Mr. Martin Jones reports

BANRO ANNOUNCES Q4 AND RECORD 2016 PRODUCTION RESULTS

Banro Corp. has released preliminary operating results for the fourth quarter of 2016.

Highlights:

• Twangiza and Namoya produced a combined 50,449 ounces of gold during the fourth quarter of 2016, for 2016 annual consolidated gold production of 197,691 ounces. This production level represents an annual production record for the company.
• Twangiza produced 26,395 ounces of gold in the fourth quarter of 2016, for 2016 annual gold production of 104,438 ounces.
• Namoya produced 24,054 ounces of gold in the fourth quarter of 2016, for 2016 annual gold production of 93,253 ounces.

Twangiza update

Mining productivity continued to improve during the fourth quarter of 2016, with Twangiza moving increased amounts of waste material with the goal of achieving increased ore deliveries in future quarters. Recoveries at Twangiza during the quarter continued to be impacted by the blend of ore types based on available mining. The combined impact of lower-than-expected mill throughput and recoveries during the fourth quarter resulted in the gold production at Twangiza remaining consistent with the previous quarters of 2016 rather than increasing as expected.

The fourth quarter and full-year 2016 results for the Twangiza mine, in comparison with the same periods of 2015 and the third quarter of 2016, are found in the attached Twangiza mine results table.

                                       TWANGIZA MINE RESULTS

Operating metrics           Units       Q4 2016       Q4 2015       Q3 2016          2016          2015

Total material mined       Tonnes     1,601,524       831,135     1,420,698     4,955,679     3,284,874
Total ore mined            Tonnes       500,385       427,332       588,897     1,999,565     2,061,731
Total ore milled           Tonnes       406,044       415,509       437,375     1,673,178     1,714,593
Head grade                 g/t Au          2.85          2.82          2.62          2.71          3.03
Recovery                        %          71.0          81.0          67.0          72.7          80.9
Strip ratio                   t:t          2.20          0.94          1.41          1.48          0.59
Gold production            Ounces        26,395        30,440        25,187       104,438       135,532

Namoya update

Ore mined increased 11 per cent from the third quarter of 2016 while ore stacked in the fourth quarter of 2016 was consistent with the third quarter of 2016. Continued improvements in mining productivity allowed the operations to maintain consistent stacking rates during the quarter; however, expected increases in stacking rates were not achieved due to restrictions in available ore zones. This also resulted in the average grade stacked being lower than the previous quarter. Gold production in the fourth quarter of 2016 decreased from the third quarter of 2016 to 24,054 ounces as a result of the lower ore grades stacked during the quarter.

The fourth quarter and full-year 2016 production results for the Namoya mine, compared with the same periods in 2015 and the third quarter of 2016, are as set out in the attached Namoya mine results table.

                                          NAMOYA MINE RESULTS

Operating metrics             Units       Q4 2016       Q4 2015       Q3 2016          2016          2015

Total material mined         Tonnes     2,950,552     1,772,346     2,709,422     9,547,497     4,768,041
Total ore mined              Tonnes       666,037       390,532       602,183     2,100,169     1,179,096
Total ore stacked            Tonnes       653,049       383,913       656,724     2,209,212     1,416,179
Head grade                   g/t Au          1.78          2.35          1.87          1.89          1.88
Strip ratio                     t:t          3.43          3.54          3.50          3.55          3.04
Gold production              Ounces        24,054        15,901        28,190        93,253        47,837

Qualified person

Daniel K. Bansah, the company's head of projects and operations and a qualified person as such term is defined in National Instrument 43-101, has approved the technical information in this press release.

Banro is a Canadian gold mining company focused on production from the Twangiza mine, which began commercial production Sept. 1, 2012, and on production at its second gold mine at Namoya, where commercial production was declared, effective Jan. 1, 2016. The company's longer-term objectives include the development of two additional major, wholly owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining licence, are located along the 210-kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo. All business activities are followed in a socially and environmentally responsible manner.

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