Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
BANRO FOUNDATION AND CO-SPONSORS RAISE $80,000 IN CHARITABLE FUNDING FOR CONGOLESE HOSPITAL
TORONTO, June 13, 2011 /PRNewswire/ - Banro Corporation ("Banro" or the "Company") (NYSE AMEX: BAA) (TSX:BAA) is pleased to announce that the Banro Foundation, a charity in the Democratic Republic of the Congo (the "DRC"), has led the effort to raise $80,000 for the world-renowned Panzi Hospital in the eastern Democratic Republic of the Congo (the "DRC").
A general referral hospital located in the city of Bukavu, the Panzi has earned a global reputation in the field of medical care for women, including women who have been victims of sexual violence. The Panzi Hospital treats an average of 3,500 women each year, free of charge. The donation will be used to support construction of a multipurpose women's health centre at the Panzi Hospital to support prenatal consultation, family planning and HIV sensitization, child health and other activities related to women's health.
The funds were raised through a golf tournament held near Toronto on June 9, 2011. Macleod Dixon LLP and Kilo Goldmines were lead sponsors of the event. Co-sponsors were Banlaw Africa, CIBC World Markets, GMP Securities, Loncor Resources, GMP Europe, Cormark Securities, SENET, SRK Consulting, SGS, TD Bank, RBC Dominion Securities, Adnet Communications, BDO Canada and Collins Barrow Toronto LLP. Banro and the Banro Foundation thank all sponsors for their generous support of the event.
The Banro Foundation is a registered charity based in Bukavu, DRC and funded by the Company with a mandate to improve the lives of thousands of people living in South Kivu and Maniema provinces through strategic investments in education, health and infrastructure development and to provide humanitarian assistance as needed. Among the principles guiding the work of the Banro Foundation is a focus on needs identified by local community leaders, with priority given to projects that benefit communities as a whole. Promotion of opportunities for women is an important guiding principle of the Foundation.
Since 2008, The Banro Foundation has completed construction of two new high schools, two primary schools, a regional health care centre, a women's resource centre, a potable water delivery system serving 18,000 people in four villages, the construction or re-construction of over 100 kilometres of roads and bridges and has completed two shipments of medical equipment from Canada to regional hospitals and clinics. Four new schools, a regional market centre, a new health centre, new basketball courts for youth, the refurbishment of a community electrical generating station and a major community bridge are currently under construction.
Information about the Banro Foundation can be viewed at www.banro.com/s/CorporateResponsibility.asp or in French at www.banro.com/s/FR-Corporate-Responsibility.asp.
Banro is a Canadian-based gold exploration company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. The Company is currently constructing its first mine at its Twangiza project, which is scheduled to begin operations in late 2011. In recent years, Banro has emerged as one of the leading employers in South Kivu province of the DRC, creating over a thousand jobs with a strong focus on on-the-job training programs, technology transfer and adherence to world-class standards in health & safety and environmental management.
SOURCE Banro Corporation
Increasing stability, things are looking up for the pioneers in the Eastern Congo! Glad to be here on the best ground floor opportuntity in the entire world, Im proud of the recent sucess of the government this opens the door for greater economic and social development.
Good news out of Congo - UN troop reduction
Congo calls for gradual withdrawal of UN peacekeeping force, citing security improvements
By Edith M. Lederer, The Associated Press – 2 hours ago (wed. 5/18/2011; 9 pm pacific)
Congo called Wednesday for the U.N. peacekeeping force in the central African nation to be gradually withdrawn "without delay," saying the security situation has been stabilized in nearly all parts of the country.
Raymond Tshibanda, Congo's minister for international and regional co-operation, told the U.N. Security Council that the withdrawal of the military force should take into account the recommendations of a U.N.-Congolese evaluation team.
Last year, Congo's President Joseph Kabila called for the U.N. force — the largest in the world — to leave before September 2011 so the country could "fly with its own wings." But the council only authorized a withdrawal of 2,000 troops, leaving a 19,000-strong force on the ground, mainly in volatile eastern Congo, until June 30 when its mandate expires.
