Laying the foundation to develop Central Africa’s Premier Gold Company

Simon Village – Chairman

December 2009

2

Cautionary Notes

Cautionary Notes

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 production, revenue, cash flow and costs, estimated project economics, mineral resource estimates, potential mineralization, potential mineral resources and the Company's exploration and development plans and objectives with respect to its projects) 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 Preliminary Assessments and mine plans; failure to establish estimated mineral resources; 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 onsite conditions or during production); changes in equity markets; political developments in the DRC; 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 30, 2007 filed on SEDAR at www.sedar.com. 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.

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. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates included in this press release are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure, except in the case of the Preliminary Assessment. Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.

The Preliminary Assessments are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the conclusions reached in the Preliminary Assessments will be realized.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3

Banro has the ability to develop into a mid tier gold producer through the development of a single gold belt

100 % ownership of four open pit, heavily oxidised and rapidly advancing gold projects

P & P Reserves of 4.6 M oz

Resource of 11.2 M oz (6.72 M oz M&I; 4.46 M oz Inferred) and growing

16 new targets identified to date along trend

Construction underway at Twangiza project with gold production targeted for Q4 2011

Feasibility Study work in progress at the Namoya Project

Scoping study work in progress at the Lugushwa Project

Desktop work completed on Kamituga

Corporate OverviewCorporate Overview

4

BanroCorporation

BanroCorporation

Banro Congo Mining SARL(Exploration)

Banro Congo Mining SARL(Exploration)

Kamituga Mining SARL

Kamituga Mining SARL

Lugushwa Mining SARL

Lugushwa Mining SARL

NamoyaMining SARL

NamoyaMining SARL

Twangiza Mining SARL

Twangiza Mining SARL

All 4 Subsidiary Companies have their own approved mining convention

Banro Corporate Structure allows optimal financing and corporate development

100% 100%100%100%

100%

Corporate OverviewCorporate Overview

Banro Hydro Project

Banro Hydro Project 100%

5

StrategyStrategy

Underlying rationale driving strategy to move to production

The price vs valuation anomaly highlights investors concerns over financing or technical capability

574

409 390349

315 287

194

101 8535

nana

Red

Back

Clu

ffG

old

Sem

afo

Nevsu

n

Gold

en

Sta

r

MD

L

Moto

Reso

lute

Cre

wG

old

Banro

Pers

eus

Adam

us

4.6 4.5

3.9 3.8

2.92.6

1.8 1.6

0.90.3

0.0 0.0

Red

Back

Banro

Cre

w

Moto

Gold

en

Sta

r

Reso

lute

Sem

afo

MD

L

Nevsu

n

Clu

ffG

old

Adam

us

Pers

eus

Attributable 2P Reserves (Moz)

EV/2P Reserves (US$/oz)

Attributable Total Resources (Moz)

EV/Total Resources (US$/oz)

15.8

11.2 10.5 9.88.3

7.36.0 5.1 4.8

3.5 2.7 2.1

Mo

to

Ba

nro

Re

solu

te

Cre

w

Re

dB

ack

Go

lde

nS

tar

Se

ma

fo

Ne

vsu

n

Pe

rse

us

MD

L

Clu

ffG

old

Ad

am

us

Producer Average = US$309/oz

Developer Average = US$193/oz

316

133 127 11570 59 48 47 47 34 25 14

Red

Back

MD

L

Gold

en

Sta

r

Sem

afo

Pers

eus

Nevsu

n

Clu

ffG

old

Moto

Adam

us

Cre

w

Reso

lute

Banro

Producer Average = US$114/oz

Developer Average = US$48/oz

6

Key issues influencing Banro’s ability to achieve producer status and unlock the value trap

In Country Expertise

Assets & Mining Title

Technical Capability Finance

Focused on DRC with strong relationships and commitment to the country

Recruitment and training of local population (40 geology graduates employed from the DRC over the past 4 years)

Banro Foundation has generated a tremendous good will at a national and regional level and is investigating whether to become an international charity

