Banro moves ahead with Bankable Feasibility Study of Twangiza and outlines intention to pursue a heap leach option at Namoya

    TORONTO, July 16 /CNW/ - Banro Corporation ("Banro" or the "Company")
(AMEX - "BAA"; TSX - "BAA") is pleased to announce that, based on the
encouraging results of the Pre-Feasibility Study of its wholly-owned Twangiza
gold project as announced on July 7, 2008, the Company plans to move
aggressively toward completion of a Bankable Feasibility Study of Twangiza by
December 2008.
    Twangiza is the most advanced of Banro's four wholly-owned gold projects,
which are located on the 210 kilometre-long Twangiza-Namoya gold belt in the
Democratic Republic of the Congo (the "DRC").
    The Company is also pleased to report on the ongoing Pre-Feasibility at
its Namoya project. The Pre-Feasibility Study of Namoya is being undertaken by
SENET Engineering, as well as a number of other independent consultants. Based
on recent positive, metallurgical testwork results undertaken on Mwendamboko,
the main Namoya deposit, the Company has decided to undertake similar testwork
on the other deposits of Namoya Summit, Kakula and Muviringu to determine
their suitability for heap leaching.

    The Company has decided to pursue a study of the heap leach option at
Namoya since it could have a number of advantages over the CIL option,
    -   lower capital cost;
    -   lower operating cost profile, primarily as a function of lower power
    -   earlier delivery of gold production and cash flow for the Company as
        compared with the conventional CIL option owing largely to the much
        reduced lead time for construction and infrastructure requirements;
    -   the Namoya topographical terrain is well suited for a heap leach

    The heap leach option would also give the Company the flexibility to
introduce a smaller mill and a conventional CIL mill circuit after the open
pit resources have been exhausted in order to treat the higher grade sulphide,
underground resources.
    It is also the Company's view that pursuing the heap leach option would
help to de-risk the Company's asset base through achieving early production
status in the region.
    The expected completion date for the bulk sampling metallurgical testwork
on the oxide and transitional material from the four ore bodies at Namoya is
the end of September 2008. The Company expects to announce the results of the
Pre-Feasibility Study for Namoya in November 2008 and to then progress toward
completion of a Bankable Feasibility Study.
    The additional testwork at Namoya is not expected to delay construction
and commissioning of the Namoya project from the original timetable as
contemplated using the conventional CIL approach, owing to the fact that the
heap leach option does not rely on the completion of the N2 highway upgrade
and other associated road access, which is critical for CIL, but not so for a
heap leach option.
    Additional information with respect to the Namoya project is contained in
the technical report dated August 17, 2007 and entitled "Preliminary
Assessment NI 43-101 Technical Report, Namoya Gold Project, Maniema Province,
Democratic Republic of Congo". A copy of this report can be obtained from
SEDAR at and EDGAR at

    Qualified Person
    The technical information in this press release has been prepared under
the supervision of Mr. Daniel K. Bansah, who is a 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).

    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.

    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

    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 relating to future production, revenue, cash flow and costs,
estimated project economics and the Company's exploration and development
plans and objectives with respect to its projects) 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: uncertainty
of estimates of capital and operating costs, production estimates and
estimated economic return; the possibility that actual circumstances will
differ from the estimates and assumptions used in the Twangiza Pre-Feasibility
Study and mine plan; failure to establish estimated mineral resources or
reserves; fluctuations in gold prices and currency exchange rates; inflation;
gold recoveries being less than those indicated by the metallurgical test work
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 equity markets; political
developments in the DRC; the possibility that future exploration results will
not be consistent with the Company's expectation; 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 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
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, 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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