Banro reports highly promising results from initial exploration of the Kaziba discovery at its wholly-owned Twangiza gold project



    
    Results include soil values of up to 1,000 ppb Au., rock chip samples
    from artisanal workings of up to 30.7 g/t Au., and rock chip samples from
    outcropping mineralization elsewhere in area grading up to 69.3 g/t Au.
    

    TORONTO, May 4 /CNW/ - Banro Corporation ("Banro" or the "Company") (NYSE
AMEX - "BAA"; TSX - "BAA") is pleased to announce results of the first phase
of exploration at the newly-discovered Kaziba Prospect, located on Banro's
wholly-owned Twangiza project on the Twangiza-Namoya gold belt in the
Democratic Republic of the Congo (the "DRC"). This work has included
geological mapping, soil sampling, and rock chip sampling of artisanal
workings and outcrops.
    The Kaziba Prospect (Figure 1,
http://www.banro.com/i/pdf/2009-05-04_NRM.pdf), which has a current strike
length of 1,500 metres, is located 11 km east of the Twangiza Main and
Twangiza North deposits, where Banro has defined a Measured Mineral Resource
of 1,320,000 ounces of gold (17,200,000 tonnes grading 2.4 g/t Au.), an
Indicated Mineral Resource of 4,280,000 ounces of gold (90,300,000 tonnes
grading 1.5 g/t Au) and an Inferred Mineral Resource of 400,000 ounces of gold
(8,200,000 tonnes grading 1.7 g/t Au). The Company published the results of
its Twangiza Feasibility Study in a press release dated January 26, 2009.
    Gold mineralization at Kaziba is hosted by weakly metamorphosed pelitic
sediments, which have been folded into a series of north-south trending
anticlines and synclines, with moderately dipping limbs and a northerly plunge
of about 26 degrees. Gold mineralization in the vicinity of the artisanal
workings is associated with oxidized disseminated sulphides and oxidixed
sulphidic veins (i.e. similar in style to the Twangiza Main deposit) over a
strike distance of about 250 metres. Elsewhere in the prospect area, gold
mineralization is associated with massive quartz veins several metres across
and with narrower sheeted vein sets parallel to bedding.
    A soil sampling grid was established over an area of 900 metres by 2,000
metres, centred on the mineralization exposed by artisanal miners. A total of
573 samples were taken at intervals of 40 metres on 80 metre-spaced lines, at
a depth of 60 cm. Using a threshold of 60 ppb Au, several anomalies are
defined, with gold values up to 1,000 ppb (Figure 2,
http://www.banro.com/i/pdf/2009-05-04_NRM.pdf).
    62 rock chip samples were collected from the workings with 39% of these
returning values of between 0.5 g/t Au and 30.7 g/t Au. Elsewhere in the
gridded area, rock chip samples from outcrop graded up to 14.6 g/t Au, while
values of up to 69.3 g/t Au were returned from a quartz vein to the west of
the current grid (Figure 2, http://www.banro.com/i/pdf/2009-05-04_NRM.pdf).
    Exploration on the Kaziba Prospect is continuing by means of western and
northern extensions of the geochemical grid, systematic channel sampling of
workings and auger drilling of soil anomalies with the objective of sampling
the weathered bedrock. The Company plans a diamond drilling program at the
Kaziba Prospect following completion of this initial exploration work.
    The Twangiza project is located 45 kilometres south-southwest of the
major city of Bukavu in South Kivu Province, DRC, and consists of six mining
permits covering 1,164 square kilometres. Having completed a Feasibility Study
at Twangiza, the Company's current focus at the project is on proving up
additional ounces in the oxide and transitional categories on the three
neighbouring targets of Kaziba, Mufwa and Tshondo, which are all within
trucking distance of the proposed Twangiza plant site. The Company plans to
further enhance the project economics as reported in the Feasibility Study by
completing additional metallurgical test work and reassessing input costs in
light of lower global building and energy costs.
    Commenting on the results from the Kaziba Prospect, Mike Prinsloo,
President and C.E.O. of the Company, said: "The early-stage results at Kaziba
are very encouraging and provide further evidence of the considerable
prospectivity within the Twangiza property. Each of the three new prospects at
Twangiza - Kaziba, Mufwa and Tshondo - has excellent potential to add
significant upside to the current Twangiza resource. Exploration is also
continuing on the immediate west limb of the Twangiza Main deposit following
encouraging results from rock-chip and channel sampling."
    All soil and rock samples were placed in sealed bags and sent to the
Company's sample preparation facility in Bukavu, DRC. The rock samples were
then crushed down to minus 2 mm and split with half of the sample pulverised
down to 90% passing 75 microns. The soil samples were sieved to minus 2 mm and
the undersized fraction pulverised down to 90% passing 75 microns.
Approximately 150 grams 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 50g charge. 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 February 27, 2009 and entitled
"Updated Resource Statement & 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.

    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 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 Daniel K. Bansah who is a Chartered Professional and Member of The
Australasian Institute of Mining and Metallurgy (Aus.I.M.M), the Company's
Vice President, Exploration and a "qualified person" (as such term is defined
in National Instrument 43-101).
    Martin Pittuck, an employee of SRK Consulting (UK) Ltd., was the
"qualified person" (as such term is defined in National Instrument 43-101)
responsible for the current Mineral Resource estimates for the Twangiza
project.

    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 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. 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) 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 (the Company's mineral resource figures
are estimates and no assurances can be given that the indicated levels of gold
will be produced), the possibility that future exploration results will not be
consistent with the Company's expectations, gold recoveries 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 and 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 30, 2009 filed on SEDAR at www.sedar.com
and on 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.





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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