Banro Corp. fka BAA

[TeamTOC]

Hey braised. You've got a good understanding of the ER's, and I'm wondering if you can answer a question regarding all of their forward gold sales and how the ounces delivered would be shown on the ER.

With the $20M, $20M and $10M forward gold sales, there are 618oz, 618oz, and 396oz due per month, respectively. In addition, extra ounces are needed to realize a spot price of $1100 on the two $20M transactions, and a spot price of $1150 on $10M transaction. Just doing some rough math, Twangiza will have to give up ~5k ounces per quarter to meet the terms of the forward gold sales.

Will this still show in the gold produced, or are the ounces taken off of the top before reporting what they mined? What I'm really looking for is if this is why Twangiza guidance for the full year, doesn't line up with the ~35k oz per Q that they've produced in Q1 and Q2? Obviously if they keep producing that, they would blow their 125k oz guidance out of the water. The flip side though is if you take 10k oz off for Q3 and Q4 combined, then we are quite a bit closer to that 125k oz mark.