EEECCCOOONNNOOOMMMIIICCC AAASSSSSSEEESSSSSSMMMEEENNNTTT NNNIII444333---111000111 TTTEEECCCHHHNNNIIICCCAAALLL RRREEEPPPOOORRRTTT TTTWWWAAANNNGGGIIIZZZAAA PPPHHHAAASSSEEE 111 GGGOOOLLLDDD PPPRRROOOJJJEEECCCTTT SSSOOOUUUTTTHHH KKKIIIVVVUUU PPPRRROOOVVVIIINNNCCCEEE,,, DDDEEEMMMOOOCCCRRRAAATTTIIICCC RRREEEPPPUUUBBBLLLIIICCC OOOFFF TTTHHHEEE CCCOOONNNGGGOOO Economic Assessment Report – March 2011 NI 43-101 TECHNICAL REPORT Banro Corporation Twangiza Phase 1 Gold Project in DRC ECONOMIC ASSESSMENT NI 43-101 TECHNICAL REPORT, TWANGIZA PHASE 1 GOLD PROJECT, South Kivu Province, Democratic Republic of the Congo Prepared for Banro Corporation MODDER House No.1 High Road Modder Crest Office Park Modderfontein Gauteng South Africa Telephone: +27 (0)11 608 2141 Facsimile: +27 (0)11 608 2142 Website www.senet.co.za Effective Date of Report: March 09, 2011, as revised on March 24, 2011 Qualified Persons: Contributing Engineers/ Authors: Martin Pittuck, M.Sc., MIMMM Phil Bundo: SENET H.G. Waldeck, B.Sc., FSAIMM John Naismith: SENET Rudi Rautenbach, NHD, MSAIMM, MSACNASP Darren Naylor: SENET Robin G.I. Bolton, B.Sc., MSACNASP Anthony Evans: SENET Braam Smit: SENET Zamokwakhe Mthethwa: SENET Mark Sturgeon: SRK (SA) Ali Rudaki: SRK (SA) Kerwin Strauss: Metago Environmental Engineers Steven Dorman: Metago Environmental Engineers TABLE OF CONTENTS 1. SUMMARY .................................................................................................................................... 9 1.1 INTRODUCTION .............................................................................................................................................................................................. 9 1.2 PROJECT OVERVIEW ....................................................................................................................................................................................... 9 1.3 MINERAL RESOURCE STATEMENT ................................................................................................................................................................ 10 1.4 ECONOMIC ASSESSMENT ............................................................................................................................................................................. 11 1.5 CAPITAL COST SUMMARY ............................................................................................................................................................................. 13 1.6 OPERATING COST SUMMARY ....................................................................................................................................................................... 15 1.7 FINANCIAL ANALYSIS .................................................................................................................................................................................... 16 2. INTRODUCTION ............................................................................................................................17 2.1 PROJECT OVERVIEW ..................................................................................................................................................................................... 17 2.2 PURPOSE OF THIS TECHNICAL REPORT ......................................................................................................................................................... 17 2.3 SOURCES OF INFORMATION AND DATA ....................................................................................................................................................... 18 2.4 SCOPE OF PERSONAL INSPECTIONS OF THE PROPERTY ................................................................................................................................ 18 2.5 RELIANCE ON OTHER EXPERTS ..................................................................................................................................................................... 20 2.6 CAUTIONARY NOTES .................................................................................................................................................................................... 20 3. PROPERTY DESCRIPTION AND LOCATION ..................................................................................... 21 3.1 MINERAL TENURE ......................................................................................................................................................................................... 21 3.2 BANRO’S INTEREST IN THE TWANGIZA PROPERTY ....................................................................................................................................... 22 3.3 NATURAL AND EXISTING FEATURES ............................................................................................................................................................. 23 3.4 ROYALTIES AND OTHER PAYMENTS .............................................................................................................................................................. 23 3.5 ENVIRONMENTAL LIABILITIES ....................................................................................................................................................................... 23 3.6 REQUIRED PERMITS AND APPROVALS .......................................................................................................................................................... 24 4. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ................ 29 4.1 TOPOGRAPHY, ELEVATION, VEGETATION AND SEISMIC ACTIVITY ............................................................................................................... 29 4.2 MEANS OF ACCESS ....................................................................................................................................................................................... 30 4.3 PROXIMITY TO A POPULATION CENTRE AND NATURE OF TRANSPORT ........................................................................................................ 30 4.4 CLIMATE AND LENGTH OF OPERATING SEASON .......................................................................................................................................... 30 4.5 SURFACE RIGHTS AND AVAILABLE LOCAL INFRASTRUCTURE and RESOURCES............................................................................................. 32 5. HISTORY .......................................................................................................................................34 6. GEOLOGICAL SETTING ..................................................................................................................36 6.1 REGIONAL GEOLOGY .................................................................................................................................................................................... 36 6.2 PROPERTY GEOLOGY .................................................................................................................................................................................... 39 7. DEPOSIT TYPES .............................................................................................................................41 8. MINERALIZATION .........................................................................................................................43 8.1 SILLS ............................................................................................................................................................................................................. 43 8.2 SEDIMENTS ................................................................................................................................................................................................... 43 9. EXPLORATION ..............................................................................................................................45 9.1 HISTORICAL EXPLORATION ........................................................................................................................................................................... 45 NI43-101 TECHNICAL REPORT 9.2 EXPLORATION (OCTOBER 2005 – DECEMBER 2006) ..................................................................................................................................... 47 9.3 EXPLORATION (JANUARY 2007 – NOVEMBER 2008) ................................................................................................................................... 48 9.4 EXPLORATION (JANUARY 2009 – DECEMBER 2010) ..................................................................................................................................... 50 10. DRILLING ......................................................................................................................................52 10.1 DRILLING (FEBRUARY 2006 – MAY 2008) ..................................................................................................................................................... 52 10.2 DRILLING (MAY 2008 – NOVEMBER 2008) ................................................................................................................................................... 53 10.3 RESULTS .......................................................................................................................................................................................................