Gold Mining Stocks (XAU)

[~ Blue ~]

BAA~~ Banro, The junior Barrick gold ~~ New DD

1) BAA~ Banro is a Canadian gold company, its shares trade on TSX and NYSE/AMEX

Banro is a Canadian gold company with production from its first gold project, Twangiza, which is located in the Democratic Republic of the Congo. Banro is also focused on the development of its second open pit project Namoya and is undertaking exploration on two further fully permitted and licensed projects, Kamituga and Lugushwa. All Banro's current projects lie along the 210 km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.

http://www.banro.com
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2) BAA~ Banro has 4 open pit Gold mines..

A) Banro's Twangiza commenced production in 2011

Twangiza (Oxide) became Banro's first producing open pit gold mine when it entered production in October 2011, commencing commercial production in September 2012. With mill throughput at full capacity of 1.7 million tonnes per year, Twangiza (Oxide) is projected to produce upwards of 10,000 ounces of gold each month with an expected mine life of seven to eight years from currently-defined reserves.
Twangiza is the most advanced of Banro's four properties with a Mineral Reserve of 13.69 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. The Twangiza deposit is comprised of two resource components -- an oxide portion and a transition rock/fresh rock portion -- with a focus on the oxide component which has a Measured & Indicated Resource of 15.56 million tonnes grading 2.21/t Au containing 1.10 million ounces of gold and an Inferred Resource of 1.27 million tonnes grading 1.35g/t Au containing 60,000 ounces of gold. The property is located 45 kilometres south-southwest of Bukavu in South Kivu Province and consists of six Exploitation Permits covering 1,164 square kilometres in the highly-prospective 210km long Twangiza-Namoya gold belt.

http://www.banro.com/s/Twangiza.asp?ReportID=307249

FOR PICTURES: http://www.banro.com/s/Photos.asp?ReportID=539736
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B) Banro's Namoya commenced production at Q2 2014

Banro's Namoya (oxide) project began construction in the fourth quarter of 2012 and completed construction and began commissioning during Q2 of 2014. At full capacity, the Namoya mine is expected to produce roughly 9,000 to 10,000 ounces per month.
Namoya has a Proven & Probable resource of 23.00 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. Measured and Indicated resources at Namoya are 29.78 million tonnes grading 1.91g/t Au containing 1.83 million ounces of gold plus an Inferred resource of 6.52 million tonnes grading 1.61g/t Au containing 340,000 ounces of gold. The updated resource calculation used a cut-off grade of 0.4g/t Au.
Field crew members check core at drill site.
The Namoya property lies at the southern end of the Twangiza-Namoya gold belt in Maniema province, approximately 225 kilometers southwest of Bukavu and consists of one PE covering an area of 174 square kilometres.

http://www.banro.com/s/Namoya.asp

FOR PICTURES http://www.banro.com/s/Photos.asp?ReportID=662856
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C) Banro Lugushwa Project

Drilling has intercepted wide zones of gold mineralization at Lugushwa, the oxide portion of which has an Indicated Mineral Resource of 16.91 million tonnes grading 1.35g/t Au containing 730,000 ounces of gold and an Inferred Resource of 6.17 million tonnes grading 1.56g/t Au containing 310,000 ounces of gold. Lugushwa (transition and fresh rock) has an Inferred resource of 65.01 million tonnes grading 1.54g/t Au containing 3.22 million ounces of gold. Senior project geologist checks drill core
The three Lugushwa exploration permits, covering an area of 641 square kilometers, are located approximately 150 kilometres southwest of the town of Bukavu.


http://www.banro.com/s/Lugushwa.asp
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D) Banro Kamituga Project

In February 2011, Banro established its first exploration camp at Kamituga and began exploration of this high potential project, which has a long history of significant gold production.
Kamituga is located 100 kilometres southwest of Bukavu and consists of three PEs covering an area of 649 square kilometres.
Of Banro's four major properties, Kamituga has the longest history of substantial previous alluvial and underground mining operations. Kamituga has an Inferred resource (surface) of 4.14 million tonnes grading 2.40g/t Au containing 32,000 ounces of gold and an Inferred (underground) resource of 3.12 million tonnes grading 6.00g/t Au containing 60,000 ounces of gold.

