Banro Intercepts Further Significant Gold Mineralization While Feasibility Drilling At Namoya Project, The Second Project Being Tabled For Production In Q1 2013

TORONTO, June 27, 2011 /CNW/ -- 
    --  Highlights include 28.30 metres grading 2.78 g/t Au, 11.76
        metres grading 6.44 g/t Au, and 9.34 metres grading 7.56 g/t
        Au.
    --  The feasibility study, engineering design and site preparation
        for the Namoya project is expected to be completed by December
        2011, followed by hard construction commencing in Q1 2012.

TORONTO, June 27, 2011 /CNW/ - Banro Corporation ('Banro' or the
'Company') (NYSE AMEX - 'BAA' TSX - 'BAA') is pleased to announce
results from the Company's infill core drilling program at its
wholly-owned Namoya gold project, located on the Twangiza-Namoya gold
belt in the Democratic Republic of the Congo (the 'DRC').

Assays results have been received for 37 infill core holes completed at
Namoya since the current phase of drilling started in October 2010.
These 37 infill holes, which have been drilled as part of the Company's
feasibility study, have not been included in the mineral resource
estimates that were announced by the Company on January 24, 2011 as
part of the preliminary assessment of the Namoya heap leach project.

Highlights include:

    --  Hole NDD221 intersected 12.10 metres grading 3.72 g/t Au from
        76.00 metres
    --  Hole NDD223 intersected 9.34 metres grading 7.56 g/t Au from
        134.48 metres
    --  Hole NDD228 intersected 22.08 metres grading 2.88 g/t Au from
        101.13 metres
    --  Hole NDD235 intersected 11.76 metres grading 6.44 g/t Au from
        36.84 metres
    --  Hole NDD237 intersected 9.00 metres grading 2.59 g/t Au from
        11.00 metres
    --  Hole NDD242 intersected 28.30 metres grading 2.78 g/t Au from
        10.00 metres
    --  Hole NDD243 intersected 13.00 metres grading 3.54 g/t Au from
        62.00 metres
    --  Hole NDD245 intersected 12.00 metres grading 4.81 g/t Au from
        59.00 metres

The infill drilling program is part of the work program outlined at
Namoya, that is aimed at upgrading the mineral resources into the
higher confidence Measured and Indicated Resource categories with the
goal of determining ore reserves as part of the feasibility study and
engineering design which is expected to be completed by December 2011,
followed by hard construction commencing in Q1 2012. This will set the
Namoya project on track for planned gold production by Q1 2013, which
is expected to double the Company's projected gold production to around
250,000 ounces per annum.

Three core rigs are now in operation at Namoya to complete the drilling
program, with all core holes to date being drilled at the existing
Mwendamboko, Kakula and Namoya Summit deposits, which occur along a 2.5
kilometer mineralized shear zone at Namoya. Core drilling is currently
on going at the Muviringu deposit. The mineralized sections at Namoya
are found within a series of quartz veins and stockworks hosted by
quartz-sericite-chlorite schists.

Namoya currently has an estimated Measured Mineral Resource of 378,969
ounces of gold (4,270,666 tons grading 2.76 g/t Au), Indicated Mineral
Resource of 759,336 ounces of gold (10,305,495 tons grading 2.29 g/t
Au) and Inferred Mineral Resource of 543,126 ounces of gold (8,952,162
tons grading 1.89 g/t Au). Reference is made to Banro's press release
dated January 24, 2011 (a copy of which can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov).

Commenting on the drilling results at Namoya, Simon Village, Chairman
and C.E.O of the Company, said: 'The results of the infill holes
validate the confidence we have in increasing the Measured and
Indicated Resources at Namoya, and ultimately the Proven and Probable
Reserves that will be included in the mining plan for the Namoya heap
leach project, which project is now targeted for gold production in Q1
2013. The decision to fast track this project has been based on the
excellent project economics reflected at Namoya, as well as on the
ability of the Company to deploy the resources required in moving this
project forward earlier than originally expected and in a manner that
does not create a funding risk to the Twangiza project, which remains
on track to pour gold in some 4 months.'

Results from the core holes are tabulated in a table which can be
accessed on the Company's website at http://www.banro.com/i/pdf/Namoya-Drillholes-intercepts.pdf.

A locality plan of the reported drill holes can also be found on the
Company's website at http://www.banro.com/i/pdf/Namoya_PR_Location_Map.pdf.

Core holes were inclined at between minus 48 and 72 degrees and averaged
114.28 metres in depth with a maximum down-hole depth of 240.80 metres.
Core recovery for these holes averaged 77% within the mineralized
zones. It is estimated that the true widths of the mineralized zones
are approximately 80% of the intersected widths in the holes. Drill
hole spacing was on 40 metre sections.

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, and
split with half of the sample pulverized down to 90% passing 75
microns. Approximately 150 grams of the pulverized 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 recognized standards, duplicates and blanks were
inserted into the sample batches.

Additional information with respect to the Namoya project is contained
in the technical report of SENET dated March 3, 2011 and entitled
'Preliminary Assessment NI 43-101 Technical Report, Namoya Gold
Project, Maniema Province, Democratic Republic of the Congo'. A copy of
this report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Qualified Person


The exploration results disclosed in 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
supervision of Daniel K. Bansah who is a Member and a Chartered
Professional of The Australasian Institute of Mining and Metallurgy
(MAusIMM(CP)), 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 and development 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 is constructing 'Phase 1' of its flagship Twangiza project. 
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 http://www.sec.gov/edgar.shtml.

Cautionary Note Concerning 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 drilling results, estimates and/or
assumptions in respect of future gold production, revenue, cash flow
and costs, estimated project economics, mineral resource estimates,
potential mineralization, potential mineral resources, potential
mineral reserves, projected timing of future gold production and the
Company's exploration and development plans and objectives) 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 economic
studies of the Company's projects; failure to establish estimated
mineral resources (the mineral resource figures referred to in this
press release are estimates and no assurances can be given that the
indicated levels of gold will be produced); there is no certainty that
mineral resources can be upgraded to mineral reserves through continued
exploration; fluctuations in gold prices and currency exchange rates;
inflation; 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 equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in procuring
or maintaining, permits and approvals; lack of availability at a
reasonable cost or at all, of plants, equipment or labour; inability to
attract and retain key management and personnel; 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 29, 2011 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.

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please visit our website at www.banro.com, or contact: Simon Village, Chairman and CEO, United Kingdom, Tel: +44 1959 575 039; Arnold T. Kondrat, Executive Vice President, Toronto, Ontario, Canada, or Tomas Sipos, Vice President, Corporate Development, Toronto, Ontario, Canada, Tel: (416) 366-2221 or 1-800-714-7938