The Gold Report

Banro Corporation TICKER: BAA:TSX; BAA:NYSE Visit Company Website Banro Corporation 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-km.-long Twangiza-Namoya gold belt in the northeast Democratic Republic of the Congo. Led by a proven management team with extensive experience in gold and with Africa, the company is scheduled to pour first gold at its flagship Twangiza Phase I Mine in Q411.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Brock Salier, GMP Securities (1/25/12) "In a positive new development, Banro Corporation has indicated that recovery from sulphide ore is 94%, and as such it proposes to build a traditional carbon-in-leach plant. . .the existing sulphide resource stands at 810 Koz at 2.1 g/t; having reviewed the geology of Namoya on site recently, we expect this to grow and see potential for at least an additional million ounces of sulphide reserves to be delineated in due course. This clearly extends the mine life and adds significant value to the project. . .our Buy rating is retained and our target price is lifted from CA$8.90/share to CA9.20/share, given the derisking of Namoya as a consequence of moving into construction."

Mike Kozak, Cormark Securities (1/25/12) "Banro Corporation recently put its 100%-owned Twangiza open-pit gold project into production and is ramping up to a run rate of ~120 Koz/yr; the project is the first of four gold-only assets in Banro’s project development pipeline. While the other three, Namoya, Kamituga, and Lugushwa, are of a smaller scale than Banro’s flagship Twangiza project; we see the company ultimately producing at a sustainable level of over 400 Koz/yr at below industry average cash costs by 2015. . .we continue to believe in the value of Banro and its potential to grow into a big industry player."

Mike Kozak, Cormark Securities (1/25/12) "Banro Corporation recently put its 100%-owned Twangiza open-pit gold project into production and is ramping up to a run rate of ~120 Koz/yr; the project is the first of four gold-only assets in Banro's project development pipeline. While the other three, Namoya, Kamituga, and Lugushwa, are of a smaller scale than Banro's flagship Twangiza project; we see the company ultimately producing at a sustainable level of over 400 Koz/yr at below industry average cash costs by 2015. . .we continue to believe in the value of Banro and its potential to grow into a big industry player."

The Gold Report Interview with David Baker (1/4/12) "Banro is in our Top 10 holdings. . .Banro's strategy is to develop a number of high-return oxide projects it has in its inventory. Banro didn't take on any debt to develop its Twangiza project, so it will have significant cash flow to develop other projects. Without doubt, Banro has a fantastic resource base." More >

Scott Wright, Zeal Reports (12/30/11) "Banro Corporation initiated development in late 2009, and following two years of construction Twangiza has become the Democratic Republic of the Congo's first new commercial-scale gold mine in more than 50 years. . .investors should take the opportunity to jump on board the company during this short window where it will be a junior gold producer; Banro and its excellent management team have demonstrated their ability to overcome geopolitical constraints to build a gold mine, on time and within budget, in a remote part of Africa."

• Corporate Presentation (1/18/12)
• BAA Raises $80K for Congolese Hospital (6/27/11)

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