OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) is pleased
to announce the latest results from its underground in-fill
drilling program on Area 107 at El Valle and its underground
exploratory program at Carles 15 kms to the north.
Highlights of the in-fill drilling program at Area 107
include:
- 17.25m grading 10.6g Au/t and 0.34% Cu in 07KV1033 including
7.4m grading 22.4g Au/t and 0.58% Cu.
Assays have been received from 4 in-fill drill holes and results
are summarized as follows:
Hole From (m) To (m) Interval Au (g/t) Ag (g/t) Cu (%) Zone/
(DDH)(1) (m)(2) Section(3)
--------------------------------------------------------------------------
07KV1032 153.00 154.90 1.90 2.67 less 0.05 107W/2
than 2
07KV1033 228.10 245.35 17.25 10.58 3.82 0.34 107/9.5
including 228.10 235.50 7.40 22.39 6.25 0.58 107W/9.5
07KV1034 No intercepts greater than 2g Au/t 107W/2.5
07KV1036 171.05 175.75 4.70 6.92 6.00 0.13 107W/4
--------------------------------------------------------------------------
(1) See Schedule A for locations, (2) True Thickness are estimated to be
87% for 07KV1032 and 087KV1036; 93% for 07KV1033 (3) 107 is Area 107 and
107W is Area 107 West
The high grade, wide intercepts encountered in DDH 07KV1033
exceed results received from adjacent holes in Area 107. The other
aforenoted drill holes are located at the northwestern up-dip edge
of Area 107 West and suggests that mineralization pinches out in
this direction (see Schedule A).
Results have also been received for three exploratory holes at
the Carles mine 15 km north of El Valle. These holes continue to
extend the down-dip limits of the Carles north zone (see Schedule
B). Results are summarized as follows:
Hole From (m) To (m) Interval Au Ag Cu Section
(DDH)(1) (m)(2) (g/t) (g/t) (%)
--------------------------------------------------------------------------
07KC1003 129.50 134.65 5.15 3.15 less less 1150
than 2 than 0.01
including 131.50 133.50 2.00 5.96 less less
than 2 than 0.01
07KC1003 145.90 153.40 7.50 3.00 2.7 0.14 1150
including 147.65 149.40 1.75 8.60 5.0 0.33
07KC1004 62.55 69.10 6.55 4.55 less less 1190
than 2 than 0.01
07KC1004 130.10 133.75 3.65 9.64 less less 1190
than 2 than 0.01
including 131.85 133.75 1.90 15.84 less less
than 2 than 0.01
07KC1005 77.20 98.80 21.60 3.62 10.7 0.77 1100
including 1 79.20 85.50 6.30 5.36 14.9 0.44
including 2 91.20 98.80 7.80 3.71 13.1 1.17
--------------------------------------------------------------------------
(1) See Schedule B for locations, (2) True Thickness are estimated to be
18% of intervals for 07KC103 and 26% of intervals for 07KC1004 and 07KC1005
DDH 07KC1005 is located approximately 25m from CN1041, which
intersected 3.8g Au/t and 0.9% Cu over 3.4m, and 25m from CN1052,
which intersected 6.4g Au/t and 0.8% Cu over 11m. DDH 07KC1003 and
07KC1004 lie on the western and down-dip margins of Carles
North.
Kinbauri has commenced a 23,000m underground in-fill drill
program to convert existing resources into reserves for Area 107
and the Black Skarn zone in order to complete a scoping study by
May, 2008 and feasibility study by November, 2008. Prior to the end
of 2008 Kinbauri expects to complete an additional 7,500m of
underground and surface drilling in order to further expand gold
resources; a further one million ounces has been targeted.
The drill programs are 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 Quality Assurance
Program are reported in press release of July 19th, 2007. This
press release was prepared by Drs. C. F. Gleeson and V. N. Rampton,
P. Eng in their 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 developments will be discussed in detail. The recording
is expected to be available on or after January 30th, 2008.
About El Valle/Carles deposits and development
Kinbauri acquired the El Valle and Carles gold-copper deposits
and mine infrastructures in northwestern Spain in 2007 after they
were put on care and maintenance by Rio Narcea Gold Mines, Ltd
("RNGM") in December 2006 (over a period of eight years RNGM
exploited approximately 1 million ounces of Au and 47 million
pounds of Cu). The purchase included the mining rights to the El
Valle and Carles Au-Cu deposits as well as the La Brueva (Au) and
Godï¿1/2n-La Ortosa (Au, Mo) mining properties along the Rio Narcea
Gold Belt. A fully operational 2000 tpd mill, office, assay and
sample preparation facilities as well as a 4.7 million cu. metre
tailings disposal site and mining infrastructure were included in
the package.
Kinbauri is presently expanding and upgrading resources at El
Valle and Carles. Exploratory drilling completed during 2007
achieved Kinbauri's objective of delineating enough resources in
the two most accessible zones, Area 107 and Black Skarn North, to
support in excess of a six year mine life, notably Indicated
Resources - 250,000 oz Au and 27.6 million lbs. Cu (1,577,159t at
4.9g Au/t and 0.8% Cu) and Inferred Resources - 670,962oz Au and
37.4 million lbs. Cu (3,046,119t at 6.9g Au/t). See release of
November 28th, 2007 for more details. Kinbauri has increased total
resources at El Valle and Carles to 1,828,580 ounces of gold and
136.7 million pounds of copper, consisting of measured and
indicated - 727,618 oz Au (4,171,159t at 5.4g Au/t) plus 84.8
million lbs. Cu (3,930,159t at 1.0% Cu) and inferred - 1,100,962oz
Au (4,847,119t at 7.1g Au/t) plus 51.9 million lbs. Cu (4,208,119t
at 0.6% Cu).
Kinbauri is a TSX VENTURE - 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 early
2010. It currently has 43,372,320 common shares issued and
outstanding; 67,056,236, fully diluted.
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.
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.
Schedule A is available at the following address:
http://www.ccnmatthews.com/docs/KINB_Schedule_A.pdf
Schedule B is available at the following address:
http://www.ccnmatthews.com/docs/KINB_Schedule_B.pdf
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.
Contacts: Kinbauri Gold Corp. Darrell Munro, BB.A, LL.B Manager
Corporate Communications dmunro@kinbauri-gold.com Kinbauri Gold
Corp. Dr. Vern Rampton, P. Eng. President 613-836-2594 613-831-2730
(FAX) vrampton@kinbauri-gold.com Kinbauri Gold Corp. Dr. C. F.
Gleeson, P. Eng. Vice-President Exploration 613-652-4594
c.gleeson@persona.ca www.kinbauri-gold.com
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