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New Appointment

Wednesday, August 22nd, 2007

Banro Corporation is pleased to announce the appointment of Michael Prinsloo to Chief Executive Officer of the Company, effective September 17, 2007. In this position, Mr. Prinsloo will lead the Company’s transition from gold explorer to developer, with specific responsibility for overseeing the planned feasibility studies on Banro’s wholly-owned, core projects of Twangiza and Namoya, and for taking these gold projects through the construction stage and into production.
Peter Cowley, who has successfully managed the Company for the past three years, a period during which Banro has added significant additional gold resources and delivered two world class projects in the form of Twangiza and Namoya, will retain the position of President with an oversight on the Company’s ongoing exploration program.
Michael Prinsloo has some 35 years experience in the gold mining industry. After rising through the ranks over 25 years with the Anglo American Gold Division to Mine Manager of Vaal Reefs and Western Holdings (Freegold), Mr. Prinsloo in 1997 joined Randgold & Exploration, where he was instrumental in the successful turnaround of operations at the Durban Deep Group of Mines. In 1999, he was appointed CEO of Durban Deep Limited (“DRD”), and during his tenancy, Durban Deep came out of closure to enjoy a tremendous growth in production and profitability. In 2000, Mr Prinsloo left DRD to join Gold Fields Limited, where he held the position of Managing Director of Driefontein Gold Mine and was subsequently appointed as Head of South African Operations of Gold Fields from 2002 to 2006. Mike is currently the CEO of Gold Fields Business & Leadership Academy. He has decided to return to a more production and development-focused capacity with Banro, a role for which he is held in high regard by the gold industry. Mr. Prinsloo holds a B.Sc. in Mining Engineering from the University of Witwatersrand and is a Registered Professional Engineer (PREng). He also completed the Advanced Management Program (AMP) at the Harvard Business School.
Banro’s Chairman, Simon Village, said: “Given the excellent outcome of the scoping studies at Twangiza and Namoya, Banro has appointed Mike to take the Company forward from explorer to producer. Mike’s credentials and track record in the gold industry speak for themselves and we are delighted that he is joining Banro as its new CEO. In addition, we are pleased that Peter Cowley will remain President of Banro and concentrate his efforts on overseeing the exploration on the Company’s extensive landholdings on the Twangiza-Namoya gold belt and undertaking a scoping study on the Company’s wholly-owned Lugushwa project. We believe that this two-pronged strategy will optimize the value that has been created to date from this significant gold belt, as well as strike the appropriate balance of exploration, development and ultimately production, which we believe will lead to organic growth and the maximizing of shareholder value.”

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