Banro Appoints Peter V. Gundy to Board of Directors

Banro Appoints Peter V. Gundy to Board of Directors 
TORONTO, ONTARIO -- (Marketwire) -- 03/28/13 -- Banro Corporation
("Banro" or the "Company") (TSX:BAA)(NYSE MKT:BAA)(NYSE Amex:BAA) is
pleased to announce the appointment of Peter V. Gundy to the
Company's Board as a non-executive Director.  
Mr. Gundy was Chairman and Founder of New Material Technologies Inc.,
a publicly listed company which manufactured and sold high tech
materials to global electronics industries. During his tenure with
the company, he served in a number of positions including CEO. He
left in 2008 and the company was later acquired by Molycorp Inc. for
$1.3 billion. Earlier in his career, Mr. Gundy served as a vice
president of Brascan and Dominion Securities and was co-founder and
Chairman of Renaissance Securities. Mr. Gundy was Executive Vice
President, Finance, of Potash Corporation of Saskatchewan Ltd., where
he was one of the senior executives who founded the company.
Currently, Mr. Gundy is Chairman of Verde Potash PLC where he is also
Chairman of the Audit Committee. He is also a Director of Clifton
Star Resources Inc. and is a member of the Audit Committee.  
Mr. Gundy began his career in Montreal as a lawyer specializing in
the practice of mergers and acquisitions. He is a certified Director
of the Institute of Corporate Directors and resident in Toronto,
where he is co-owner of Veritprop Ltd.  
"We are very pleased to add Peter's experience and expertise to
Banro's Board and believe he will be able to make a valuable
contribution to the governance of the Company as we continue to move
toward our goal of two operating gold mines producing upwards of
250,000 ounces per year by the end of 2014," commented Bernard van
Rooyen, Chairman of Banro's Board of Directors.  
Mr. Gundy has also been appointed to the Company's audit committee.
The Company recently received notification from the NYSE MKT that,
following the appointment earlier this month of John Clarke as
Interim CEO and President and his stepping down from the audit
committee as a result of his appointment, the Company was no longer
in compliance with the NYSE MKT's audit committee requirements, which
require that an audit committee be comprised of three independent
directors. The appointment of Mr. Gundy allows the Company to regain
compliance with these requirements.  
Banro Corporation is a Canadian gold mining company focused on
production from the Twangiza oxide mine and development of three
additional 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 Democratic Republic of
the Congo. Led by a proven management team with extensive gold and
African experience, Banro's plans include the construction of its
second gold mine at Namoya, at the south end of this gold belt, as
well as the development of two other projects, Lugushwa and Kamituga,
in the central portion of the belt. The initial focus of the Company
is on oxides, which have a low capital intensity to develop but also
attract a lower technical and financial risk to the Company and as
such maximize the return on capital and limits the dilution to
shareholders as the Company develops this prospective gold belt. All
business activities are followed in a socially and environmentally
responsible manner. 
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 estimates and/or assumptions in
respect of future gold production and the Company's 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 and mineral reserves (the Company's
mineral resource and mineral reserve figures are estimates and no
assurance can be given that the intended levels of gold will be
produced); 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) or less than those expected following the expansion of
the Twangiza plant; uncertainties relating to the availability and
costs of financing needed in the future; 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; 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 26, 2013 filed on SEDAR
at and EDGAR 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.
Banro Corporation
Naomi Nemeth
Vice President, Investor Relations
+1 (416) 366-9189 or +1-800-714-7938, Ext. 2802
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