Banro intersects wide zones of gold mineralization at its Lugushwa Project



    Drilling results include 192.80 metres grading 2.84 g/t Au, 101.00 metres
    grading 2.25 g/t Au, 78.77 metres grading 1.56 g/t Au and 102.65 metres
    grading 1.15 g/t Au

    TORONTO, Aug. 23 /CNW/ - Banro Corporation ("Banro" or the "Company")
(AMEX - "BAA"; TSX - "BAA") is pleased to announce further results from the
Company's core drilling program at its wholly-owned Lugushwa project, located
on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the
"DRC").
    Assay results have been received for an additional 11 core holes drilled
at Lugushwa, which completes the current core drilling program of 65 holes
totalling 10,814.90 metres.

    
    Highlights include:

      -  Hole LDD060 intersected 192.80 metres grading 2.84 g/t Au from
         0.00 metres.
      -  Hole LDD061 intersected 101.00 metres grading 2.25 g/t Au from
         0.00 metres including 8.20 metres grading at 13.42 g/t Au from
         75.00 metres.
      -  Hole LDD057 intersected 78.77 metres grading 1.56 g/t Au from
         112.33 metres including 15.13 metres grading at 3.35 g/t Au from
         137.12 metres.
      -  Hole LDD062 intersected 218.07 metres grading 0.92 g/t Au from
         0.00 metres.
      -  Hole LDD064 intersected 102.65 metres grading 1.15 g/t Au from
         49.25 metres.
      -  Hole LDD56 intersected 33 metres grading 1.38 g/t Au from
         0.00 metres.
      -  Hole LDD059 intersected 10.85 metres grading 3.95 g/t Au from
         91.15 metres.
    

    These drilling results are over a total strike length of 1,800 metres
from prospect Carriere A in the southwest of the mineralized trend to D18-D19
in the northeast. Drill spacing varied from 40 metres to 160 metres. Core
holes were inclined at between minus 55 and 82 degrees and averaged 101 metres
in depth with a maximum of 352.91 metres down the hole. Core recovery for
these holes averaged 95.4% within the mineralized zones. It is estimated that
the true widths of the mineralized intercepts vary from 50% to 85% of the
drill hole intercepts.
    A locality plan of the reported drill holes is found accompanying this
press release on the Company's web site at
http://www.banro.com/i/pdf/2007-08-23_NRM.pdf.
    The geological setting of the main mineralized trend at Lugushwa consists
of chloritic metapelites and quartzite intercalations, with mineralized quartz
veins and stockworks occurring as a network of interlocking conjugate sets
with trends oriented from NE-SW and E-W to ESE-WNW. The recent drilling has
provided a clearer understanding of the mineralization controls, and it is now
considered that the gold mineralization at Lugushwa is related to a series of
stacked shoots associated with the axial zones of shallowly plunging,
northeast trending folds.

    
    Results from the core holes are tabulated in the following table:
    -------------------------------------------------------------------------
    HOLE    NORTHING  EASTING  AZIMUTH  INCL.          MINERALIZATION
    No.                                       -------------------------------
                                                FROM      TO   WIDTH     Au
                                 (de-   (de-  -------------------------------
                (UTM)    (UTM)  grees) grees)     (m)     (m)     (m)   (g/t)
    -------------------------------------------------------------------------
    LDD055   9624078   595735    315    -60     0.00   30.35   30.35    1.55
    -------------------------------------------------------------------------
    LDD056   9624078   595735    315    -65     0.00   33.00   33.00    1.38
                                              -------------------------------
                                               34.10   44.00    9.90    0.74
                                              -------------------------------
                                               45.90   50.45    4.55    1.45
                                              -------------------------------
                                               58.30   59.60    1.30    1.37
                                              -------------------------------
                                               84.63   89.46    4.83    0.70
                                              -------------------------------
                                               90.85   96.33    5.48    1.67
                                              -------------------------------
                                              124.86  136.04   11.18    0.86
                                              -------------------------------
                                              139.40  143.37    3.97    0.91
                                              -------------------------------
                                              233.51  236.07    2.56    1.57
                                              -------------------------------
                                              253.71  254.75    1.04    1.17
    -------------------------------------------------------------------------
    LDD057   9624041   595944    315    -60     5.00   11.00    6.00    0.65
                                              -------------------------------
                                               13.00   21.31    8.31    1.15
                                              -------------------------------
                                               23.75   26.93    3.18    1.20
                                              -------------------------------
                                               29.93   32.11    2.18    1.49
                                              -------------------------------
                                               45.50   58.37   12.87    1.30
                                              -------------------------------
                                               77.33   78.44    1.11    1.18
                                              -------------------------------
                                               81.97   83.65    1.68    0.97
                                              -------------------------------
                                               85.50   88.40    2.90    0.73
                                              -------------------------------
                                               90.07  101.70   11.63    1.41
                                              -------------------------------
    including:
                                              -------------------------------
                                               97.45  101.70    4.25    2.85
                                              -------------------------------
                                              106.35  110.15    3.80    0.77
                                              -------------------------------
                                              112.33  191.10   78.77    1.56
                                              -------------------------------
    including:
                                              -------------------------------
                                              137.12  152.25   15.13    3.35
                                              -------------------------------
                                              199.28  201.21    1.93    1.03
                                              -------------------------------
                                              225.30  225.87    0.57   29.90
                                              -------------------------------
                                              285.86  287.78    1.92    0.81
    -------------------------------------------------------------------------
    LDD058   9622658   595213    270    -55    45.00   48.50    3.50    0.71
                                              -------------------------------
                                               53.40   56.15    2.75    1.00
                                              -------------------------------
                                               62.80   66.15    3.35    2.78
                                              -------------------------------
                                               68.15   72.56    4.41    1.23
                                              -------------------------------
                                               74.80   77.25    2.45    1.19
                                              -------------------------------
                                               84.50   97.00   12.50    1.35
    -------------------------------------------------------------------------
    LDD059   9622728   595249    270    -60    35.00   37.00    2.00    1.71
                                              -------------------------------
                                               40.00   41.00    1.00    1.22
                                              -------------------------------
                                               61.58   62.68    1.00    1.11
                                              -------------------------------
                                               91.15  102.00   10.85    3.95
                                              -------------------------------
    including:
                                              -------------------------------
                                               92.60   98.39    5.79    6.28
    -------------------------------------------------------------------------
    LDD060   9624075   595737    135    -82     0.00  192.80  192.80    2.84
    -------------------------------------------------------------------------
    LDD061   9624124   595742    135    -77     0.00  101.00  101.00    2.25
                                              -------------------------------
    including:
                                              -------------------------------
                                               75.00   83.20    8.20   13.42
    -------------------------------------------------------------------------
    LDD062   9624124   595742    135    -62     0.00  218.07  218.07    0.92
                                              -------------------------------
    including:
                                              -------------------------------
                                                10.5   24.85   14.35    1.07
                                              -------------------------------
                                               44.18   49.89    5.71    2.69
                                              -------------------------------
                                               68.47    73.6    5.13    1.79
                                              -------------------------------
                                               145.8  152.85    7.05    2.09
                                              -------------------------------
                                              203.18  210.32    4.26    1.61
    -------------------------------------------------------------------------
    LDD063   9624114   596001     315   -60    55.60   58.60    3.00    0.88
                                              -------------------------------
                                               61.90   62.90    1.00    1.18
                                              -------------------------------
                                               65.90   70.10    4.20    1.03
                                              -------------------------------
                                               71.75   73.50    1.75    0.84
                                              -------------------------------
                                               80.95   82.95    2.00    0.87
                                              -------------------------------
                                              132.15  136.00    3.85    1.86
                                              -------------------------------
                                              139.55  142.40    2.85    0.73
                                              -------------------------------
                                              160.25  162.85    2.60    1.90
                                              -------------------------------
                                              178.65  185.20    6.55    1.12
                                              -------------------------------
                                              191.15  199.30    8.15    0.99
    -------------------------------------------------------------------------
    LDD064   9623940   595868    315    -70      0.8    3.96    3.16    1.85
                                              -------------------------------

