Banro Resource Corporation
PRESS RELEASE
BANRO OBTAINS COURT JUDGEMENT
IN CAPETOWN
(Toronto, June 22, 1999) - Banro Resource Corporation (CDN – BNRS), (the “Company”), reports that on June 15, 1999 a
judgement by the High Court of South Africa (Cape of Good Hope Provincial Division) confirmed Banro's ownership of 99
tons of cassiterite, valued at US $400,000 and unlawfully removed from its operations at Kalima in the Democratic Republic of
the Congo (“DRC”). SOMICO, the DRC government-controlled entity that has purportedly been assigned certain gold mining
concessions expropriated from Banro American Resources Inc.'s 93% owned Congolese subsidiary Sakima SARL, contested
the seizure by Banro of this consignment in Cape Town, South Africa, in February 1999.
In awarding title, to Banro, Mr. Justice Davis found that there had been “shameful and vexatious” conduct on the part of
SOMICO. Legal costs related to this action were awarded against SOMICO.
As a consequence of assisting the Company in its Arbitration proceedings and the seizure of this shipment, two long-term
employees of Sakima along with two attorneys from Mitchell and Associates, legal advisors to Banro in the DRC, have been
arrested by the Military Authorities in Kinshasa. All have been charged with high treason and have been imprisoned since
March 5, 1999. Efforts to have these unfounded charges dropped and the individuals released are ongoing.
“Even though this can be considered a small victory for the Company, we are gratified that the international rule of law does
prevail when doing business in emerging third world markets. We are confident a similar result will occur in Washington at the
ICSID arbitration for restitution and damages in our actions against the DRC” said Bill Wilson, President of Banro American
Resource Inc.
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. The Company's common stock is quoted on the
Canadian Dealing Network (CDN) under the symbol “BNRS.” The Company has 14,921,258 common shares issued and
outstanding.
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For further information, please visit our Web Site at banro.com or contact:
Banro American Resources Inc.
Denver, Colorado
Bill Wilson Phone: (303) 820-2840
President Fax: (303) 595-9717
Banro Resource Corporation
In Johannesburg, S.A. contact:
Bernard van Rooyen Phone: 2711 476-5031
President & CEO Fax: 2711 476-5049
A.T. Kondrat – VP
Cliff Jones – Investor Relations Phone: (416) 366-2221
Toronto, Ontario Fax: (416) 366-7722
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