News out. Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) announces operating results for the first quarter of 2016.
Q1 OPERATIONAL HIGHLIGHTS
Twangiza and Namoya produced a combined 44,192 ounces of gold during the first quarter of 2016, in-line with 2016 production guidance
Twangiza produced 26,638 ounces of gold in the first quarter of 2016 as the mine plan focused on waste movement resulting in mining ore zones with lower head grade at lower recoveries compared to recent quarters
Namoya produced 17,554 ounces of gold in the first quarter of 2016, with 7,100 ounces produced in March
Namoya mined over 1.8 million tonnes; however, mining productivity was restricted by road conditions and blast hole drilling availabilities
"Quarter one will likely represent the most challenging quarter of 2016, with the production profile of both Twangiza and Namoya being heavily weighted to the latter half of the year, as indicated in our 2016 production guidance. While the overall performance was in line with expectations, certain critical metrics were below expectations, including recovery rates at Twangiza and ore volumes mined at Namoya," said Banro President and CEO John Clarke. "As we move into the dry season in the second quarter of 2016, operations are expected to benefit from improved working conditions, enabling a return to planned performance."
