Banro Refutes UN Report

October 28th, 2002

Toronto — October 28, 2002 — Banro Corporation (the “Company”) TSX-V Symbol “YBE” was recently cited in the appendix of a recent UN Report “Business enterprises considered by the panel to be in violation of the OECD Guidelines for Multinational Enterprises.” The report alleged a total of 85 enterprises were in breach.

Management is mystified and refutes the Company’s inclusion in this report since its assets were illegally expropriated in July 1998 prior to the outbreak of hostilities. The Company reached an agreement with the DRC in April 2002 for the return of all assets but has yet to resume operations. The Company is currently working with senior officials at the Department of External Affairs in Ottawa and the UN to rectify the report.

Management continues to be optimistic and encouraged by political developments underway. As conditions improve and access to its properties is secured, the Company will move forward with its plans to resume exploration.

Further developments will be release in due course.
Contact:
Arnold T. Kondrat
Executive Vice President
Tel: (416) 366-2221
Fax: (416) 366-7722

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