http://www.banro.com/s/Kamituga.asp?ReportID=307256
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3) BAA~ Banro Gold Resources is 8.35 Million ounce on 11.8% of concession area explored to date

http://www.banro.com/i/pdf/Exploration-Potential-of-the-Twangiza-Namoya-Gold-Belt-May-2014.pdf

http://www.banro.com/s/Resources.asp
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4) BAA~~ Financials Revenue and Net income

Revenue in 2012: $42.6 million
Net Income: -$4.56 million

http://www.banro.com/i/pdf/2012Q4.pdf

Revenue in 2013: $111.8 million
Net Income: $1.63 million

http://www.banro.com/i/pdf/2013AnnualReport.pdf

Revenue: at Q1, 2014: $30.4 million
Net Income: -$0.7 million

http://www.banro.com/i/pdf/2014-Q1.pdf

Revenue at Q2, 2014: $26.5 million
Net income: -$2.97 million

http://www.banro.com/i/pdf/2014-Q2.pdf
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5) BAA~ Book value per share 1.93 dollars

Total Asset 861 million dollars as of June 30, 2014

Total liabilities 373 million dollars.
_
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Total Equity: 487.7 million dollars.

Book Value: Total Equity/ Outstanding shares

Book value: $487.7 million/ 252 million shares= 1.93 dollars

http://www.banro.com/i/pdf/2014-Q2.pdf
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6) BAA~ Banro reaffirms previously released production guidance:

For 2014:
Twangiza - 90,000 to 100,000 ounces
Namoya - 25,000 to 30,000 ounces
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2014 TOTAL - 115,000 to 130,000 ounces

For 2015:
Twangiza - 110,000 to 120,000 ounces
Namoya 1H 2015 - monthly production of up to 5,000 ounces
Namoya 2H 2015 - monthly production of up to 8,000 ounces
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2015 TOTAL - 200,000 to 220,000 ounces


John Clarke, Chief Executive Officer of Banro, stated "We are pleased to be able to reaffirm the guidance on our production that we provided in early July. Once both mines are stabilized, we expect annual gold production from both Twangiza and Namoya to total 200,000 to 220,000 ounces. At this production level we expect cash costs in the range of US$725 to US$825 per ounce and all-in sustaining costs of US$875 to US$975 per ounce."

http://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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7) BAA~ has 252 million Outstanding shares.

-----> Banro's over 90% of shares held by Institutional investors[color=red][/color]

BlackRock Advisors LLC 28,968,740 %11.49
I.G. Investment Management, Ltd 23,159,700 %9.19
Franklin Advisers, Inc. 25,483,115 %10.10
Van Eck Associates Corporation 22,142,121 %8.77
IG Investment Management Ltd 20,569,050 %8.15
Tradewinds Global Investors, LLC. 15,971,398 %6.34
Gramercy Investment Advisors LLC 11,482,167 %4.55
Gramercy Funds Management LLC 8,611,617 %3.42
Franklin Resources Inc 19,442,319 %7.71
Wellington Management Company, LLP 7,441,919 %2.95
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Total: Top 10 institutions hold 183,272,146 %72.67

http://quote.morningstar.ca/Quicktakes/Owners/OwnersOverview.aspx?t=BAA®ion=USA&culture=en-CA

Total 107 institutions hold 93% of shares.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=104788256
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8) BAA~ Holistic financing done: Total $156 million

- Banro closes a US$35.5 million liquidity backstop facility

- Banro signs a non-binding Memorandum of Understanding for gold sale/streaming transactions for aggregate proceeds of US$121 million

http://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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9) BAA~ Banro Management Team

Chairman Richard Brissenden

Richard Brissenden is a mining executive and corporate director with over thirty years of experience in the resource sector. A Chartered Professional Accountant (CPA, CA) and Certified Director (ICD.D), he serves on the board and audit committee for several mining companies, including McEwen Mining, Ryan Gold Corp., and Corona Gold Corporation. As chairman and president of Excellon Resources Inc. from 1991 to 2008, he led the company through the discovery, development and production stages of a high-grade silver/lead/zinc mine in Northeastern Mexico. He has also been a director of HudBay Minerals Inc., as well as president of a gold producer in Alaska, and president of a mine finance house with interests in over fifty junior mining companies. He is a member of the Institute of Chartered Accountants of Ontario and the Institute of Corporate Directors.

