Banro Intersects Wide Zones Of Gold Mineralization From Its Drilling At Twangiza

July 20th, 2006

Drilling results include 211.20 metres grading 2.15 g/t Au, 61.67 metres grading 4.71 g/t Au and 24.92 metres grading 2.50 g/t Au

Toronto, Canada - July 20, 2006
- Banro Corporation (“Banro” or the “Company”) (AMEX - “BAA”; TSX - “BAA”) is pleased to announce further drilling results from the Company’s current core drilling program at its wholly-owned Twangiza project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the “DRC”).

Assay results have been received for an additional 15 core holes drilled at Twangiza that are part of a 20,000 metre diamond drilling program.

Highlights include:
• Hole TDD023 intersected 211.20 metres grading 2.15 g/t Au from 0.00 metres
• Hole TDD020 intersected 61.67 metres grading 4.71 g/t Au from 0.00 metres, 25.95 metres grading 1.64 g/t Au from 132.65 metres and 19.06 metres grading 2.37 g/t Au from 187.71 metres
• Hole TDD009 intersected 24.92 metres grading 2.50 g/t Au from 23.48 metres and 9.26 metres grading 6.90 g/t Au


These drilling results are over a total strike length of 1,500 metres at Twangiza with holes spaced along 160 metre sections to the north and 80 metre sections to the south within the Twangiza deposit.

Drill holes were inclined at between minus 51 and 55 degrees and averaged 190 metres in depth with a maximum of 303 metres down the hole. Core recovery for these holes averaged 91% within the mineralized zones. It is estimated that the true widths of the mineralized zones are approximately 80% of the intersected widths in the holes. The mineralized sections are found within a series of feldspar porphyry sills and low grade metamorphic, pelitic meta-sediments along a northerly trending anticlinal structure. The gold mineralization is associated with pyrite and arsenopyrite sulphides within haloes of silicic, carbonate and potassic alteration.

Core holes TDD009, TDD020 and TDD023 were drilled within the Twangiza deposit while the other reported holes were drilled to the north of the deposit. It is currently interpreted that the core holes drilled to the north of the Twangiza deposit have intersected the hanging wall splays of the northerly plunging Twangiza orebody. Geological modelling is currently underway in order to confirm this model before further drilling is planned in this area. A locality plan of these drill holes is found accompanying this press release on the Company’s web site at http://www.banro.com/i/pdf/2006-07-20_NRM.pdf.

Results from the core holes are tabulated below:

Summary of Drill Hole Results
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HOLE    NORTHING  EASTING AZIMUTH  INCL.     MINERALISATION       Au 
         (UTM)     (UTM)                 FROM(m) TO(m) WIDTH (m) (g/t)
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TDD009  9682431   693511    70      50    5.86    11.14    5.28   1.46
                                         23.48    48.40   24.92   2.50
                                         60.84    69.23    8.39   1.93
                                        134.55   135.55    1.00   4.31
                                        138.90   139.90    1.00   6.03
                                        151.14   153.57    2.43   1.56
                                        157.75   168.00   10.25   1.24
                                        199.97   203.97    4.00   3.72
                                        219.04   223.21    4.17   1.18
                                        240.98   250.24    9.26   6.90
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TDD010   9682811  693707   260      55    0.00     6.55    6.55   0.59
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TDD011   9682938  693531   260      55   33.80    34.34    0.54   1.05
----------------------------------------------------------------------
TDD012   9682915  693394    80      55   33.95    37.00    3.05   2.16
                                        169.52   170.52    1.00   1.10
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TDD013   9683064  693324    80      55    4.50    12.58    8.08   1.38
                                         17.68    24.70    7.02   0.70
                                         48.03    54.75    6.72   2.38
                                         73.27    80.86    7.59   1.15
----------------------------------------------------------------------
TDD014   9682746  693342   80       55   49.00    54.29    5.29   0.81
                                         56.53    60.07    3.54   0.86
                                         63.72    70.98    7.26   0.90
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TDD015   9683232  693372   80       55    3.50    11.88    8.38   3.18
                                         92.00   104.35   12.35   0.87
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TDD016   9683218  693294   80       55   40.00    48.50    8.50   2.51
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TDD017   9683408  693457  260       55   No economic intersection
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TDD018   9683421  693535  260       55   No economic intersection
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TDD019   9683440  693644  260       55   70.60    71.60    1.00  51.00
                                         75.60    76.60    1.00   3.25
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TDD020   9682270  693535   70       51    0.00    61.67   61.67   4.71
                                         68.50    71.55    3.05   1.52
                                        108.87   114.98    6.11   0.81
                                        126.91   128.91    2.00   1.61
                                        132.65   158.60   25.95   1.64
                                        166.94   173.66    6.72   2.68
                                        187.71   206.77   19.06   2.37
----------------------------------------------------------------------
TDD021   9683206  693224   80       55   19.10    21.36    2.26   1.91
                                         76.98    90.54   13.56   3.25
----------------------------------------------------------------------
TDD022   9683571  693025   80       55   26.35    27.35    1.00   1.34
                                         92.16    93.00    0.84   1.21
                                        122.21   124.00    1.79   0.93
----------------------------------------------------------------------
TDD023   9682131  693638   70       50    0.00   211.20  211.20   2.15
Includes                                 23.96    29.25    5.29  11.60
                                         49.35    54.92    5.57   5.70
                                        105.28   110.67    5.39   8.52
                                        119.25   123.51    4.26   5.11
                                        170.45   173.54    3.09   4.16
----------------------------------------------------------------------
Holes are uncut. 
 

Commenting on these drilling results at Twangiza, Peter Cowley, President and C.E.O. of the Company, said: “The wide zones of gold mineralization intersected from the infill drilling within the Twangiza deposit are encouraging and confirm and add to the delineated resources in areas where ore grades were below the reported 1.0 g/t block cut-off, due to the previously insufficient drill data. The ongoing drilling program will now focus on upgrading and increasing the resources within the known Twangiza deposit and to the south where the deposit remains open.”

Drill cores for assaying were taken at a maximum of one metre intervals and were cut with a diamond saw with one-half of the core placed in sealed bags and sent to the Company’s sample preparation facility in Bukavu, DRC. The core samples were then crushed down to minus 2 mm, split with half the sample then being pulverised down to 75 microns. A portion of the pulverised sample was then shipped to the SGS Laboratory (which is independent of the Company) in Mwanza, Tanzania where the samples were analysed for gold by fire assay using a 50 g sample. As part of the Company’s QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted into the sample batches.

Additional information with respect to the Twangiza property is contained in the technical report of CME Consulting Ltd. dated April 30, 2003 and entitled “Review and Mineral Resource Update of the Twangiza Property, Kivu Province, Democratic Republic of the Congo”, and the technical report of Michael B. Skead (who is the Company’s Vice President of Exploration) dated March 30, 2006 and entitled “NI 43-101 Technical Report, Twangiza Project, South Kivu Province, Democratic Republic of the Congo”. Copies of these reports can be obtained from SEDAR at www.sedar.com.

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, under the supervision of Michael B. Skead (Aus.I.M.M), the Company’s Vice President of Exploration and a “qualified person” (as such term is defined in National Instrument 43-101).

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 “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 http://www.sec.gov/edgar.shtml.

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.


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For further information, please visit our website at www.banro.com, 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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