Tshibanda said "notable progress has been made in reducing threats against the security of the population and improving the conditions for the government to take over security."
http://www.google.com/hostednews/canadianpress/articl e/ALeqM5goqg22kAh5L3tzIxIVCgY-VhfoyQ?docId=6890592
______________________________________
Maybe we'll get a bumb in the price.
Kilo Goldmines Completes $10 Million Unit Offering
TORONTO, ONTARIO--(Marketwire - May 12, 2011) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OF FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES
Kilo Goldmines Ltd. (the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce that it has completed its previously announced short form prospectus offering of units (the "Units") raising gross proceeds of $10,000,000. The Company has issued and sold today, through M Partners Inc. and Cormark Securities Inc., as lead agents, and Euro Pacific Canada Inc. (collectively, the "Agents"), 50,000,000 Units at a price of $0.20 per Unit. Each Unit consisted of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of the Company at a price of $0.30 for a period of 24 months from the closing of the offering.
In connection with the offering, the Agents have been granted 3,395,000 non-transferable options ("Compensation Options") to purchase Units. Each Compensation Option entitles the holder to acquire one Unit at a price of $0.20 for a period of 24 months from the closing of the offering.
The Company intends to use the net proceeds from the offering to fund further exploration of its Somituri gold property in the Democratic Republic of Congo and for working capital and general corporate purposes, as disclosed in the Company's (final) short form prospectus dated May 3, 2011.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 7,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
http://www.marketwire.com/press-release/kilo-goldmines-completes-10-million-unit-offering-tsx-venture-kgl-1513810.htm
Kilo currently has 3 billion dollars of gold in the ground, that is the 2 million in reserves, at $1500 oz
Kilo has one of the most potentially profitable and promising undeveloped turning into developed land holdings in the world.
So what! a couple big shots got millions of shares at .20, these are some powerful investors that don't plan on losing money, I look at the price of shares under .20 and cherish this opportunity to load up, the company has incredible developments taking place.
OK the worst is officially behind us, bring on the drilling results and good news of progress being made!
I think any price under the offer is a steal here!
Do you think we have what can possibly be a capitulation bottom in place made today when it touched .135 then came up to .17 ?
they are doing everything they can to hold it down, but I don't think they can hold it this low much longer, the stock is showing strong signs of resilience, I think it's prudent to consider now may be the best time to continue adding to my position...
The Day after tomorrow the private deal should be completed! Counting down the time...
Who knows, maybe Simon Village will be there.
Good Luck Tomorrow!
IW: I will be meeting with Banro people tommorrow in downtown los angeles. They are holding a luncheon at 1 pm. 735 s. figueroa Street. Wed. may 11. see my post at BAA
Cheers
Investors seeing some light of day! A New Dawn for the company "hopefully" has finally arrived!
6 more days of hell, Closing of the offering is expected to occur on or about May 12, 2011.
Ok so now we have clarity, on this situation, about time. This is a disgrace the way the stock is this low! Lets see some more drilling results already!
Kilo Goldmines Files Preliminary Short Form Prospectus for Offering of Units
http://www.marketwire.com/press-release/kilo-goldmines-files-preliminary-short-form-prospectus-for-offering-of-units-tsx-venture-kgl-1505953.htm
All the sells are forcibly coming in through a Anonymous seller, what do you take is the plan now that we have come down so far so fast?
they must have some kind of predetermined price they are taking it down to, this is just bad news for investor confidence. Lets see, my guess is they are taking it to a point where they cover the shorts, and use that money to fund the private shares @ .20
Im at the point where I already have so many shares my hands are nearly tied, Im in total amazement that the stock is this low, either were going up or the company is going out of business, and I can't see how the later is a possibility considering all the money they raised, the reserves, and the plan to double those reserves this year. I know stocks can stay irrational longer than we can stay in the game, but this whole thing looks like someone is putting on a show, the private investors are not stupid they know what they are doing buying tens of millions of shares here at .20 cents.
This is the moment these guys are loading up the boat, and you know these guys dont seem like idoits who buy stock so they can loose money and watch it go below .20, if you know what I mean, buying in where they bought in gives a huge buffer zone in light of all the great things the company has going on right now. The only way you can rationalize what has hapopened is I guess the private investors didnt get enough shares first time around, and drove the price back down just so they can double up. Things are going to get awfully exciting some time in the near future IMO. Right now Im happy I have plenty of tickest to the show.
