Banro Appoints Non-Executive Director To Its Board

July 18th, 2006

Toronto, Canada — July 18, 2006 - Banro Corporation (“Banro” or the “Company”) (AMEX- “BAA”; TSX - “BAA”) is pleased to announce the appointment of Piers Cumberlege to the Company’s board of directors as a non-executive director.

Mr. Cumberlege is Vice President, Private Equity at Cordiant Capital Inc., one of Canada’s leading investment firms dedicated to private equity and debt investments in emerging and high growth markets. Mr. Cumberlege has over 25 years of general management and investment experience covering emerging markets, and has held senior positions with companies such as Bombardier, GEC/Marconi and Hawker Siddeley and served on the boards of a number of public and private companies in Africa, the Commonwealth of Independent States, Asia and Russia. He is currently a director of the Canada Council for Africa and was formerly a member of the U.K. government’s Department of Industry and Trade’s Tropical Africa Advisory Group. Mr Cumberlege is a graduate of Oxford University.

Commenting on Mr. Cumberlege’s appointment, Simon Village, Chairman of Banro, stated: “We welcome Piers to the board and believe that his experience will further strengthen the Company’s expertise and governance, as we advance the development of Banro’s gold projects in the DRC.”

Banro is a Canadian-based gold exploration company focused on the development of four major, wholly-owned gold projects 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 strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.

For further information, please visit our website at, or contact: Peter Cowley, President and C.E.O., United Kingdom, Tel: (44) 790-454-0856; Arnold T. Kondrat, Executive Vice-President, Toronto, Ontario, or Martin Jones, Vice-President, Corporate Development, Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938.