Mining Title and Exploration permits ratified by Government

4 open pit projects delineated to date

Ability to increase Reserves and Production Profile on existing projects

Significant exploration upside with only 8% of licence area explored to date, with numerous targets identified

Banro has developed a strong technical production capability to compliments its existing exploration platform

The production team, headed by Mike Prinsloo and Johan Botha have recruited a team of engineers with proven track records in building and running open pit projects

Past 5 years knowledge of the regional geology will lead to further discovery of more projects to fill the pipeline

June 09 concluded an equity financing of C$100 million

Standard Charter-ed appointed as debt arranger. Both companies intend to build long term relationship to fund the project pipeline

Similar long-term relationship strategy with key suppliers and contractors

Low cost, low capex options provide strong free cash-flow case to support off balance sheet financing

StrategyStrategy

7

Banro has chosen to fast track towards producer status with a lower risk strategy for investors

Initial focus on the higher grade, low strip, open pit operations at Twangiza

Modular, standardized operations to reduce risk yet retain upside

First gold pour: Q4 2011

StrategyStrategy

Prudent & EffectiveStrategy

Prudent & EffectiveStrategy

Matches Construction & Logistics withSituation on the

ground

Matches Construction & Logistics withSituation on the

ground

Will Elevate Banrointo

Producer Status

Will Elevate Banrointo

Producer Status

Quickest and Most Certain Path to

Production

Quickest and Most Certain Path to

Production

Achievable FinancingRequirements

Achievable FinancingRequirements

Standardized Plantswith Common Parts

& MaintenanceProcedures

Standardized Plantswith Common Parts

& MaintenanceProcedures

Will DemonstrateSuccessful Completionof a Project in the DRC

Will DemonstrateSuccessful Completionof a Project in the DRC

Lower Political &Financial Risk

Lower Political &Financial Risk

100 000

200 000

300 000

400 000

500 000

600 000

 700 000

OU

NCE

S P

ER A

NN

UM

TwangizaPhase 1

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaPhase 2

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaProduction

TwangizaProduction

NamoyaProduction (HL)

NamoyaProduction

NamoyaProduction

NamoyaProduction

NamoyaProduction

LugushwaCommissioning

LugushwaProduction

LugushwaProduction

LugushwaProduction

KamitugaCommissioning

KamitugaProduction

KamitugaProduction

TwangizaPhase 3

TwangizaProduction

Other {Ntula}Commissioning

2 years 2 years 2 years 2 years 2 years 2 years 2 years

TIMELINE

NamoyaFS

NamoyaCommissioning

LugushwaSS

LugushwaFS

LugushwaFS

KamitugaSS

KamitugaFS

KamitugaFS

Banro’s modular project approach to +500,000 ozs

StrategyStrategy

9

StrategyStrategy

90 shipping containers and 60 Break Bulk items ready to be shipped from Australia to Mombasa Port, Kenya. Additional containers and construction

items being prepared for shipment out of South Africa.

Phase I construction is underway with plant dismantled, refurbished and prepared for shipment

10

Project Location & Access

Location

Twangiza is located in South Kivu Province 41 km to southwest of Bukavu, the provincial capital

