Banro increases Measured and Indicated Mineral Resources at Twangiza by 49.7% to 5.6 million ounces of gold



    TORONTO, Jan. 14 /CNW/ - Banro Corporation ("Banro" or the "Company")
(NYSE Alternext US - "BAA"; TSX - "BAA") is pleased to announce updated
independent Mineral Resource estimates for its wholly-owned Twangiza project
in the Democratic Republic of the Congo (the "DRC").

    
    Highlight:

    -   Measured and Indicated Mineral Resources have increased by 49.7% to
        5,600,000 ounces of gold (107.5 million tonnes grading 1.6 g/t Au)
        compared with the resource update announced by Banro in its press
        release dated July 7, 2008 of 3,740,000 ounces of gold (59.2 million
        tonnes grading 1.96 g/t Au), as part of the Twangiza pre-feasibility
        study. The new estimate also represents an increase of 44.6% in
        Measured and Indicated Resources over the resource update announced
        by the Company on January 15, 2008.
    

    SRK Consulting (UK) Limited ("SRK") prepared the updated independent
Mineral Resource estimates for Twangiza, which are set out in Table I below.
    SRK's estimates are based on drilling data available as at November 19,
2008 and followed a review, analysis, interpretation and estimation led by
Martin Pittuck, C.Eng, who is an employee of SRK and the "qualified person"
(as such term is defined in National Instrument 43-101) for the purpose of
these estimates.
    SRK has visited the site to review data collection procedures and
geological interpretations. Subsequently, the updated databases have been
supplied by Banro and a 3D wireframed geological model created to account for
the differences in the metal recoveries and densities within the different
geological units. SRK has created an updated mineralisation wireframe which
has been used to generate block estimates using geostatistical techniques. A
review of the geological and grade continuity was then undertaken to
supplement the review of data quality in order to confer Mineral Resource
Classification Categories to reflect the variable sample coverage.
    SRK's Mineral Resource estimates use the definitions and guidelines given
in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards on Mineral Resources and Mineral Reserves and are reported in
accordance with National Instrument 43-101 requirements. The effective date of
these estimates is January 9, 2009, and these estimates are based on a cut-off
grade of 0.5 g/t gold. The Mineral Resources are considered to have reasonable
prospects for economic extraction by open pit mining and have been restricted
to an optimum pit shell using a US$1,000/oz gold price.

    
    Table I

    Mineral Resource Category          Tonnes         Grade           Ounces
                                                    (g/t Au)

    Measured                       17,200,000          2.40        1,320,000
    Indicated                      90,300,000          1.50        4,280,000
    Measured & Indicated          107,500,000          1.60        5,600,000

    Inferred                        8,200,000          1.70          400,000

    (Using a 0.5 g/t Au cut-off).

    Table II below summarizes the estimated Mineral Resources at Twangiza in
terms of oxide, transitional and fresh rock (sulphide) categories.

    Table II

    Material          Measured & Indicated                 Inferred
      Type          Tonnes    Grade    Ounces       Tonnes   Grade   Ounces
                             (g/t Au)                       (g/t Au)

    Oxide         17,900,000   2.30   1,300,000   1,700,000   3.10   200,000
    Transition    18,500,000   1.90   1,140,000   1,200,000   1.40   100,000
    Fresh         71,100,000   1.40   3,160,000   5,300,000   1.30   100,000
    -----
    Total        107,500,000   1.60   5,600,000   8,200,000   1.70   400,000

    (Using a 0.5 g/t Au cut-off).
    

