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Kinbauri Gold Corporation

Publié le 10 mars 2008

Anglo Pacific Group to Provide $7.5M to Kinbauri in Exchange for Net Smelter Return at El Valle/Carl

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Mots clés associés :   Canada | Copper | Europe |

PRESS RELEASE       

Kinbauri Gold Corp.                                                                         

110 Westhunt Drive                                                                     

P.O. Box 158

Carp, Ontario K0A 1L0 CANADA                                 

 

Stock Symbol: TSXV.KNB: 3KG.DE    

Website: www.kinbauri-gold.com

 

 

FOR IMMEDIATE RELEASE     2008-07

 

ANGLO PACIFIC GROUP TO PROVIDE $7.5M TO KINBAURI iN EXCHANGE FOR NET SMELTER RETURN at EL VALLE/CARLES

 

OTTAWA, ONTARIO, March 10th, 2008:  Kinbauri Gold Corp. (“Kinbauri”) (Toronto: TSXV.KNB; Frankfurt: 3KG.DE) is pleased to announce that Anglo Pacific Group (APF.L) has agreed to purchase a Net Smelter Return from Kinbauri for C$7.5M.

 

The agreement is an important strategic milestone for Kinbauri as it allows the Company to complete drilling and development plans at its El Valle/Carles mines and mill in northwestern Spain with minimum dilution of share capital. Most significantly, the injection of $7.5M of non-dilutive capital at this point in time will allow Kinbauri the option to complete its feasibility study by November of this year without further equity placements. The delivery of the study will then allow the Company to finance the remainder of its pre-production and production development by non-dilutive alternatives.

 

Under the terms of the agreement, Anglo Pacific will fund Kinbauri, through the issuance of a convertible debt instrument in the amount of $7.5M. Principal is to be repaid through a 2.5% net smelter return royalty on Kinbauri’s El Valle/Carles project located in Asturias, Spain. The royalty increases to 3% in the event gold prices exceed $1,100 an ounce. Upon repayment of principal, the instrument converts to a net smelter return royalty.  In the event that production from the El Valle mill does not exceed a rate of 90,000 ounces of gold per year on or before Dec 31, 2012, the outstanding principal can be converted at Anglo Pacific’s option into common shares at a price equal to the lower of $0.73 or the discounted market price at the time of conversion.  In connection with the transaction, Kinbauri has agreed to issue 1.5 million warrants to Anglo Pacific; each warrant is exercisable into one common share for a period of two years from the date of closing at an exercise price of $0.90 per warrant. M Partners, the agent in the transaction, will be paid a fee of 3.5% of the gross amount of the debt instrument. The final agreement is subject to regulatory approval, title verification and definitive documentation.

 

Dr Vern Rampton, President and CEO of Kinbauri commented, “Our agreement with Anglo-Pacific is a solid endorsement of Kinbauri’s plan to quickly re-start the 2,000 tpd El Valle mill. We are most pleased that our corporate goal of achieving production at El Valle by 2010 is now within reach without any further dilutive financing.”

 

Gold and Copper Resources at El Valle and Carles

 

On January 17th Kinbauri filed a N.I. 43-101 compliant technical report. This report delineated Kinbauri’s resources as of November 7th 2007 as:

 

  • Total Measured + Indicated:  725,200 oz Au and 87,100,000 lbs. Cu (4,159,000 tonnes at 5.4 g Au/t and approximately 0.97% Cu(1)).
  • Total Inferred:  1,042,000 oz Au and 50,000,000 lbs. Cu (5,357,000t at 6.1g Au/t and approximately 0.56% Cu(2)).

 

(1) 0.97% Cu for 4,054,000 tonnes resource, copper resource and grade is not estimated for 105,000 tonnes resource.

(2) 0.56% Cu for 4,074,000 tonnes resource, copper resource and grade is not estimated for 1,283,000 tonnes resource.

(3) With the exception of 78,000oz. Au (898,000 tonnes @2.7g/Au/t), all resources are located at El Valle and Carles.

 

In its press release of March 7, 2008 Kinbauri announced that recent drilling at El Valle has suggested a 300m extension of known mineralization in the Northwestern Area of the Black Skarn that could result in resources mirroring or exceeding those resources presently delineated within the Central and South Areas of the Black Skarn on the eastern flank of the intrusion.  These latter two 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 Kinbauri’s N.I. 43-101 compliant technical report of January 17th, 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 43,608,320 common shares issued and outstanding. 

 

Anglo Pacific Group PLC generates returns for shareholders by receiving royalties from coal mines in Australia operated by BHP and Rio Tinto. The strategy of Anglo Pacific is to pay a substantial proportion of these royalties to shareholders as dividends, while reinvesting the balance in strategic listed and unlisted mineral exploration and production opportunities with a view to obtaining more royalties for shareholders. Anglo Pacific is resolved to continue its policy of pursuing other mining interests by adopting an active, merchant banking approach to each project to achieve better returns at reduced risk. For further information see www.anglopacificgroup.com

.

