Banro Closes Exercise of Over-Allotment Option

May 15th, 2006

TORONTO: Banro Corporation (“Banro” or the “Company”) (AMEX - “BAA”; TSX - “BAA”) is pleased to announce that it has completed the issuance of 451,000 common shares of the Company (the “Over-Allotment Shares”) at a price of Cdn$12.80 per share, for gross proceeds to the Company of Cdn$5,772,800, pursuant to the exercise by RBC Capital Markets, Raymond James Ltd. and MGI Securities Inc. (collectively, the “Underwriters”) of their over- allotment option. The over-allotment option had been granted to the Underwriters by the Company to cover over-allotments under the terms of the Company’s recently closed financing (see the Company’s press release dated May 4, 2006).

The Company intends to use the net proceeds from the sale of the Over- Allotment Shares to finance the continued exploration and development of the Company’s wholly-owned Twangiza, Lugushwa, Namoya and Kamituga gold projects in the Democratic Republic of the Congo (the “DRC”) and for general corporate purposes.

The Over-Allotment Shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the Over-Allotment Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

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 DRC. 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.

Forward-Looking Statements: This press release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements relating to the Company’s plans with respect to the exploration and development of its DRC projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Factors that could cause such differences include changes in world gold markets and equity markets, political developments in the DRC, changes to regulations affecting the Company’s activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data and the other risks involved in the gold exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information:
Peter N. Cowley, President and C.E.O.
United Kingdom
Tel: (44) 790-454-0856

Arnold T. Kondrat, Executive Vice-President
Martin Jones, Vice-President, Corporate Development
Toronto, Ontario
Tel: (416) 366-2221 or 1-800-714-7938