    The above estimated Mineral Resources are found within three deposits:
Twangiza Main, which contains 85% of the total Mineral Resources; Twangiza
North, which contains 13% of the total Mineral Resources; and the transported
Twangiza "Valley Fill" deposit, which contains 2% of the total Mineral
Resources. Both Twangiza Main and Twangiza North are open at depth.
    The infill drilling program completed since the previous estimates of
July 2008 has targeted Inferred Resources within the pre-feasibility limiting
pit shell and confirmed the geometry of the mineralized bodies. This infill
drilling and the inclusion of 20 holes, which were drilled by CME Consulting
Ltd. in 1997-1998 but excluded from the previous estimates, has also increased
confidence in the estimates at depth. SRK's updated model is slightly wider
than the pre-feasibility model incorporating additional low grade material and
therefore producing a slightly lower grade than the previous model. Changes in
estimation parameters have influenced the estimation of block grades to a
small extent with more samples being used in the current estimation.
    SRK has reported the Mineral Resources using a block cut-off grade of 0.5
g/t Au to reflect the technical and economic parameters used in the ongoing
full feasibility study and is consistent with the pre-feasibility study. The
increased resource at Twangiza Main is mostly in the Indicated fresh rock
material. Reconciliation work between the pre-feasibility model and the
current estimates shows that the significant increase in the resources is due
to the infill drilling program intercepting additional high grade
intersections at depth, which has resulted in material being transferred from
the Inferred and unclassified categories into the Indicated Mineral Resource
category.
    SRK has applied high grade capping during the estimation process as
consistent with the pre-feasibility model: in the oxide and transitional
domains SRK has capped to 20 g/t Au and 25 g/t Au respectively and to 10 g/t
Au in the fresh domain.
    In assessing the Inferred Mineral Resource estimate, SRK notes: "Given
the importance associated with the lithological model, SRK has updated and in
some places reinterpreted the lithological model for the deposit; SRK would
recommend further work be completed to further define the syncline structure
to the east of the Twangiza Main deposit... A number of flanking structures
remain open along strike and these may add incremental oxide and transitional
Mineral Resources if further drilling supports their extension."
    Commenting on these results at Twangiza, Mike Prinsloo, President and
C.E.O. of the Company, said: "We are very pleased by the significant increase
in Measured and Indicated Mineral Resources of 49.7% which has resulted from
the Company's successful infill drilling program at the Twangiza Main and
Twangiza North deposits over the past nine months. These new resources will be
included in the full feasibility study which we expect to complete within the
next two weeks and which are anticipated to generate an increase in the life
of mining operations and total gold recovered from the Twangiza project."
    The mineralized sections of the Twangiza North and Twangiza Main deposits
are hosted within a series of mineralized feldspar porphyry sills and weakly
metamorphosed, pelitic metasediments along a northerly trending anticlinal
structure. The gold mineralization is associated with pyrite and arsenopyrite
sulfides and silicic, carbonate and potassic alteration.
    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 minus 75 microns. A portion of the pulverised
sample was then shipped to the SGS Laboratory in Mwanza, Tanzania or ALS
Chemex in Johannesburg, South Africa (which are both independent of the
Company) 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 project is contained
in the technical report of SENET dated August 13, 2008, and entitled
"Pre-Feasibility Study NI 43-101 Technical Report, Twangiza Gold Project,
South Kivu Province, Democratic Republic of Congo." A copy of this report can
be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

    Banro is a Canadian-based gold exploration company focused on the
development of four major, wholly-owned gold projects, each with mining
licenses, 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 Persons
    -----------------
    
    Martin Pittuck, an employee of SRK, is the "qualified person" (as such
term is defined in National Instrument 43-101) who is responsible for the
Mineral Resource estimates disclosed in this press release. Mr. Pittuck has
reviewed and approved the contents of this press release.
    Banro's exploration programs are managed by Banro's Vice President,
Exploration, Mr. Daniel Bansah, 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 by the
Company, 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 Annual Report, 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. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without limitation,
statements regarding the estimation of mineral resources, exploration results,
potential mineralization, potential mineral resources and the Company's
exploration and development plans with respect to Twangiza) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or effects
on the Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things,
uncertainties relating to the availability and costs of financing needed in
the future, failure to establish estimated mineral resources or estimated
mineral reserves, the possibility that future exploration results will not be
consistent with the Company's expectations, gold recoveries for Twangiza being
less than those indicated by the metallurgical testwork carried out to date
(there can be no assurance that gold recoveries in small scale laboratory
tests will be duplicated in large tests under on-site conditions or during
production), changes in world gold markets, changes in equity markets,
political developments in the DRC, fluctuations in currency exchange rates,
inflation, changes to regulations affecting the Company's activities, the
uncertainties involved in interpreting drilling results and other geological
data and the other risks disclosed under the heading "Risk Factors" and
elsewhere in the Company's annual information form dated March 28, 2008 filed
on SEDAR at www.sedar.com and EDGAR at www.sec.gov. 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. Although the Company
believes that the assumptions inherent in the forward-looking statements are
reasonable, 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.

    The mineral resource figures disclosed in this press release are
estimates and no assurances can be given that the indicated levels of gold
will be produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when
new information becomes available. While the Company believes that the
resource estimates included in this press release are well established, by
their nature resource estimates are imprecise and depend, to a certain extent,
upon statistical inferences which may ultimately prove unreliable.
    Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that mineral resources can be
upgraded to mineral reserves through continued exploration.
    Due to the uncertainty that may be attached to inferred mineral
resources, it cannot be assumed that all or any part of an inferred mineral
resource will be upgraded to an indicated or measured mineral resource as a
result of continued exploration. Confidence in the estimate is insufficient to
allow meaningful application of the technical and economic parameters to
enable an evaluation of economic viability worthy of public disclosure (except
in certain limited circumstances). Inferred mineral resources are excluded
from estimates forming the basis of a feasibility study.





For further information:

For further information: please visit our website at www.banro.com, or
contact: Mike Prinsloo, President and C.E.O., South Africa, Tel: + 27 (0) 11
958-2885; 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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