Uvira

Mwenga

Walungu

Bukavu

Shabunda 9700000 mN

9600000 mN

60

000

0 m

E6

000

00

mE

70

000

0 m

E7

000

00

mE

50

000

0 m

E

9600000 mN

9700000 mN

0 25

kilometres

50

KAMI TUGA

LUGUSHWA

NAMOYA

Lubanda

N

N5

N5

N2

N2

N2

Lake Kivu

Lake Tanganyika

Deposit Location and Name

Rivers

Main Roads and Towns

Permits for Exploitation

Secondary/other Roads

Permits for Exploration

Deposit Location and Name

LEGEND

Itula

Kalole

50

000

0 m

E

TWANGI ZA

Uvira

MwengaMwenga

Walungu

Bukavu

Shabunda 9700000 mN

9600000 mN

60

000

0 m

E6

000

00

mE

70

000

0 m

E7

000

00

mE

50

000

0 m

E

9600000 mN

9700000 mN

0 25

kilometres

500 25

kilometres

50

KAMI TUGA

LUGUSHWA

NAMOYA

Lubanda

NN

N5

N5

N5

N5

N2

N2

N2

N2

N2

N2

Lake Kivu

Lake Tanganyika

Deposit Location and Name

Rivers

Main Roads and Towns

Permits for Exploitation

Secondary/other Roads

Permits for Exploration

Deposit Location and Name

LEGEND

Deposit Location and Name

Rivers

Main Roads and Towns

Permits for Exploitation

Secondary/other Roads

Permits for Exploration

Deposit Location and Name

LEGEND

ItulaItula

KaloleKalole

50

000

0 m

E

TWANGI ZA

Access

Road access from Bukavu to Twangiza by travelling 55km on the recently upgraded N2 National Road and then 30km on a smaller side road to the camp

Helicopter flight between Bukavu and Twangiza takes around 20 minutes

Bukavu is serviced by regular commercial flights

International access through Rwanda/ Kenya/Uganda

Key Assets – TwangizaKey Assets – Twangiza

11

Twangiza Resource Development

Significant resource development and conversion has been achieved over the last 3 years

The Company believes there is potential for a 5 Moz of mineable oxide/transition (non refractory) reserve and a further 3-4 Moz of resources in the vicinity of

Twangiza

2.13.0 3.1

3.9 3.7

5.66.5

1.1

2.63.1

2.7

0.6

0.4

1.5

2.3

0

1

2

3

4

5

6

7

8

9

Oct. 05 Sep. 06 Jul. 07 Dec. 07 Jun. 08 Jan. 09 Dec. 09

Gold

-M

oz

I nferred

New Targets

Tshondo

Mufwa

Luhwindja

Kaziba

2x Flanking structures off Twangiza North

Ntula

Inferred Resources not included in June 2008 Pre-Feasibility Study following a change in

the pit model

Key Assets – TwangizaKey Assets – Twangiza

Planned Resource development and

conversion

12

Key Assets - TwangizaKey Assets - Twangiza

670000

670000

680000

680000

690000

690000

700000

700000

96700009670000

96800009680000

96900009690000

97000009700000

Bugoy Grid

125-2 50 ppb so il anom aly

M ayerW orkings M ubam ba

W orkings

2 g/t Au

Tubimbi W olframiteW orkings

Chibanda Target:Stream Sed Sam pling - C om pleteA ll resu lts rece ived.

Eastern W orkingsR ecce: C om pleteS tream Sed Sam pling:Phase 1 com plete

Albitite TargetR ecce com pleteS tream Sed Sam pling: Q 2 '09

Luhindja TargetR ecce com plete Soil Sam pling: Q 2 ' 09

Southern AnomalyR ecce & S tream SedSam pling com plete. So il sam pling: Q 2 '09

Tshondo W est AnomalyR ecce & S tream SedSam pling: Q 2 '09 Radiometric Anomaly

R ecce & S tream SedStream sam pling: Phases 1 and 2com plete .A ll resu lts received.Soil sam pling: C om m ence Q 1 '09

Kaziba W orkingsPhase 1 soil sam pling and m apping com plete: A ll results received.Soil sam pling western extension.M ar-Apr.'09

TSHONDO

MOROC

TW ANGIZA MAIN

LEGEND

Bedrock w orkings

A lluvia l workings

Terrace w orkings

H istorica l a lluvia ls (Au)

Coincident U ranium (green) and Thorium (Red) anom alies

Fold outline

Antic line axis

Syncline axis

Palaeo-Neo Proterozo ic terra in boundary

Target area

R idge

Ka kere W orkings

R ugeng e Wo rkin gs

Cirem bwe W orkings

Targets detected on LiDAR•Primary: 412•Alluvial: 130•Terrace workings: 92•Uncertain: 301

Ounces within trucking distance of central plant or consideration now being given to build more 1.3 – 1.5 Mtpa size plants at different sites as stand-alone plants

