Hello Everyone:
I am now a shareholder. Lets keep this thread up to date
-14 holes finished 6 out to market, 3 of the remaining 8 holes expected this month. Hole one, on an uncut basis, TW97-1 averaged 2.92 g/t Au over 313 metres from 48 metres to 361 metres (0.09 oz/t over 954.02 ft from 146.30 ft to 1100.33 ft). Please refer to the Banro website for more detail banro.com
-ABN Amro's (11th largest bank in the world) Brokerage division Hoare Govett Securities' Global Mining Research Team from London England (Analyst Simon Lawrence)has put out an 40 page institutional equity report on BANRO. This is a must read for any serious investors. It is upto date, (Feb 1998), and includes the following contents
Banro Resource Corporation ("Banro")
has acquired a 93% interest in SAKIMA
which is the Democratic Republic of the
Congo's ("DRC") largest private gold
exploration and development company.
The title to the projects and concession
area has been held in good order since
being granted in the early 1900's to a
group of companies which eventually
were merged in 1976 to form SOMINKI,
the predecessor of SAKIMA.
ú Throughout the history of mining in the
DRC,there is no record of abrogation by the
government of any Mining Convention.
ú SAKIMA has a concession totalling 10,271
square kilometres which is a quarter of the
size of Switzerland. Within this concession,
and along a zone referred to as the
Namoya-Twangiza Trend, ten gold deposits
have been identified, a number of which
became operating mines.
ú There has been no modern day exploration
carried out along the trend prior to the arrival
of Banro. Four major projects have been
prioritised; Twangiza, Namoya,
Kamituga-Mobale and Lugushwa.
ú During the past twelve months, Banro's
consultants have digitised a portion of the
data which SOMINKI had accumulated over
the past 75 years or so. Prior to the recent drill
program, digitising the available data for the
Twangiza project has increased SAKIMA's
total resource base from 4 to 8 million ounces
of gold.
Price Range (12m): Cdn$11.50-3.00
Shares Issued: 13.45m
Shares Fully Diluted: 17.23m
Average turnover: 25000/day
Free Float: 52%
Major Shareholder: Cluff Mining* 14%
Market Cap: Cdn$54m.
Debt: None
Cash (current): Cdn 54m
Cash (diluted): Cdn $30m
*Anglo American controls Cluff Mining
ú Twangiza's Phase I diamond drill program is
underway and a number of holes have been
completed. The best intersection to date
being 313 metres grading 2.92 g/t gold which
has significantly extended the deposit at
depth below the previously tested level of 135
meters below surface. The gold resources at
Twangiza are likely to expand rapidly from the
current 4 million ounces following completion
of Phase 1 .
ú Banro's share price has suffered from
negative sentiment towards junior mining
stocks and a period of political uncertainty in
the DRC which was particularly intense
throughout 1997.
ú Based on the valuation techniques we have
utilised, Banro is undervalued.
ú If the investment risks associated with the
DRC are, as we believe, indeed improving,
and given Banro's tremendous exploration
potential we consider the company offers
significant upside potential for the
risk-orientated investor.
Very few retail investors know about this company. I think this one is a sleeping giant. Phone the company at 1 800 714 7938 and ask for a package.
Cheers |
