Kinbauri Gold Corp. (Kinbauri or the “Company”) is a Canadian mineral resource company focused on the acquisition, exploration and development of properties with precious metal and diamond potential at the advanced exploration or early development stage. Exploration of a number of high potential early stage targets in strategic locations will be undertaken to supplement the advanced projects.
The Company’s immediate focus is to expand and upgrade resources to reserves towards the restart-up of operations at the El Valle/Carles mine and mill complex within the Rio Narcea Gold Belt in Asturias Spain and to establish resources to support a mine and mill at Corcoesto in Galicia Spain.
On January 16, 2007, Kinbauri exercised its Option to Purchase the El Valle Mill and auxiliary facilities, the El Valle and Carles Mines and two other properties within the Rio Narcea Gold Belt, namely Godán and La Brueva, for $5,000,000 and Kinbauri Espana S.L. completed the transaction on March 30th, 2007. Ore Reserves Engineering in March 2007 reported 2.60Mt at 5.7g Au/t for 477,000oz gold measured and indicated and 3.16Mt @8.3g Au/t for 845,000oz gold inferred for the acquired properties; they also noted significant copper credits. Kinbauri is now undertaking a 13,000m underground drill program at El Valle to define additional resources and reserves in the two most accessible and prospective zones at El Valle, namely Area 107 and Black Skarn North; this will enable re-start of mining and milling operations in the near term. It is anticipated that primary mill feed will come from Area 107, where reported resources average 11.6g Au/t.
At Corcoesto, Kinbauri is focused on establishing open pit and underground resources that would warrant a mine. It can earn a 65 percent interest from Rio Narcea Gold Mines Ltd. by expending 4,000,000 Euros over the next five years. A recently completed 43-101 Resource Report concluded that with a property focused exploration plan “the Corcoesto Project has very good prospects for progressing from exploration to a working mine”. Trenching and drilling as recommended in this Report is on-going to meet these ends.
In North America, Kinbauri has two gold properties in the Central Nevada Caldera Trend [Aztec and Kyla] where drill targets have been identified following data compilation and soil geochemical surveys - a PGE property near Val d’Or Quebec [Fiedmont] where a small drilling program has identified two and possibly three PGE zones - a gold property in Kirkland Lake Ontario [Morrisette Creek] where drill targets have been defined on the highly prospective southwest part of the property - and a kimberlite property in Temiscamingue Quebec [Laniel] in an area of active diamond exploration.
Management
V.N. Rampton - Director, President and Chief Executive Officer
C.F. Gleeson - Director and Vice-President Exploration
S.N. (Simon) Britt - Chief Financial Officer
M.H. Bloovol - Director
M.C. Henderson - Director
C.N. Britt - Director
C.O. Irwin - Secretary
goes 'beyond' the press release discussing April 25th press release.