Banro Signs Memorandum of Understanding with China Gold International

TORONTO, April 21 /CNW/ --
TORONTO, April 21 /CNW/ - Banro Corporation ('Banro' or the 'Company') (NYSE AMEX - 'BAA'; TSX - 'BAA') is pleased to announce that it has signed a non-binding memorandum of
understanding (the 'MOU') with China Gold International Resources
Corporation Limited ('China Gold International') to negotiate a
proposed joint venture transaction.  The MOU provides that the parties
intend to cooperate on the development of Banro's Twangiza property,
including the proposed Phase 2 mine and the related proposed hydro
power project.  The MOU also provides that the parties intend to extend
the cooperation to Banro's other properties located along the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the
'DRC').

The MOU still represents an early stage of discussions between the
parties, with a definitive agreement providing for the specific
transaction structure and other terms still to be negotiated by the
parties. The MOU does not create an obligation on the part of either
party to consummate any transaction.  There is no assurance that any
transaction will be consummated.

While Banro has sufficient funds to develop the Twangiza Phase 1 mine,
the Company believes that a potential partnership would fast-track
development of all of Banro's properties located along the
Twangiza-Namoya gold belt.

China Gold International is a TSX and Hong Kong listed mining company
trading under the symbol CGG on the TSX and under stock code 2099 on
the Hong Kong Stock Exchange. China Gold International acts as China
National Gold's international vehicle. China National Gold, a Chinese
state-owned enterprise and the largest gold producer in China, owns
approximately 39.3% of the outstanding shares of China Gold
International.

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 Concerning Forward-Looking Information  This press release contains forward-looking information.  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 a potential transaction between Banro
and China Gold International, a potential hydroelectric facility,
proposed development of Banro's Twangiza property and other properties
and proposed future gold production) constitute forward-looking
information.  This forward-looking information reflects the current
expectations or beliefs of the Company based on information currently
available to the Company.  Forward-looking information is 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 information, 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: the MOU between
Banro and China Gold International still represents an early stage of
discussions between the parties and does not in any way constitute an
agreement for a transaction between the parties, and no assurance can
be given that such an agreement will be entered into; the 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 Banro's properties; failure to establish estimated mineral
resources or mineral reserves (Banro's mineral resource and mineral
reserve figures are estimates and no assurances can be given that the
indicated levels of gold will be produced); uncertainties relating to
the availability and costs of any financing needed in the future;
fluctuations in gold prices and currency exchange rates; inflation;
gold recoveries being less than those indicated by the metallurgical
test work 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; 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.  Forward-looking information speaks only as of the date on which it is
provided and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking information, 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 information are
reasonable, forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.

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please visit our website at www.banro.com, or contact: Simon Village, Chairman, 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.