M Partners is a full service investment dealer based in Toronto, Ontario. For further information see www.mpartners.ca

 

 

 

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.

 

 

FOR FURTHER INFORMATION CONTACT:

 

North America

Darrell Munro, BB.A, LL.B, Manager Corporate Communications

E-mail: dmunro@kinbauri-gold.com

Dr. Vern Rampton, P. Eng., President   vrampton@kinbauri-gold.com

E-mail:  kinbauri@kinbauri-gold.com

Tel: (613) 836 2594 Fax: (613) 831 2730

 

Europe

Ruediger (Rudy) Hnyk, CEO

INVESTEL

Investor Relations &

Telecommunications

E-Mail: ceo@investel.de

 

OR 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.

Kinbauri Web-Site: www.kinbauri-gold.com

 

 

 

 

 
 
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Kinbauri Gold Corporation

CODE : KNB.V
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Kinbauri Gold est une société d’exploration minière d'or basée au Canada.

Kinbauri Gold détient divers projets d'exploration en Espagne.

Son principal projet en exploration est CORCOESTO en Espagne.

Kinbauri Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 36,1 millions CA$ (34,4 millions US$, 23,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 28 mars 2008 à 1,11 CA$, et son plus bas niveau récent le 24 octobre 2008 à 0,16 CA$.

Kinbauri Gold possède 48 722 000 actions en circulation.

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Financements de Kinbauri Gold Corporation
11/06/2009$1,000,000 Non-Brokered Private Placement
21/05/2009Proposed closing of private placement
20/02/2009Private Placement
30/09/2008EXTENDS WARRANTS
Nominations de Kinbauri Gold Corporation
31/08/2009New Directors Appointment To Kinbauri's Board
15/12/2008Appoints Financial Advisor to Assist in Strategic Planning
Projets de Kinbauri Gold Corporation
29/05/2009(El Valle (carles))Receives validation of revised mine plan from independent co...
05/03/2009FINAL SCOPING STUDY REPORT
12/02/2009(El Valle (carles))SCOPING STUDY REVISION BOOSTS ECONOMICS FOR EL VALLE/CARLES ...
09/02/2009(El Valle (carles)) SCOPING STUDY DETERMINES ROBUST ECONOMICS FOR EL VALLE/CARL...
22/01/2009(El Valle (carles))EL VALLE RESOURCES INCREASED BY ADDITIONAL 153,519 OZ. GOLD
29/07/2008CUTS HIGH GRADE GOLD AT EL VALLE
27/06/2008(El Valle (carles))ENGAGES SCOTT WILSON ROSCOE POSTLE ASSOCIATES FOR SCOPING ST...
20/06/2008(El Valle (carles))Drilling Extends High Grade Skarn at Kinbauri's El Valle Pro...
04/04/2008Drill holes
13/03/2008(El Valle (carles))ENGINEERING AND MINE PLANNING UNDERWAY AT KINBAURI’S EL VALL...
10/03/2008(El Valle (carles))Anglo Pacific Group to Provide $7.5M to Kinbauri in Exchange...
27/02/2008 Drill holes
05/02/2008(El Valle (carles))N. I. 43-101 Technical Report on Kinbauri?s El Valle, Spain
Communiqués de Presse de Kinbauri Gold Corporation
18/08/2009Directors Unanimously Recommend that Shareholders ACCEPT Orv...
13/08/2009Board Issues No Recommendation on Orvana Offer
21/07/2009Shareholders Are Advised To Take No Action At This Time Rega...
30/06/2009Update on Court Hearing
26/06/2009Provides Update on Review of Strategic Alternatives
17/06/2009Provides Update on Court Application and Retains Financial A...
11/06/2009Provides Update on Glen Eagle Transaction
04/06/2009Update on Glen Eagle transaction
26/05/2009Advised To Take No Action At This Time Regarding Orvana’s Un...
22/05/2009Update on legal actions
21/05/2009Legal Actions Against the Company
13/05/2009Provides clarification on glen eagle investment
13/05/2009Sign definitive agreement with Glen Eagle
17/02/2009Grants Incentive Options
16/12/2008OPTIONS FIEDMONT Pt/Pd PROPERTY TO PACIFIC NORTH WEST CAPIT...
09/06/2008NETHERY APPOINTED TO KINBAURI?S BOARD
14/05/2008CLOSES ROYALTY AGREEMENT WITH ANGLO PACIFIC
23/04/2008ANNOUNCES $1 MILLION STRATEGIC INVESTMENT
02/04/2008ADOPTS SHAREHOLDER RIGHTS PLAN
11/03/2008NETHERY APPOINTED TO KINBAURI’S ADVISORY BOARD
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