Banro Corp. fka BAA

[adama2000]

Banro Announces Year End 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - April 3, 2017) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA) (TSX:BAA) today announced its financial and operating results for the full year 2016 and fourth quarter 2016.

FINANCIAL HIGHLIGHTS

Record 2016 revenue of $228 million, a 46% increase over 2015 ($157 million)
Gross earnings from operations of $22 million
2016 EBITDA of $62 million
Stakeholder approvals, with support of over 90% of votes cast, received for Recapitalization transactions

OPERATIONAL HIGHLIGHTS

2016 annual gold production of 197,691 ounces
Twangiza produced 104,438 ounces of gold in 2016; 26,395 ounces in Q4 2016
Namoya produced 93,253 ounces of gold in 2016; 24,054 ounces in Q4 2016
191,966 ounces of gold were sold at an average price of $1,190 per ounce (135,391 ounces of gold were sold at an average price of $1,157 per ounce in 2015)
2016 consolidated cash costs per ounce of gold of $761, in line with guidance

All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars.

"We are pleased with the overwhelming support from our stakeholders in the approval of the Company's Recapitalization, that we expect to be implemented in the coming weeks," commented Banro CEO and President John Clarke. "With the ongoing support of our stakeholders, we expect to continue to increase the performance of both Twangiza and Namoya."

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