Banro Intersects Further Significant Gold Mineralisation from Its Drilling at Namoya

December 14th, 2005

Drilling results include 12.36 metres grading 16.66 g/t Au, 14.02 metres at 9.20 g/t Au and 9.43 metres averaging 9.68 g/t Au

Toronto, Canada - December 14, 2005 - Banro Corporation (“Banro” or the “Company”) (AMEX - “BAA”; TSX - “BAA”) is pleased to announce further drilling results from the Company’s wholly-owned Namoya project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the “DRC”).

Assay results have been received from another nine core holes drilled at Namoya that are part of a 7,000 metre drilling program. These results are from the Mwendamboko prospect which forms part of a 2.5 kilometre long mineralised trend at Namoya.

Highlights include: Hole NDD010 intersected 12.36 metres grading 16.66 g/t Au from 42.30 metres Hole NDD008 intersected 14.02 metres grading 9.20 g/t Au from 110.23 metres including 6.00 metres averaging 19.26 g/t Au Hole NDD014 intersected 9.43 metres grading 9.68 g/t Au from 67.69 metres and 13.39 metres averaging 4.85 g/t Au from 137.82 metresThese drilling results are over a strike length of 240 metres with holes spaced at 40 metre sections. Core holes were inclined at between minus 50 and 66 degrees and averaged 141 metres in depth with a maximum of 199 metres down the hole. Core recovery for these holes averaged 87%, with 80% in the mineralised zones. It is estimated that the true widths of the mineralised zones are approximately 60% of the intersected widths in the holes. The mineralised sections are found within a series of sub-vertically dipping quartz veins and stockworks hosted by quartz-sericite-chlorite schists.

Results from the core holes are tabulated below:
Summary of Drill Hole Results 
          (UTM)        (UTM)   MUTH         FROM     TO    WIDTH  (g/t)
                                             (m)     (m)    (m)   
NDD005*  9557713.3   560942.7   236     66  12.50   16.86   4.36   4.39
                                            52.95   92.32  39.37   3.63
Including                                   59.73   64.30   4.57   6.09
                                            81.00   83.72   2.72  14.95
                                           130.79  136.06   5.27   2.46
NDD007   9557757.95  560926.1   236     51   0.00    6.94   6.94   2.15
                                            79.94   82.00   2.06  28.72
                                            87.37   91.06   3.69   1.27
NDD008   9557774.52  560945.6   236     51   0.00    9.67   9.67   1.86
                                            90.44   92.40   1.96   5.04
                                           110.23  124.25  14.02   9.20
Including                                  115.15  121.15   6.00  19.26
NDD010   9557736.83  560896.6   236     50   3.00    4.63   1.63   2.81
                                            13.44   20.95   7.51   1.97
                                            25.70   32.17   6.47   5.59
                                            42.30   54.66  12.36  16.66
NDD011   9557616.8   560997.2   236     51  58.68   61.00   2.32   2.22
                                            65.68   67.68   2.00   1.52
                                            73.40   77.36   3.96   5.83
                                           142.25  146.42   4.17   2.13
                                           174.94  176.63   1.69  35.13
NDD012   9557773.03  560888.5   236     51  78.00   88.65  10.65   1.44
NDD013   9557806.65  560852.3   236     50  58.81   60.00   1.19  15.55
                                            68.52   82.11  13.59   1.54
NDD014   9557697.24  560981.3   236     54  32      34.19   2.19   1.35
                                            67.69   77.12   9.43   9.68
Including                                   73.6    77.12   3.52  24.04
                                           137.82  151.21  13.39   4.85
NDD015   9557985.87  560723     236     50  64.73   66.82   2.09   0.79
NDD016   9558013.00  560689.2   236     53 120.18  122.18   2.00   1.56
*Includes previously reported results
The objectives of the core drilling program at Namoya are to upgrade the project’s remaining Inferred Mineral Resource of 657,000 ounces of gold (7.818 million tonnes grading 2.61 g/t Au) into the Measured and Indicated categories and to delineate additional resources. This drill program follows on from the previous adit sampling program at Namoya, which resulted in the conversion of 436,000 ounces of gold (4.560 million tonnes grading 2.97 g/t Au) from the Inferred to the higher confidence Indicated Mineral Resource category (see Banro’s press release dated July 22, 2005, a copy of which can be obtained from SEDAR at The holes were drilled in areas where the previous adit sampling spacing was inadequate to upgrade the resource base. Drilling has now been completed at the Mwendamboko prospect and the two core rigs are now drilling on the Kakula and Filon B prospects, some 1,000 metres and 1,700 metres respectively to the southeast of Mwendamboko.

Drill samples were taken at a maximum of one metre intervals and the gold values are uncut. Core samples were analysed for gold by fire assay using a 50 g sample at the ALS Chemex Laboratory, which is independent of the Company, in Johannesburg, South Africa. Internationally recognised standards, duplicates and blanks were inserted as part of the Company’s internal QA/QC analytical procedures.

Commenting on these drilling results at Namoya, Peter Cowley, President and C.E.O. of the Company, said: “The widths and gold grades from the drilling results received to date from Namoya continue to be encouraging and are comparable to the predicted resource modelling grades and widths, based on historical data.”

Additional information with respect to the Namoya property is contained in the technical report of Steffen, Robertson and Kirsten (UK) Ltd. dated February 2005, which is entitled “NI 43-101 Technical Report Resource Estimation and Exploration Potential at the Kamituga, Lugushwa and Namoya Concessions, Democratic Republic of Congo.” (See also the Company’s press release dated February 28, 2005 with respect to this report). Copies of these documents can be obtained from SEDAR at and from the Company’s website at

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.

Qualified Person
The exploration results disclosed by this press release have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company’s geological staff based in Bukavu, DRC which includes a “qualified person” (as such term is defined in National Instrument 43-101), Michael Skead (Aus.I.M.M), the Company’s Vice President of Exploration.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission (the “SEC”) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used in this press release, such as “measured”, “indicated”, and “inferred” “resources”, that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company’s Form 40-F Registration Statement, File No. 001-32399, which may be secured from the Company, or from the SEC’s website at

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 regarding potential mineralization and resources, exploration results and future plans and objectives of the Company. 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, 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.

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