Attention Business Editors:
Banro Resource Corporation - Corporate Update
TORONTO, Sept. 29 /CNW/ - Banro Resource Corporation (CDN - BNRS), (the
''Company''), through its wholly owned subsidiary, Banro American Resources
Inc., reports that the Arbitral Tribunal will re-convene shortly to deliberate
the Company's multi-million dollar claim against the Democratic Republic of
Congo (''DRC''). Delays are due to the DRC's request for additional time to
submit documentation to support their case. However, no further documentation
was provided.
The Tribunal, operating under the auspices of the International Centre
for the Settlement of Investment Disputes (ICSID) will deal first with the
procedural issue of jurisdiction. Subject to a favorable decision on this
element the Tribunal will address Banro American's substantive claim against
the DRC. Counsel to the Company advises that Banro American have a strong case
on both issues. However, the purported dissolution of SAKIMA and the
expropriation of its properties involve complex issues. It must therefore be
expected that their presentation to and consideration by the Tribunal will be
time consuming.
The Company also reports its wholly owned Canadian based subsidiary, BRC
Development Corporation, has filed a preliminary prospectus with the Ontario
Securities Commission for a best efforts offering of 3,000,000 common shares
(at) $0.25 for gross proceeds of CAD $750,000.00. BRC plans to fund an
exploration program on a base metals/diamond project located in Fenton
Township in Northern Ontario. The Prospectus will also qualify the conversion
of 750,000 special warrants into common shares of BRC and a dividend of up to
4,861,000 common shares of BRC that will be distributed to the shareholders of
Banro.
Banro Resource Corporation has 14,921,258 common shares issued and
outstanding.
-0- 09/29/1999
For further information: please visit our Web Site at banro.com or contact: Banro
American Resources Inc., Denver, Colorado - Bill Wilson, President, Phone: (303) 820-2840, Fax:
(303) 595-9717; Banro Resource Corporation in Johannesburg, S.A. - Bernard van Rooyen,
President & CEO, Phone: 2711 476-5031, Fax: 2711 476-5049; A.T. Kondrat - VP, Cliff Jones -
Investor Relations, Toronto, Ontario, Phone: (416) 366-2221, Fax: (416) 366-7722
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