Also Im guessing we had no updates or news until this private deal goes through and is completed. Lets face it the company is on the side of the big investors, and we have to go along with what is best for the company. Big news is coming and ready to fly once the deal is done IMO
Keep up the informative posts!
Much appreciated.
Kiwi
Randgold may start building DRC gold mine midyear
19th April 2011
JOHANNESBURG (miningweekly.com) – LSE-listed Randgold Resources may start building the Kibali mine in the Democratic Republic of Congo (DRC) in June.
Randgold Resources, headed by CEO Dr Mark Bristow, tells Mining Weekly Online that rapid predevelopment progress at the Kibali gold project is paving the way for mid-year construction commencement.
Kibali, in the DRC’s north-east Orientale province, is targeting the first full year of gold production in 2014.
The ten-million-ounce Kibali is poised to be one of Africa’s largest gold mines.
The 15 000 people being relocated to make way for the mine are being offered a choice of four types of homes, with the 3 700 being built each on 600 m².
Also planned at Kokiza are a commercial centre, Catholic Church, preparatory and secondary schools, and a hospital.
More than 800 Congolese are employed on the project and materials such as aggregates and timber are being purchased locally.
About 50 km of primary roads and 14 km of secondary roads have been built to serve Kokiza.
A resettlement-working group anticipates that the first of the 14 villages will be relocated towards the end of the second quarter this year.
Developer and operator Randgold Resources and AngloGold Ashanti each own 45% of Kibali and the DRC parastatal mining company, Sokimo, the remaining 10%.
Bristow says that Kibali will be run in line with the company’s long-established partnership philosophy, which was based on the belief that all stakeholders, including the local community, should benefit from its activities.
This is the mine they bought from MOTO Goldmines, predecessor to Kilo Goldmines.
http://www.miningweekly.com/article/randgold-may-start-building-drc-gold-mine-midyear-2011-04-19
Look at this Banro presentation. On page 12 it clearly outlines some of Kilos greenstone properties, showing the Adumbi prospect as well as Loncor and Banro's land holdings.
http://www.banro.com/i/pdf/2010-Mar9-PDAC_Key_note.pdf
Why is Banro is trading at 25 times multiple to Kilo? Kilo has 20% of the gold Banro has, yet Kilo is priced 200% lower then where the market cap was prior to the confirmed gold reserves.
Valuations is extremely out of line with Kilo's peers and I just can't see how Kilo will maintain such a low priced market cap at only 25 million medium or long term. Look at the valuation of Loncor over 170 million market cap, does not have the sweet spots of the green-stones that Kilo has, and Loncor dose not even have any gold reserves.
Gold hit $1500 TODAY!
And Again! And Again! And Again!
me too my friend me too!
fine by me . . . I just keep adding to my position at these prices :) I'm in this one for the long haul . . .
You see Banro and the buyout speculation from Barrick Gold? if this deal goes through it would leave Kilo the only player with reserves in the area... Kilo is tremendously undervalued.
pulled it from Bloomberg . . .
Oh yeah... I wonder who was shorting... Doesn't take a genius to pull the wool off these Canadian firms! From looking at all the trades on www.tmx.com it can only be Haywood or a related party. Can you give us a link to find out that info? Thanks!
there were huge short positions initiated in Kilo beginning early March . . . starting with a short position of 750k shares, then 250k, now 25k . . .
Kilo says one of it's 2011 objectives are to find another 2 million ounces of gold! Sounds good to me.
Market makers over at Scotia Capital are not working in our favor, making us pay .02 over the ask on Venture exchange on the KGL bid/ask, I'm not real happy about this, the order wont fill at the ask, they are making us bid higher just to get the shares.....
I am also adding to my position in Kilo . . .
Interesting video: http://www.theglobeandmail.com/globe-investor/markets/markets-blog/market-view-video/who-wins-when-gold-soars/article1976487/
I can't believe this stock! We get the best news ever and the price goes straight down! All I can do is use the opportunity to get cheap shares, soon, Haywood will stop it's liquidation of shares from the private. And when that time comes which it will soon IMO, the stock will begin a LONG UPTREND HIGHER.