                                              -------------------------------
                                               49.25  151.90  102.65    1.15
                                              -------------------------------
    including:
                                              -------------------------------
                                               88.39   93.83    5.44    2.22
                                              -------------------------------
                                              113.37  118.46    5.09    2.66
                                              -------------------------------
                                              133.46  137.72    4.26    2.20
                                              -------------------------------
                                              142.26   151.9    9.64    1.12
    -------------------------------------------------------------------------
    LDD065   9623788   595800    315    -60    14.47   15.56    1.09    2.38
                                              -------------------------------
                                               43.52   45.78    2.26     1.3
                                              -------------------------------
                                               51.32   56.39    5.07    0.92
                                              -------------------------------
                                                59.8   65.15    5.35    0.85
                                              -------------------------------
                                              129.53  141.93    12.4    0.82
                                              -------------------------------
                                              159.89   163.8    3.91    1.15
    -------------------------------------------------------------------------
    Above gold assays are uncut.
    

    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 of the
sample then being pulverised down to 75 microns. A portion of the pulverised
sample was then shipped to the SGS Laboratory (which is independent of the
Company) at Mwanza in Tanzania 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 to the drilling program, ongoing exploration has continued to
assess the full extent of the main mineralized trend at Lugushwa. Soil
sampling has now extended the main mineralised trend to 4,600 metres from
Kimbangu in the northeast to the new prospect of Mpongo in the southwest. A
regional stream sediment sampling programme is planned to test the extension
of mineralization to the northeast.
    Commenting on these results at Lugushwa, Peter Cowley, President and
C.E.O. of the Company, said: "Our drilling results at Lugushwa continue to
intersect wide zones of gold mineralization from surface while the ongoing
exploration has further extended the main mineralized zone to the new Mpongo
prospect, a total strike length of 4,600 metres. During the coming months we
will be continuing our exploration and drilling activities as well as
undertaking preliminary metallurgical testwork as part of a preliminary
assessment study of Lugushwa."
    A previous study prepared for Banro by independent geological
consultants, SRK Consulting (UK) Ltd., on historic data at Lugushwa outlined
an Inferred Mineral Resource of 37,000,000 tonnes grading 2.3 g/t Au,
equivalent to 2,735,000 ounces of gold. Additional information with respect to
the Lugushwa project is set out in the technical report of Michael B. Skead
(who is the Company's Vice President, Exploration) dated March 30, 2007, and
entitled "Third NI 43-101 Technical Report, Lugushwa Project, South Kivu
Province, Democratic Republic of the Congo". Copies of both of these reports
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 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 B. Skead (Aus.I.M.M), the Company's Vice President, Exploration and
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 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 mineral resources, exploration results, potential
mineralization and future plans and objectives of the Company) 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, failure to
establish estimated mineral resources (the mineral resource figures referred
to in this press release are estimates and no assurance 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,
changes in world gold markets and equity markets, political developments in
the DRC, foreign currency fluctuations, 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. 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: 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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