to mining activity due to the onset of the rains, November's material movement from the Twangiza Main open pit has also increased to record levels since start up, mainly as a result of the benefits of owner operator management and improved mining fleet availabilities.
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October 15, 2014
10:03 EDTBAABanro Corporation progressing towards financing agreements with Gold Holding
Banro Corporation announced that, pursuant to the memorandum of understanding announced by Banro on August 18, it is progressing towards finalizing the definitive agreements with Gold Holding Ltd for the two gold sale transactions to raise $121M in financing for Banro, the first such transaction for $41M relating to the Twangiza mine and the second transaction for $80M relating to the Namoya mine. Banro and Gold Holding expect to sign the definitive agreement related to the Twangiza transaction in one week to 10 business days and to close this transaction within a month. Banro and Gold Holding also expect the Namoya transaction to close by mid-December, subject to finalizing the definitive agreements.

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