I am nibbling on some shares today, looks promising indeed!
I'm looking forward to some news... been overdue since the report on in the ground reserves last month.
That sounds pretty good.
looks like we have plenty of support here! Chart looks like Kilo is setting up for a run, Im keeping a close eye and adding. They are overdue for operations statement as well...
Overwhelming demand for power and mining operations, growth.
DRC going ahead with no hydro elect. plant due to "internal demand" (see below). What does that tell you???????
_____________
Giant DRC hydro-power project will start up by 2017/18
Cape Town, South Africa --- ESI-AFRICA.COM --- 21 March 2011 - The Democratic Republic of Congo (DRC) expects its Inga 3 hydro-power project to start generating power by 2017/18 in order to supply the DRC and neighbouring states from the 4,300-to-5,000MW scheme.
Confirming this in an interview here with Reuters, cabinet director at the DRC's energy ministry Vika di Panzu said a pre-feasibility study on the US$8-to-US$10 billion Inga 3 plant, as well as a separate 40,000MW Grand Inga project, was expected by September, as the mineral-rich DRC moved to kick-start a project stalled last year. “The top priority is Inga 3, because we are in a hurry now due to internal demand,” he added.
“The increase in internal demand is such that we need Inga 3 before 2020. We are planning to have it in operation by 2017. By 2014/15 we can start construction and I think three to four years later we can start supplying from Inga 3,” di Panzu revealed.
Di Panzu, also chairman of the Inga 3 steering committee, said BHP Billiton was considered an anchor customer after it had expressed a desire to have a smelter supplied with electricity from the Congo River plant.
“Having the world's biggest mining company as a key consumer would also help raise funds,” he said, adding that there was potential for BHP to become a shareholder in a yet-to-be established company that would manage Inga 3.
He reiterated that the DRC remained committed to supplying southern Africa with energy.
Kilo should make a nice video presentation like the one Banro made:
http://www.banro.com/i/video1/index.html
Investorwisdom: Great great article on mining in congo. You definitely need to read. Go to BAA see my posting. Good luck to all risk takers in Congo.
When there is blood in the streets is the best time to buy! The stock is red with sells!!!! Don't be frozen in shock with your hands tied behind your back, get in there and get a piece of the pie! The longterm outlook for Kilo is truly positive!
No gracefulness on the part of Kilo's private investors... They saw a opportunity to double up on the share placement and they took it, lets see if they want to drive us into the ground or realize that they are selling themselves short. Kilo is worth much more IMO. The silver lining here is that at this price I would expect the lowest end of dilution when counting O/S and a fat book of 45 million warrants wont be exercised, I think this means Kilo should have around 130 million shares, growing gold reserves, tons of potential, growing investor interest, and continued higher gold prices. Things are looking pretty good right about now, and the company is priced just too damn cheap if you ask me!
I think Kilo is working on something big for the Kilo foundation, Kilo is one of the only way's investors can do their part to help out in the Eastern Congo by bringing stability through jobs and building infrastructure like roads, schools, medical centers, sustainable agricultural programs so the future is only going to get better. Now that a trailblazers like Kilo has begun to set the new standard of socially responsible development and projects in the area. I'm also excited now that we have official reserves, and gold is hitting new highs.
Followers
|
5
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
228
|
Created
|
10/18/10
|
Type
|
Free
|
Moderators |
Discovering the DRC's next MAJOR Gold deposit
Kilo Goldmines Ltd. is a gold exploration and development company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K.FSE' and available in the USA under the special routing ticker 'KOGMF'. Kilo's principal focus is to advance its projects in the Kilo-Moto area in the Democratic Republic of the Congo from exploration, feasibility, project development and ultimately to full production.
The Company's mission is to unlock shareholder value by increasing and developing the Company's gold assets in a socially and environmentally responsible manner.
World Class Management Team
The board of directors and senior management team have a wealth of experience with gold exploration and development in Africa. The Kilo team is headquarted in Toronto; our Congo presence includes an office in Kinshasa and field offices in Beni and Isiro.
