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Gold/Mining/Energy : Banro Resources ( BNRS-CDN) -- Ignore unavailable to you. Want to Upgrade?

To: dvid who wrote (30)	4/1/1998 8:08:00 PM
From: Len Hynes	Respond to of 73

Hi Dviv: These were warrants attached to an earlier financing that have now been exercised by the placees.....bringing $1.54 million into the treasury. Also today, Mike Schaeffer of Outstanding Investments re-iterated a "speculative buy" on Banro...and pointed to the distinct possibility in the near future of mineable reserves to be dramatically expanded,and to the very real likelihood of additional discoveries on Banro's 10,000 square kilometers of prospective ground. Look for the release of the remaining 7 holes from Phase One of the Twangiza drill program. Additionally,a further financing as alluded to in the latest news release is expected to be finalized and announced very shortly.Look for Phase Two of the Twangiza Deposit to be announced shortly thereafter with additional in-fill and exploratory drilling. I would expect to see Banro announce soon that they will begin drilling the high-grade Namoya deposit. Both drill programs will draw a lot of investor attention to the company in anticipation of some further exciting drill results. April and May months should prove to be exciting times for shareholders of Banro. Cheers! Len

To: dvid who wrote (30)	4/2/1998 7:54:00 PM
From: Round Table	Read Replies (1) \| Respond to of 73

Banro Resource Corp - $10.5m special warrant financing Banro Resource Corp BNRS Shares issued 10920218 1998-04-01 close $6.875 Thursday Apr 2 1998 Mr A.T. Kondrat reports Banro has engaged Brenark Securities to act as its exclusive agent to sell, on a best efforts basis, up to 1,500,000 special warrants at $7.00. Maximum gross proceeds from the offering will be $10,500,000. Each special warrant is exercisable into one share at no additional cost. Banro has agreed to use its best efforts to file a prospectus qualifying the distribution of the common shares underlying the special warrants within 180 days following the closing of the offering. Brenark, in its capacity as agent, will form a soliciting dealer group to assist in the sales of the special warrants. Closing of this special warrant financing is expected to occur on or before April 16 1998. Net proceeds derived from the issue and sale of the special warrants will be used to finance a phase two exploration program and a pre-feasibility report for Banro's Twangiza gold project and to finance the phase one exploration program for Banro's Namoya gold project. cheers