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OTTAWA, ONTARIO--(March 7, 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 drilling program at El Valle in northwestern Spain. Highlights of the assay results include:
- 7.4m grading 12g Au/t and 1.33% Cu in hole 08KV1049.
- 1.45m grading 13.9g Au/t and 1.22% Cu in hole 08KV1062.
- 30.36m grading 2.3g Au/t and 0.79% Cu in hole 08KV1059.
Most notably hole 08KV1059 encountered a thick section of skarn mineralization that points to a 300m westward extension of the Black Skarn zone. This extension and combined gold and copper values point to a significant expansion of tonnage and resources. The Black Skarn zone is amenable to bulk mining.
Holes 08KV1049, 08KV1053, 08KV1056 and 08KV1062 are infill holes drilled on Area 107 and Black Skarn North with gold and copper values representative of those two zones (see above table). Hole 08KV1059, which was drilled some 60m west of the most westerly hole encountering skarn mineralization in the Northwestern Black Skarn, indicates that the mineralization is continuous at this elevation and extends some 300m to the south on the west side of the intrusion that the skarn mineralization flanks. A 300m extension could result in resources mirroring or exceeding those resources within the Central and South Areas of Black Skarn on the eastern flank of the intrusion. These Areas contain indicated resources of 105,362 ounces gold and 16.8 million pounds copper (912,588t grading 3.6g Au/t and 0.84% Cu) and inferred resources of 85,596 ounces gold and 12.8 million pounds copper (768,505t grading 3.5g Au/t and 0.76% Cu), as noted in a N.I. 43-101 compliant technical report dated January 17th, 2008.. The dimensions and rock characteristics of the Black Skarn zone indicate that it is amenable to bulk mining.
The drill program is 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. Details of Kinbauri's Assay and Quality Assurance Programs are reported in press release of February 27th, 2008. This press release was prepared by Dr. V. N. Rampton, P. Eng in his 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 results will be discussed in detail. The recording is expected to be available on or after March 10th, 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 2010. It currently has 43,538,320 common shares issued and outstanding.
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.
Maps are available on the Marketwire Website at the following addresses: http://media3.marketwire.com/docs/SC...
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.
For more information, please contact
North America
Darrell Munro, BB.A, LL.B
Manager Corporate Communications
dmunro@kinbauri-gold.com
or
Dr. Vern Rampton, P. Eng.
President
613-836-2594
613-831-2730 (FAX)
vrampton@kinbauri-gold.com
kinbauri@kinbauri-gold.com
or
Dr. Chris Gleeson, P. Eng.
Vice-President Exploration
613-652-4594
613-652-1223 (FAX)
c.gleeson@persona.ca
or
Europe
INVESTEL
Ruediger (Rudy) Hnyk, CEO
Investor Relations & Telecommunications
ceo@investel.de
3 members recommend this.
Discussing the July 8, 2008 press release.