Properties with Proven Potential
Kilo has over 16,000 square kilometers of favourable Archaean Kabalian greenstone in the Kilo-Moto area. The main exploration targets include the Masters and Somituri properties. Over 11 million ounces of gold have been produced in the Kilo-Moto area since 1906.
Responsible Exploration Practices
Kilo is committed to balancing profitability with corporate responsibility. By working closely with the local community and Congolese goverment officials, Kilo is helping realize the potential of the DRC's vast mineral wealth in a sustainable way.
Investment Highlights
* Experienced team headed by Klaus Eckhof who founded Moto Goldmines (acquired by Rangold Resources last year) and Peter Hooper
* 16,000 km2 of highly prospective ground in the Kibalian greenstone belt; key targets are 200 km away from Moto discovery (20M+ oz); 450km away from Banro (11M+ oz)
* Total historic resources of 1.7M oz of gold *
* Total historic gold production of 630,025 oz (recovered grades of 7-9 g/t)*
* Strategic partnership with Rio Tinto for iron ore assets
* Key shareholders: Randgold Resources (12.5%), institutional investors (31.6%), insiders and retail investors (55.9%)
Kilo's corporate objective in 2010 is to delineate 2 to 4 million ounces of gold (NI 43-101 compliant).
Kilo's properties are structured under 5 operating companies as follows:
Operating Company Ownership Exploration Activity
KGL Masters 90% 6,500 metres of diamond drilling tested 5 areas in Q2 to Q4-2009; compilation of data is in progress.
KGL Somituri 71.25% 10,000 metre program planned for Somituri properties beginning early Feb. 2010; targets includes historic mines.
KGL ERW 75% Approximately half of the KGL-ERW licences are subject to a Joint Venture with Rio Tinto for iron ore.
KGL Sihu 99% No planned exploration in 2010.
KGL Poko 82.5% No planned exploration in 2010.
Corporate Responsibility
Kilo Goldmines is committed to balancing investor loyalty with responsible exploration practices.
Social Responsibility
Administered through the KGL Community Foundation, Kilo is actively promoting grassroots social and economic development in and around the areas in which the company operates.
The objectives of the KGL Community Foundation are to promote sustainable development that enhances opportunities and quality of life by:
* involving local communities in identifying their specific needs
* promoting and supporting education and skills training
* improving access to health care and awareness of public health issues through research and documentation of changes in the health of communities
* supporting improvements in sustainable agriculture, apiculture, aquaculture and forestry
* supporting of the development of micro-entrepreneurs and small businesses
* using, where applicable, local expertise, contractors and labour in its projects
KGL Community Foundation Projects
Environmental Stewardship
Kilo firmly believes that minimizing the environmental impacts of its activities and building cooperative working relationships with local communities is not only a good business practice, it is essential for the long-term operation of the company and ultimately a necessity to achieve the best possible outcome for shareholders.
Kilo's management has also taken steps to ensure that all employees and suppliers respect and adhere to the laws of the DRC with respect to the protection of threatened and endangered species. All employees and contract workers are briefed on this matter and understand that the purchase, sale or possession or the causing of harm to any animal which belongs to a threatened or endangered species can be grounds for immediate dismissal.
Mining in the DRC
$24 Trillion in Untapped Mineral Wealth
According to a February 2009 report in African Business magazine, the value of the mineral reserves buried under the soil of the DR Congo exceeds US$24 trillion dollars. This sum is greater than the combined GDP of both the United States and the 27 European Union (EU) countries.
Recent Developments in the DRC Mining Sector
The Right Time for Gold Exploration and Development
The Democratic Republic of Congo (DRC) holds the promise of becoming one of Africa's most significant gold producers. With a history of oppressive colonial rule, brutal dictatorship, and violent civil unrest for much of the last decade, there are signs that political stability is slowly starting to emerge.
In addition to helping realize potential for shareholders, Kilo is firmly committed to helping the local Congolese people in the communities it is working in and with. Kilo is already helping contribute to the short-term stability of the region through job creation, training activities and philanthropic sustainable development initiatives through the KGL Community Foundation. Kilo will continue to maintain a healthy balance between achieving success for shareholders while playing an active part in contributing to long-lasting peace and prosperity in a developing nation blessed with abundant mineral wealth
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |