Banro Corporation-On Track to Full Production in Q1 2012

Banro Corporation

is pleased to provide an update on its wholly-owned Twangiza oxide gold mine in South Kivu Province, Democratic Republic of the Congo, which is in the process of ramping up to full production in the first quarter of 2012, as originally scheduled. Following Twangiza's first gold pour in October 2011, the mine and plant continue to gear up to full commercial production. The addition of two CIL (carbon in leach) tanks in the second half of 2012 will bring the mill to full capacity, increasing throughput from the start-up rate of 1.3 million tons per year to the steady-state of 1.7 million tons per year. Once at steady state, estimated production of 120,000 ounces per annum is forecast. The gold export process has now commenced successfully with gold being transported in accordance with in-country protocols from Twangiza to Rand Refinery in South Africa. Of the US$209 million budgeted for capital expenditure for the construction of the Twangiza oxide mine, which included a US$13.5 million contingency, US$191 million had been spent to the end of the third quarter of 2011. The balance of funds will be used to complete the commissioning. The Company's current cash position is sufficient to underpin the Company's working capital and overheads until such time that the Company moves into a positive free cash-flow position, which is expected within the first quarter of 2012.