| Banro Corporation - BAA.t operates two gold mines in the DRC. Twangiza produced 135,500 ounces of gold in 2015.|
Namoya is an open pit, oxide operation. Namoya entered commercial production in January 2016. Namoya has production targets of roughly 9,000 - 10,000 ounces per month at full run rate.
"Banro Corporation (“Banro” or the “Company”) (NYSE MKT:BAA)(TSX:BAA) today announced its financial and operating results for the first quarter of 2016.
•$98.75 million financing closed in February 2016
•Banro’s Mineral Reserves as at December 31, 2015, have grown year-on-year by 9%, after depletion, to 3.18 Moz of gold (48.61Mt @ 2.03 g/t Au)
•Q1 2016 consolidated (combined Twangiza and Namoya) gold production of 44,192 ounces with a cash cost of $767 per ounce, combined mine site all-in sustaining cost of $855 per ounce, and consolidated all-in sustaining cost of $949 per ounce, in-line with expectations and 2016 production guidance
•Q1 2016 revenue of $47 million
•Commercial production declared at Namoya effective January 1, 2016
•Twangiza produced 26,638 ounces of gold in Q1 2016 with a cash cost of $639 per ounce
•Namoya produced 17,554 ounces of gold in Q1 2016 with a cash cost of $959 per ounce