OTTAWA, ONTARIO--(Feb. 14, 2008) - Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) is pleased to announce the latest results from its on-going 23,000m underground in-fill drilling program at El Valle in northwestern Spain. Highlights of the in-fill drilling program for Black Skarn North ("BSN") and Area 107 West ("107") are:
- 19.4m grading 12.9g Au/t, 36g Ag/t and 0.85% Cu in 08KV1044
including 1.2m grading 167g Au/t, 383g Ag/t and 5.75% Cu.
- 4.6m grading 7.6g Au/t and 1.34% Cu in hole 08KV1041.
Assays have been received from seven diamond drill holes at El Valle and are summarized as follows:
(1) See Schedule A for Location :
http://media3.marketwire.com/docs/2008-04%20SCHEDULE%20A.pdf
(2) True Thicknesses are estimated to be 100% for 08KV1040,
90% for 08KV1039 and 08KV1044, 80% for 08KV 1041 and 08KV1042 and 60% for 08KV1037
(3) 107W is Area 107 West and BNS is Black Skarn North
Drill holes 08KV1037, 08KV1041, 08KV1042 and 08KV1044 all intersect the Central Black Skarn North zone and continue to define the gold-copper mineralization in Black Skarn North where a total resource of 358,000 ounces of gold and 38.3 million pounds of copper (1.2Mt at 3.74g Au/t and 0.75% Cu Indicated and 1.7Mt of 3.90g Au/t and 0.50% Cu Inferred; N.I. 43-101 report announced in press release of February 5th, 2008) have been outlined. The bonanza gold grades encountered in 08KV1044 reflect the enrichment that occurs where epithermal structures, such as 107 intersect gold-copper bearing skarn. Mineralization containing the broad gold zone found in 08KV1044 appears to be present on other yet to-be-assayed drill holes intersecting BSN and awaiting assay; continuation of these gold values could significantly increase the total gold resource within BNS.
Drill holes 08KV1039 and 08KV1040, part of the in-fill program for 107, lie along the northwest up-dip edge of Area 107 West and reflect the pinching out of mineralization towards the northwest up-dip edge of Area 107 West. 107 has a total outlined resource of 564,000 ounces of gold and 26.8 million lbs of copper (0.5Mt at 9.2g Au/t and 0.89% Cu Indicated and 1.2Mt at 10.5g Au/t and 0.63% Cu Inferred; N.I. 43-101 report announced in press release of February 5th, 2008).
The drill programs are being supervised by Mr. Santiago Gonzalez-Nistral, Kinbauri Espana's senior geologist, with quality control being provided by Dr. C. F. Gleeson, P. Eng., Kinbauri's Vice-President of Exploration: both are qualified persons as defined by N.I. 43-101. Kinbauri has established an Analytical Quality Assurance Program to control and assure the analytical quality of assays. This program includes the systematic addition of a blank sample, a pulp duplicate and a standard to each batch of 20 samples. The samples are obtained from HQ core sawed in half, crushed, pulverized, homogenized and split in Kinbauri's on site facility at El Valle. Samples are sent to the fully accredited Fundacion ITMA laboratory in Llunera, Asturias, Spain for analyses. In addition 5% of the samples are sent to ALS Chemex's laboratory in Canada for check analyses. Gold assays are carried out on 30 gram splits using fire assay procedures with an atomic absorption finish.
Other Corporate Developments
Kinbauri is pleased to announce that Mr. Ricky Adigue, B. Sc. Mining Eng., will be joining Kinbauri's on-site development team. Mr. Adigue is a professional mining engineer with 10 years experience in mine planning, design and operation optimization. Kinbauri is also in the process of hiring two additional engineers to assist with mine design at El Valle and with supervision of the up-coming feasibility study, planned for completion in November. Proposals have been received regarding mine design, metallurgical test work and feasibility studies; the final choice of contractors is immently pending. Mr. Roger Jolicoeur of RWJ Consultants Miniers is currently directing and monitoring on-going preventive mill maintenance and is determining the cost of any required modifications to the mill in order to optimize the mill's operations and capacity upon re-start.
In addition, Kinbauri has reluctantly accepted the resignation of Mr. Louis Dionne as a Director. Mr. Dionne resigned due to his numerous other commitments. Mr. Dionne was a key member of the due diligence team that reviewed the Rio Narcea Gold Belt properties, including the mines at El Valle and Carles, and made recommendations as to their potential development prior to Kinbauri's purchase of these properties; his assistance and advice to this end was sincerely appreciated. Discussions are near fruition to bring a senior mine developer and a financier onto Kinbauri's team.
This press release was prepared by Drs. C. F. Gleeson and V. N. Rampton, P. Eng in their capacity as qualified persons. Dr. Rampton will record a "Beyond The Press Release" on the Company's official Investor Relations Site at http://www.agoracom.com/ir/kinbauri, where these developments will be discussed in detail. The recording is expected to be available on or after February 15th, 2008.
Kinbauri is a TSXV - Tier 1 Mineral Exploration Company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain in order to start operations at the mine and existing mill complex there in early 2010. It currently has 43,372,320 common shares issued and outstanding; 67,056,236, fully diluted.
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Kinbauri undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where investors can post questions and receive answers or review questions and answers already posted by other investors.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CONTACT INFORMATION:
Kinbauri Gold Corp.
North America: Darrell Munro, BB.A, LL.B
Manager Corporate Communications
613-831-2730
Fax: 613-831-2730
dmunro@kinbauri-gold.com
or
Kinbauri Gold Corp.
Dr. Vern Rampton, P. Eng
President
613-831-2730
Fax: 613-831-2730
vrampton@kinbauri-gold.com
kinbauri@kinbauri-gold.com
or
Dr. Chris Gleeson, P. Eng.
Vice-President Exploration
613-652-4594
Fax: 613-652-1223
c.gleeson@persona.ca
or
INVESTEL
Investor Relations & Telecommunications
Europe: Ruediger (Rudy) Hnyk
CEO
ceo@investel.de
www.kinbauri-gold.com
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