CEO John Clarke

Dr. Clarke is a non-executive director of Great Quest Metals Ltd. Most recently, served as the CEO of Nevsun Resources Limited, which successfully brought the Bisha Mine into production in Eritrea. Prior to joining Nevsun in 1997, Dr. Clarke was an Executive Director of Ashanti Goldfields Company Limited of Ghana, where he helped establish Ashanti's gold exploration program throughout sub-Saharan Africa. Dr. Clarke holds a Ph.D. in metallurgy from Cambridge University and M.B.A. from the University of Middlesex.

http://www.banro.com/s/Directors.asp

New CFO from Barrick Gold:

Kevin Jennings will be joining Banro as Senior Vice President and Chief Financial Officer effective September 1, 2014. Kevin has over 20 years' experience in corporate finance, corporate development, strategy and senior management positions with global mining companies. Most recently, Kevin served as CFO of SUN Gold. Prior to that, he led the successful IPO of African Barrick Gold where he held the role of CFO, and over his career has managed mining international acquisitions, divestitures and project investments worth more than US$10 billion. Kevin has also served in senior corporate roles with Barrick Gold, (Vice President, Corporate Development), Xstrata Nickel, (Director, Business Optimization), Falconbridge (Director, Business Development), and American Racing Equipment (CFO). Kevin is a Chartered Accountant with a BA in Administrative studies (Honours Accounting) from York University and a BA in Economics from the University of Western Ontario.

http://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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10) The financial analysts covering Banro Corporation are listed below.

Firm Analyst Phone

GMP Securities Brock Salier [phone]
CIBC World Markets Cosmos Chiu [phone]
BMO Capital Markets Andrew Breichmanas [phone]
Goldman Sachs (UK) Owen Scarrott [phone]

http://www.banro.com/s/AnalystCoverage.asp
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11) Banro Corporate offices and contact numbers

Corporate Office:
Address: 1 First Canadian Place
100 King St. West, Suite 7070, P.O. Box 419
Toronto, ON
Canada M5X 1E3
Telephone: [phone]
Fax: [phone]

Kinshasa Office:
Address: 14, avenue Sergent Moke
Concession Safricas
C/Ngaliema, Kinshasa
Democratic Republic of the Congo
Telephone: [phone]
Fax: [phone]

Bukavu Office: Banro Congo Mining SARL
Address: 15 Avenue Mwanga
Muhumba, Ibanda
Bukavu, South Kivu
Democratic Republic of the Congo
Telephone: [phone]

Twangiza Mine: Twangiza Mining SARL[/b
Telephone: [phone]

Namoya Project: Namoya Mining SARL
Telephone: [phone]

Bankers: TD Canada Trust
Address: 141 Adelaide St. West
Toronto, ON
Canada M5H 3M7

Main Transfer Agent: Equity Financial & Trust Company
Address: 200 University Avenue, Suite 400
Toronto, ON
Canada M5H 4H1
Phone: [phone] (ext 205)
Email: [e-mail]

Auditors: Deloitte & Touche LLP
Address: 181 Bay Street
Brookfield Place, Suite 1400
Toronto, ON
Canada M5J 2V1

Legal Counsel: Norton Rose Fulbright Canada LLP
Address: TD Centre, CP Tower
100 Wellington St. West, Suite 500
Toronto, ON
Canada M5K 1H1

http://www.banro.com/s/CorporateDirectory.asp
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---> Banro has 4 open pit low cost Gold mines. Two of them produces gold.

---> Banro has 8.35 Million ounce Gold Resources on 11.8% of concession area explored to date. Imagine 100% of exploration

---> Banro done $156.5 million financing

---> Banro 2014 gold production 130,000 ounce. 2015 Target 220,000 ounce.

---> Banro book value per share 1.93 dollars, Share price 26 cents.

---> Banro's over 90% of shares held by institutional investors.

FOR ME, IT IS THE MOST UNDERVALUED GOLD COMPANY WITH BRIGHT FUTURE..

Read, check links and make your own DD

~Blue~