TORONTO, ONTARIO -- (Marketwire) -- 03/28/13 -- Banro Corporation ("Banro" or the "Company") (TSX: BAA)(NYSE MKT: BAA)(NYSE Amex: BAA) is pleased to announce the appointment of Peter V. Gundy to the Company's Board as a non-executive Director.
Mr. Gundy was Chairman and Founder of New Material Technologies Inc., a publicly listed company which manufactured and sold high tech materials to global electronics industries. During his tenure with the company, he served in a number of positions including CEO. He left in 2008 and the company was later acquired by Molycorp Inc. for $1.3 billion. Earlier in his career, Mr. Gundy served as a vice president of Brascan and Dominion Securities and was co-founder and Chairman of Renaissance Securities. Mr. Gundy was Executive Vice President, Finance, of Potash Corporation of Saskatchewan Ltd., where he was one of the senior executives who founded the company. Currently, Mr. Gundy is Chairman of Verde Potash PLC where he is also Chairman of the Audit Committee. He is also a Director of Clifton Star Resources Inc. and is a member of the Audit Committee.
Mr. Gundy began his career in Montreal as a lawyer specializing in the practice of mergers and acquisitions. He is a certified Director of the Institute of Corporate Directors and resident in Toronto, where he is co-owner of Veritprop Ltd.
"We are very pleased to add Peter's experience and expertise to Banro's Board and believe he will be able to make a valuable contribution to the governance of the Company as we continue to move toward our goal of two operating gold mines producing upwards of 250,000 ounces per year by the end of 2014," commented Bernard van Rooyen, Chairman of Banro's Board of Directors.
Mr. Gundy has also been appointed to the Company's audit committee. The Company recently received notification from the NYSE MKT that, following the appointment earlier this month of John Clarke as Interim CEO and President and his stepping down from the audit committee as a result of his appointment, the Company was no longer in compliance with the NYSE MKT's audit committee requirements, which require that an audit committee be comprised of three independent directors. The appointment of Mr. Gundy allows the Company to regain compliance with these requirements.
Banro Corporation is a Canadian gold mining company focused on production from the Twangiza oxide mine and development of three additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo. Led by a proven management team with extensive gold and African experience, Banro's plans include the construction of its second gold mine at Namoya, at the south end of this gold belt, as well as the development of two other projects, Lugushwa and Kamituga, in the central portion of the belt. The initial focus of the Company is on oxides, which have a low capital intensity to develop but also attract a lower technical and financial risk to the Company and as such maximize the return on capital and limits the dilution to shareholders as the Company develops this prospective gold belt. All business activities are followed in a socially and environmentally responsible manner.
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