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Kinbauri Gold Corporation

Publié le 22 janvier 2009

EL VALLE RESOURCES INCREASED BY ADDITIONAL 153,519 OZ. GOLD

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Mots clés associés :   Canada | Copper |

 

PRESS RELEASE                             

Kinbauri Gold Corp.                                                                         

110 Westhunt Drive                                                                     

P.O. Box 158

Carp, Ontario K0A 1L0 CANADA                                 

 

Stock Symbol: TSXV.KNB       

Website: www.kinbauri-gold.com

 

FOR IMMEDIATE RELEASE 2009-02

 

EL VALLE RESOURCES INCREASED BY ADDITIONAL 153,519 OZ. GOLD

                                                                                                      

OTTAWA, ONTARIO, January 22nd, 2009:  Kinbauri Gold Corp. ("Kinbauri") (Toronto: TSXV.KNB; Frankfurt: 3KG.DE) is pleased to announce that Ore Reserves Engineering ("ORE") has provided new resource estimates at El Valle in northwestern Spain for three zones: (1) two zones, Area 208 and East 107 had previously not been appraised in any previous technical report and (2) one zone, the East Breccia zone ("EB"), where new drill intercepts extended the zone, leading to an increase in inferred resources for EB (previous reported inferred gold resource for EB was 73,000 ounces) .

 

Total inferred resources in the three zones are 226,519 ounces gold and 7.4M pounds copper (1.1Mt@6.6g/t Au/t and 0.31% Cu); this is an increase of 153,519 ounces of gold over that previously reported by ORE in its most recent N.I. 43-101 technical report and recent amendment (see press releases of November 20th, 2008 and January 19th, 2009).

 

The table below gives the detailed estimated inferred resources (1) for East 107, Area 208 and East Breccia as of January 20th, 2008.

 

Zone

Tonnes

Gold

Grade

(g Au/t)

Copper

Grade

(% Cu)

Gold

(ounces)

Copper

(tonnes)

 

East 107

93,944

5.64

0.12

17,024

111

 

Area 208

361,786

6.10

0.11

71,001

441

 

East Breccia

617,175

6.98

0.46

138,494

2,819

 

Total East Zones

1,072,905

6.57

0.31

226,519

3,371

 

(1): These resources are based on a cut-off of 3.5g Au Eq/t. Eq Au equals ppm Au plus 1.66 times percent Cu.

(2): Resources were estimated using inverse distance power methods within geologically defined three dimensional

      wire-framed solids.

 

This update incorporates drilling by Rio Narcea Gold Mines S.L. ("RNGM") that was completed after RNGM's earlier resource estimates. New models were employed that incorporate current geological understanding of these zones; and newer, advanced estimation methods were utilized to better define mineralization. ORE is continuing to update resources for several smaller zones that were outside of the Kinbauri drilling programs completed in 2007 and 2008.

 

Dr. Vern Rampton, President and CEO said "Updated modeling and resource calculations continue to show that broadly spread mineralization is present throughout the El Valle property and that it has excellent potential for more gold and copper discoveries. Increases of 54,270 ounces in the indicated category within the El Valle Fault zone and 170,349 ounces of gold in the inferred category in the El Valle Fault, East 107, Area 208 and East Breccia zones are new resources not previously documented in ORE's November 2008 report. Clearly, El Valle has enormous potential for further increases in its gold and copper resources. These will be verified by Kinbauri in future drilling programs."

 

The estimated resources for El Valle/Carl?s resources as of January 20th, 2009 are as follows:

  • Measured and Indicated: 970,000 Ounces Gold and 114 million pounds Copper

(6.4Mt at 4.7g Au/t and 0.8% Cu)

  • Inferred: 1,2667,344 Ounces Gold and 76.1 million pounds Copper (7.5Mt@5.4g Au/t and 0.47% CU)

 

This press release has been prepared by Dr. V. N. Rampton, P. Eng. in his capacity as a qualified person. Dr. Rampton previously recorded a "Beyond the Press Release" webcast concerning new resource delineation at El Valle and how these affect development at the El Valle/Carl?s project on Kinbauri's Investor Relations site at http://www.agoracom.com/IR/kinbauri on January 19th, 2009. Dr. Rampton will be hosting Kinbauri's booth at the Vancouver Cambridge Gold Show on January 25th and 26th.

 

About 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 2011.  It currently has 48,852,695 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.  

 

 

FOR FURTHER INFORMATION CONTACT:

North America

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

E-mail: dmunro@kinbauri-gold.com

Tel: (613) 836-0198

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

E-mail:  kinbauri@kinbauri-gold.com

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

Dr. C. F. Gleeson, P. Eng., Vice-President Exploration

E-mail c.gleeson@persona.ca

Tel: (613) 652-4594

  

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

<
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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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