Banro Corp. fka BAA

[spencaround]

Everything started to change with this article
http://www.bloomberg.com/news/2014-07-11/banro-tumbles-as-congo-gold-mine-projections-fall-canada-credit.html

This came out a day or two later after they lowered full year guidence in tonnes for 2014
The reality is most of the numbers that we have all rehashed over and over and the ones i used from braised in the past was that we needed Gold to continue up to at least $1400.00 an ounce and Namoya to operate out of the gate not flawlessly but at least hit projected tonnes by year end.
After that date and article everything is now in question with banro.
It made everything Liberty was spewing and we thought were lies to be possibly true now. At least partially true. I now question if Dr.Clarke is the right choice because things have been fumbled so badly and i feel some things were allowed to be keep quiet until they had to be revealed like the trouble with Namoya. They cant honestly say they didnt know what was going on after the first hot commissioning in dec of 2013... especially as each month went by and things in the process didnt change as they were milling.6 months of milling and then boom...welp we have a problem. i dont buy that.But okay ill let it go because meanwhile Twangiza is going great...but because of all this now everyone is looking at the rainy season approaching at the end of the year and unsure if the modifications made to twangiza "will?" work ..
this is the price current management must pay for consistantly messing up the pie recipe. You got a great ovens,one of kind pie,skilled bakers, and hungry paying customers...whoops forgot the eggs, opps too much sugar, yikes dropped the pie on the floor...
Now what they have is most of us have ran out of patience.Last year was suppose to be the year,then this year for sure, now next year..maybe-if-possibly-we can hopefully maybe do this... so here we are.
We are all smart enough to know that there are only a few scenerios that will keep them going.
#1 They now need more money
so they either dilute another 30 million shares, sell more preferreds at embarrashing prices,go into more debt and refinance again against assets, or pay as they go.
It looks to me they will...pay as they go. They still had about 18 million in cash i think so they will add heap leaches to namoya and do that for the next 6 to 9 months. Will something else happen? will weather suddenly affect namoya? dont know..but with their luck.
CIBC and this Group they hired to assess the mine will give them the numbers they need and it will probably be more expensive than we thought.
Stop the reverse split nonsense.. because on their exchange its a non-issue as long as market cap doesnt shrink too much i believe.
They do need to consider selling some of the claims beyond the original 4 mines they have planned... that would really loosen the cash for them...but as stubborn as some men can be i dont see them wanting to let go. IMO opinion we will drift like this for months but if gold gets weak thats the only nail in our coffin.