NEWS RELEASE FOR APRIL 29, 1998
Attention Business Editors:
BANRO CLOSES $8,750,000 SPECIAL WARRANT FINANCING
NAMOYA CAMP MOBILIZATION UNDERWAY!
TORONTO, April 29 /CNW/ - Banro Resource Corporation is pleased to report
it has closed the sale of 1,250,000 Special Warrants at $7.00 per Warrant for
gross proceeds of $8,750,000. Brenark Securities Limited, as lead agent on
behalf of a soliciting dealer group, acted on behalf of Banro to privately
place the Special Warrants.
The Company's working capital position exceeds $10,000,000, sufficient to
complete Phase II exploration at Twangiza and move immediately to establish an
exploration camp at Namoya and commence with Phase 1 at this site.
''We are encouraged that Banro's SAKIMA project, located in The
Democratic Republic of The Congo, has attracted a level of capital
commensurate with our exploration program during a difficult period in the
mining industry. Participating institutional investors are making a statement
that investment capital is available for world class mining projects,'' states
A.T. Kondrat Co-Chairman of the Company.
Banro Resource Corporation is a gold exploration and development company
with 47 mining concessions encompassing an area of 10,271 square kilometers in
the Democratic Republic of The Congo. Banro's common stock is quoted on the
Canadian Dealing Network (CDN), under the symbol ''BNRS''. The Company has
13,671,181 common shares issued and outstanding.
-0- 04/29/98
For further information: please visit our Web Site at banro.com or contact: A.T. Kondrat, Co-Chairman; Michael Nikiforuk, Vice-President, Director; Cliff Jones, Investor Relations: Phone: (416) 366-2221, Fax: (416) 366-7722, Toll-free: 1-800-714-7938
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