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OTTAWA, ONTARIO-(May 7, 2008) - Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) is pleased to announce more results from its on-going 23,000m underground drilling program at El Valle in northwestern Spain. Highlights of the assay results from the 107 Area/Black Skarn North zones include:
- 15.8m grading 4.42g Au/t, 22.3g Ag/t and 0.41% Cu in DDH08KV1093
including 2.6m grading 16.04g Au/t, 78.4g Ag/t and 1.06% Cu
- 21.5m grading 2.45g Au/t, 7.8g Ag/t and 0.26% Cu in DDH08KV1094
- 28.4m grading 2.25g Au/t, 10.6g Ag/t and 0.46% Cu in DDH08KV1098
including 1.35m grading 6.35g Au/t, 26.0g Ag/t and 1.66% Cu
- 17.95m grading 2.64g Au/t, 10.9g Ag/t and 0.60% Cu in DDH08KV1100
including 1.6m grading 7.04g Au/t, 28.0g Ag/t and 1.45% Cu
- 19.7m grading 2.29g Au/t, 13.7g Ag/t and 0.65% Cu in DDH08KV1101
including 1.6m grading 9.75g Au/t, 93.0g Ag/t and 5.06% Cu
The underground infill program continues to generate excellent results for Area 107 and Black Skarn North ("BSN") and demonstrate good continuous substantial thicknesses for BSN. Assays received from the latest nine diamond drill holes are summarized as follows:
(1) See Schedules A and B for Location. (2) Percentage estimate of True
Thicknesses. (3) 107 is Area 107, 107W is Area 107 West and BSN is Black
Skarn North
Six of the diamond drill holes reported herein (DDHs 08KV1083, 1093, 1095, 1098, 1100 and 1102) are in-fill holes drilled on 25m centres within the Central Area of BSN. As expected, results confirm continuous substantial thicknesses that should allow BSN to be economically exploited through bulk mining. DDH 08KV1093 marks the inner edge of the BSN on section 3 (see Schedules).
DDH08KV1094 is on the most westerly section being drilled on BSN during this in-fill program and confirms the probability that the skarn mineralization continues for some distance to the south, potentially adding substantial resources at El Valle.
In other corporate news, Kinbauri is pleased to announce that it recently received a VAT (Value Added Tax) refund in the amount of $1.6M from the Spanish Government and is currently awaiting infusions of $750,000 from government subsidies; in addition $360,000US is pending from the sale of gold residue recovered from cleanup of the mill's gravity circuit. Kinbauri is now well capitalized with the $1M from its recent private placement with Anglo Pacific Group (press release of April 23, 2008) and the $7.5M royalty payment (press release of March 10, 2008) that is expected to close by next Monday. It can now complete its 23,000M infill drilling program ahead of schedule and subsequently commence an aggressive exploratory drill program at its El Valle and Carles properties in search of additional resources. The pending feasibility study, to be completed this year, will allow Kinbauri the alternative of financing the remainder of its pre-production development by non-dilutive alternatives.
The underground drill program at El Valle is being supervised by Mr. Santiago Gonzalez-Nistal, 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. The current press release was prepared by Dr. V. N. Rampton, P. Eng in his capacity as a qualified person. Web-casts concerning assay results obtained from El Valle and Carles and Kinbauri's mine development plans are available on Kinbauri's official Investor Relations Site at http://www.agoracom.com/IR/kinbauri
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 47,125,689 common shares issued and outstanding.
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.
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.
The Schedules A and B are available at the following address: http://media3.marketwire.com/docs/ab...
CONTACT INFORMATION:
North America
Darrell Munro, BB.A, LL.B, Manager Corporate Communications
613-836-0198
or
Dr. Vern Rampton, P. Eng., President
613-836-2594
or
Dr. Chris Gleeson, P. Eng., Vice-President Exploration
613-652-4594
or
Europe
INVESTEL
Investor Relations & Telecommunications
Ruediger (Rudy) Hnyk, CEO
or
Investors can post questions and receive answers or review questions and answers already posted by other investors Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri
Kinbauri Web-Site: www.kinbauri-gold.com
3 members recommend this.
Discussing the August 26, 2008 press release.
