Banro Reports Further Significant Gold Intercepts From Its Namoya Drilling Program

January 24th, 2006

Drilling results include 7.98 metres grading 38.63 g/t Au, 7.10 metres grading 16.01 g/t Au, 15.74 metres at 7.46 g/t Au and 10.40 metres averaging 4.50 g/t Au

Toronto, Canada - January 24, 2006 - 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 15 core holes drilled at Namoya that are part of a 7,000 metre drilling program. These results are from the Mwendamboko and Kakula prospects which form part of a 2.5 kilometre long mineralised trend at Namoya.

Highlights include:
  • Hole NDD018 (Mwendamboko) intersected 7.98 metres grading 38.63 g/t Au from 144.4 metres

  • Hole NDD026 (Kakula) intersected 15.74 metres grading 7.46 g/t Au from 47.34 metres and 9.43 metres grading 8.25 g/t Au from 99.57 metres

  • Hole NDD028 (Kakula) intersected 7.10 metres grading 16.01 g/t Au from 55.10 metres

  • Hole NDD030 (Kakula) intersected 10.40 metres grading 4.50 g/t Au from 97.00 metres
These drilling results are over strike lengths of 240 metres at Mwendamboko and 120 metres at Kakula, with holes spaced at 40 metre sections. Core holes were inclined at between minus 51 and 70 degrees and averaged 130 metres in depth with a maximum of 163 metres down the hole. Core recovery for these holes averaged 87% within 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. A locality plan with the drilling results is found accompanying this press release on the Company’s website, at http://www.banro.com/i/pdf/2006-01-24_NRM.pdf.
Summary of Drill Hole Results (Mwedamboko Prospect)
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HOLE #   NORTHING    EASTING    AZI-  INCL.   MINERALISATION        Au 
          (UTM)        (UTM)   MUTH         FROM     TO    WIDTH  (g/t)
                                             (m)     (m)    (m)   
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NDD016*  9558011     560693     236     53  109.67  114.76  5.09   2.67
                                            120.18  125.26  5.08   1.57
                                            135.28  136.23  0.95   2.99
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NDD017   9557938     560715     236     51   18.39   20.70  2.31   0.91
                                            
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NDD018   9557655    560984      236     53  19.04   21.37   2.33   1.06
                                            70.65   71.27   0.62   3.37
                                            76.90   78.56   1.66   0.99
                                           101.91  105.83   3.92   4.57
                                           122.15  126.77   4.62   7.16
                                           131.00  137.02   6.02   3.25
                                           144.40  152.38   7.98  38.63
Including                                  144.40  146.89   2.49 108.93
                                           146.89  152.38   5.49   6.74
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NDD019    9557907     560722     236     51  No Economic Mineralisation
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NDD020   9557878     560753     236     51  92.00   93.00   1.00   1.02
                                            
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NDD021   9557868     560802     236     52  19.82   21.30   1.48   1.18
                                            47.82   50.25   2.43   3.90
                                            55.80   59.15   3.35  15.44
                                            67.65   81.85  14.20   1.61
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NDD022   9557837     560823     236     51  48.31   51.72   3.41   1.44
                                            65.50   67.00   1.50   2.52
                                            80.70   89.51   8.81   2.24
*Includes previously reported results
Above gold assays are uncut


Summary of Drill Hole Results (Kakula Prospect)
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HOLE #   NORTHING    EASTING    AZI-  INCL.   MINERALISATION        Au 
          (UTM)        (UTM)   MUTH         FROM     TO    WIDTH  (g/t)
                                             (m)     (m)    (m)   
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NDD024   9556934     561558     290     70  53.80   69.51  15.71   2.77
Including                                   59.26   62.19   3.47   7.04
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NDD025   9556976     561576     290     59  51.40   52.20   0.80   9.79
                                            68.56   79.10  10.54   1.64
                                            85.00   91.60   6.60   1.28
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NDD026   9557021     561591     290     57  11.80   13.83   2.03   6.39
                                            31.60   47.34  15.74   7.46
Including                                   32.79   39.07   6.28  14.06
                                            52.52   57.31   4.79   1.21
                                            85.93   91.13   5.20   6.29
                                            99.57  109.00   9.43   8.25
Including                                  103.57  105.82   2.25  16.76
                                           112.32  115.85   3.53   2.57
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NDD027   9557056     561602     290     51  37.86   40.95   3.09   3.75
                                            54.76   67.39  12.63   1.53
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NDD028   9557045     561633     290     54  55.10   62.20   7.10  16.01
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NDD030   9557005     561614     290     52  27.62   29.40   1.78   1.23
                                            36.81   37.90   1.09   1.65
                                            48.13   55.88   7.75   2.04
                                            72.78   74.90   2.12   1.59
                                            88.67   91.51   2.84   5.22
                                            97.00  107.40  10.40   4.50
Including                                  103.10  103.90   0.80  28.50
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NDD032   9556964     561608     290     52  75.40   90.68  15.28   1.68
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NDD033   9556924     561594     290     65  35.50   36.54   1.04   0.80
                                            67.62   68.18   0.56   3.59
                                            71.20   72.91   1.71   3.15
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Above gold assays are uncut
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 www.sedar.com). 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 Namoya Summit prospects, some 1,000 metres and 1,700 metres respectively to the southeast of Mwendamboko.

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. The core samples were then crushed down to minus 2mm, split with half the sample then being pulverised down to 75 microns. A portion of the pulverised sample was then shipped to the ALS Chemex Laboratory (which is independent of the Company) in Johannesburg, South Africa 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. In addition, sample pulps with known grades from the ALS Chemex Laboratory in Johannesburg were also submitted to other third party laboratories for quality control purposes.

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”. A copy of this report can be obtained from SEDAR at www.sedar.com and from the Company’s website at www.banro.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 Skead (Aus.I.M.M), the Company’s Vice President of Exploration, who is 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 “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 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.

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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