DRC Signs Settlement Agreement With Banro

April 19th, 2002

Kinshasa, April 19, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) is pleased to announce that the Government of the Democratic Republic of the Congo (DRC) has formally signed a Settlement Agreement with the Company at a signing ceremony in Kinshasa on Thursday April 18, 2002. Present to witness the ceremony was the Ambassador from Canada to the DRC, his Excellency Roland Goulet.

The Agreement calls for, among other things, the Company to hold a 100 percent interest in the Twangiza, Kamituga, Lugushwa and Namoya gold deposits under a revived thirty-year mining Convention. The DRC retains 100 per cent of the tin assets. “The message we wish to send out to the international mining and investment community is clear; the DRC values and encourages foreign investment in order to rebuild its economy” said His Excellency Simon TUMA-WAKU Bawangamio, Minister of Mines and Hydrocarbons for the DRC.

“We were very impressed with the determination of the DRC in resolving the Banro issue,” said Mr. Arnold Kondrat, Executive VP and Managing Director of Banro. “We extend our warm-hearted thanks to all those involved in the settlement process and express our confidence that better days are ahead for the DRC,” he added.

For further information, please contact:
Mr. Arnold T. Kondrat
Executive Vice President
Mr. Cliff Jones
Investor Relations
Phone: (416) 366-2221
Fax: (416) 366-7722

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.