13

0.40.7

0.91.1

1.50.7

0.6

0.60.4

0.5

0

0.5

1

1.5

2

2.5

Jul. 05 Sep. 06 Jun. 07 Mar. 09 Dec. 09

Gold

- M

oz

Measured & Indicated Inferred

Namoya Resource Development

Significant resource development and conversion has been achieved over the last 3 years

The Company believes there is potential for a 1.5 Moz of mineable reserve and a further 1 Moz of resources in the immediate vicinity (New Targets) of Namoya

Planned Resource development and conversion

Key Assets – NamoyaKey Assets – Namoya

New Targets

Kakula West

Seketi

Matongo

Filon

14

MPONGO CARRIERE A G20-21 D18-19 KILIMA

A BNOT TO SCALE

Dominant plunge direction

Inferred Au mineralizationbodies

Trace of refolded Fold axis

Dominant plunge direction

Surface topography

Key Assets – LugushwaKey Assets – Lugushwa

A

B

Lugushwa Project Overview

Summary

Scoping Study work in progress

Heavily oxidized shallow deposits

Namoya’s experience with Heap Leach and CIL options will provide a good learning curve for the future design/equipment for the Lugushwa Heap Leach development followed by a smaller CIL/Gravity Plant later to process the fresh ore

Next Steps

Both CIL and Heap Leach options to be progressed

Further drilling planned for 2010 (16,333m / 97 holes drilled to date)

Progress to Scoping Study and then advance through PFS to FS

Category Tonnes (Million)

Grade(g/t Au)

Ounces(Million)

Total Inferred 37.0 2.30 2.74

15

Regional Exploration

Significant potential to expand the portfolio of projects through exploration on the highly prospective Twangiza-Namoya gold belt

Airborne Geophysical (aeromagnetic and radiometric) surveys have identified some 16 new targets during 2007 and 2008

LiDAR topographic surveys completed over key properties in 2007 and 2008

Analysis work for Geophysics and LiDAR, largely completed in-house and by Consultants

Less than 8% of 5311 km2 has been explored

Banro’s exploration team is currently busy prioritising exploration targets from the above analysis

Regional Radiometric Survey

Key Assets – ExplorationKey Assets – Exploration

16

Community Relations – Banro Foundation

Banro handles its community relations programme through the Banro Foundation, a registered charity in the DRC with the following mandate:

“Support education, health and infrastructure improvements, principally in the communities where Banro operates”

In May 2008 Banro was one of five finalists for a Canadian Award for International Cooperation in the category of "Construction, Reconstruction and/or Rehabilitation of Physical Infrastructure”

To date Banro has employed 40 graduate geologists from DRC universities, providing them with further geological training and education on project sites

New High School near Twangiza

A Responsible approach to operating in the DRC A Responsible approach to operating in the DRC

New High School near Namoya Potable Water System for 18,000 People

17

1.Currently examining feasibility of incorporating the Banro Foundation as a charity in US & elsewhere

2.Build on partnerships with NGOs (eg CARE International) to attract funding from foundations, government agencies and institutional funds

3.Pursue innovative funding strategies – eg. carbon credits for reforestation

4.Implement internal funding formula as mining commences - % of net profits + % of ounces (+ carbon credits as hydro plant comes on stream)

5.Longer Term ~ consider transition to “pure” Charity model, disconnected from Banro, focused on the DRC and soliciting funds from public and granting agencies

The Banro FoundationThe Banro Foundation

Broadening the financing base – 2010 & beyond

18

Based in Toronto and listed on:TSX: BAAAMEX: BAA

Shares Issued 105.96 million

Fully Diluted 118.33 millionCash US$80 million

Enterprise Value US$177.48US$1.67/share

Shareholders (fully diluted) Management 7.3% Retail 15.7% Institutional 77.0%

Corporate OverviewCorporate Overview

19

A strong in country presence in the DRC with the technical capability in exploration and project development

Mining permits and titles approved

Significant project pipeline with 4 open pit projects and 16 targets along the trend

Construction underway with gold production targeted for Q4 2011

Long term commitment to the DRC and its people through the Banro Foundation

www.banro.com

SummarySummary

Banro has all the ingredients to establish itself as the leading Central African Gold Producer