China Gold International Resources Corp. Ltd.

China Gold International Resources Corp. Ltd.

April 21, 2011 08:30 ET

China Gold International Enters Into Memorandum of Understanding With Banro Corporation to Develop Gold Business

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2011) - China Gold International Resources Corp. Ltd., ("China Gold International" or the "Company") (TSX:CGG)(HK:2099) is pleased to announce that it has entered into memorandum of understanding with Banro Corporation ("Banro") (TSX:BAA)(NYSE Amex:BAA) to jointly develop Banro's Twangiza property, and the related proposed hydro power project. The MOU also provides that the parties intend to extend the cooperation to Banro's other properties located along the Twangiza-Namoya gold belt in the Democratic Republic of the Congo.

Banro is a Canadian-based gold exploration and development company with four wholly-owned properties, each with mining licenses, along a major gold belt of the Democratic Republic of the Congo. Banro is constructing a "phase one" gold mine at its Twangiza project, which is designed to process 1.7 million tonnes of ore per year and is scheduled to begin operations in late 2011. The Company believes its partnership with Banro will allow the Company to build and grow a strong business presence in the Democratic Republic of the Congo and continues a strategy set forth by China National Gold Group Corporation to have China Gold International act as the only overseas flagship vehicle of the China National Gold Group Corporation.The transaction is subject to completion of definitive agreements that will provide a definitive structure for the transaction and other conditions.

About China Gold International Resources Corp. Ltd.:

China Gold International Resources Corp. Ltd. (the "Company") is a mineral development company focused on acquisitions, exploration, development, mining and processing of gold and other non-ferrous metals. The Company is listed on the Toronto Stock Exchange (TSX:CGG) and the Main Board of the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (HK:2099). The Company was designated as the only overseas flagship vehicle of China National Gold Group Corporation, the only gold producer in China directly controlled by the State-owned Assets Supervision and Administration Commission of the State Council.

Forward-looking statements

Certain statements made herein,including, without limitation, statements regarding a potential transaction between Banro and China Gold International in respect of the Twangiza property, involvement in a potential hydroelectric facility, contemplated development and production of the Twangiza property, proposed participation of China Gold International in other properties of Banro and other statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. All such forward-looking information and statements are based on certain assumptions and analysis made by China Gold International Resources Corp. Ltd.'s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks and Uncertainties" elsewhere in the Company's MD&A filed at The reader is cautioned not to place undue reliance on forward-looking information or statements. Except as required by law the Company does not assume the obligation to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future, unanticipated events.

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