Banro Corporation (NYSE MKT:BAA) (TSX:BAA) is pleased to announce that it has signed a Memorandum of Understanding with the community of the Bangu Bangu – Salamabila administrative sector of Maniema Province, Democratic Republic of the Congo where Banro’s Namoya mine operates.
 

The MOU was signed recently by Banro and the Bangu Bangu – Salamabila Sector administrative head, the traditional leaders of the sector, and the head of the local civil society chapter on behalf of the community. The signing ceremony was attended by the Governor of Maniema Province, his Excellency Tutu Salumu, the National Senator for the area, Senator Mulaila Thenga Thekys, and community representatives of the sector. The MOU sets out the aspirations of the community for projects intended to improve education, health, infrastructure, sustainable economic development and employment prospects of the area. As well, the MOU details Banro’s commitment to provide resources and funding to undertake these projects. Banro will pay $1 into the community development fund for every ounce of gold produced by the Namoya mine, together with a contribution of 1% of net profits generated by gold sales from gold produced at the Namoya mine, after capital and taxes once the mine is profitable.
 

The MOU was the product of consultations between community representatives and Banro during 2013 and 2014. The community was represented by a full spectrum of local interest groups including traditional leaders, civil society, artisanal miners, and women’s and youth constituencies, under the leadership of the provincial administrative head for the sector, and the Governor’s office monitored proceedings through representatives from the provincial capital, Kindu.
 

Under the terms of the MOU, the Banro Foundation (Banro’s registered DRC charity) will deliver the funding and provide project management. Since 2005, the Banro Foundation has delivered major social infrastructure projects such as schools, health clinics, potable water projects, community facilities and roads and bridges with the goal of continually enhancing the quality of life and economic opportunities for the tens of thousands of people living in and near sites where Banro operates.
 

“The MOU represents a significant milestone for both Banro and the Namoya community and signifies cooperation and collaboration toward the generation of projects beneficial to both the Company and the community,” commented CEO John Clarke.
 

Banro Corporation is a Canadian gold mining company focused on production from the Twangiza mine, which began commercial production September 1, 2012, and completion of its second gold mine at Namoya located approximately 200 kilometres southwest of the Twangiza gold mine. The Company’s longer term objectives include the development of two additional major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining license, are located along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, the initial focus of the Company is on the mining of oxide material, which has a low capital intensity to develop but also attracts a lower technical and financial risk to the Company. All business activities are followed in a socially and environmentally responsible manner.