Banro Corp. fka BAA

[Techamental Logic]

They could, Namoya should produce 6,000 ounces by Q4. That will run Banro $2M total ($750K/month) to get to 6,000 by Q4 plus the $2M~ per month for the upgrades to get it to 8,000 ounces. They might be able to work something out.

Banro's big problem is they need to cover $32M in debt charges over the next 12 months including dividends for preferred shares. Let's say everything from here on out goes perfect. For the next 12 months Twangiza hits 10,000 ounces, Namoya hits 3,000 for 3 months and 6,000 for 9 months. That is 183,000 ounces over 12 months. Not bad.

But that $32M is not included in their all in cash costs. Those were at $950 but lets say they drop to $920. It also doesn't include financing the $22M yet because we don't how they are going to do it.

$32M/183K = $175

920 + 175 = $1,094 cost per ounce on 183,000 ounces.

If they get $1,300 (gold is at $1,294) then their take home profit for 12 months is ($206 * 183K) = $37.7M.

That pays off $22M. Lets call it $25.7M with financing and they have $12M which is a yearly EPS of .047.

So even at 10 times earnings they are worth .47.