Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) is pleased to announce that its in-fill drill program (145
holes) was completed on August 16th; a total of 22,275 m were
drilled. Final assay results from 11 holes are pending with receipt
expected in early September.
Resource at El Valle and Carles
Completion of the in-fill drill program will allow delivery of a
new N.I. 43-101 technical report (resource up-date) by mid-October.
In addition to the expected up-grades in resource classification
due to the drill hole spacing, it is anticipated that there will be
a significant increase in the resources for five of the twelve
zones at El Valle, notably Area 107 ("A107"), Black Skarn ("BSN"),
Monica, Charnela and San Martin. These five zones are expected to
be included in the early mine plan upon recommencement of
operations at El Valle. A January 16th, 2008 N.I. 43-101 compliant
technical report (the "Report") estimated that four of these zones
contained the following resources:
- Measured and indicated: 545,000 ounces gold and 71.5 million
pounds copper (3,220,000t at 5.26g Au/t and 3,138,000t at 1.04%
Cu).
- Inferred: 688,000 ounces gold and 39.8 million pounds copper
(3,143.000t at 6.81g Au/t and 3,038,000t at 0.6% Cu).
The Report also estimated resources for all the zones at El
Valle and Carles:
- Measured and Indicated: 725,200 ounces gold and 86.9 million
pounds copper (4,159,000 t at 5.4g Au/t and approximately 0.97%
Cu).
- Inferred: 964,000 ounces gold and 50.0 million pounds copper
(3,459,000 t at 8.67g Au/t and approximately 0.56% Cu).
New Discovery: San Martin Zone
A substantial increase in resources at El Valle is expected due
to the newly discovered San Martin Zone, the continuation of BSN to
the west and enhanced gold and copper grades where the Charnela
Zone intersects the BSN. The San Martin Zone, itself, is (i)
characterized by wide Au-Cu intercepts, (ii) defined for some 200 m
along strike and (iii) open to the east and south (See Schedule C).
It is considered to be Kinbauri's most significant new discovery to
date. Notable intercepts are as follows:
- 8g Au/t, 36g Ag/t and 2.1% Cu over 33.9m in 07KV1009R
- 10.5g Au/t, 63g Ag/t and 5.2% Cu over 17.1m in 08KV1108
- 7.2g Au/t, 18g Au/t and 1.0% Cu over 21.1m and
8.2g Au/t, 18g Ag/t and 1.2% Cu over 15.2m in 08KV1117
- 5.8g Au/t, 25g Ag/t and 2.0% Cu over 26.7m and
4.9g Au/t, 14g Ag/t and 0.6% Cu over 8.8m in 08KV1159
Recent Drill Results
Kinbauri is in receipt of results from a further 13 in-fill
diamond drill holes, mainly targeting BSN. Received assays are
summarized as follows:
Zone/
HOLE (DDH) From To Interval % Au Ag Cu Section
(1) (m) (m) (m) (2) (g/t) (g/t) (%) (3)
----------------------------------------------------------------------------
08KV1159 208.70 235.35 26.65 25 5.75 25.4 1.95 BSN/12.5
Including 225.00 235.35 9.45 " 10.19 42.5 2.92
08KV1159 250.50 260.30 8.80 " 4.92 13.6 0.63
Including 250.50 252.10 1.60 " 22.80 47.7 1.64
----------------------------------------------------------------------------
08KV1157 296.00 299.15 3.15 96 8.60 2.1 0.49 A107/10
Including 297.50 299.15 1.65 " 15.00 3.1 0.87
----------------------------------------------------------------------------
08KV1156 111.40 112.70 1.30 19 4.36 11.3 0.31 BSN/13
08KV1156 239.90 251.50 11.60 " 1.73 14.3 1.25
Including 247.80 251.50 3.70 " 2.70 27 1.97
----------------------------------------------------------------------------
08KV1154 77.60 79.80 2.20 28 2.55 6.6 0.30 BSN/13
08KV1154 107.40 110.55 3.15 " 2.33 11.1 0.24
Including 107.40 109.10 1.70 " 3.48 12.0 0.30
08KV1154 128.20 129.30 1.10 " 5.27 16.0 0.37
08KV1154 154.85 160.80 5.95 " 3.08 18.6 0.01
Including 1 154.85 156.35 1.50 " 4.92 37.3 0.01
Including 2 159.35 160.80 1.45 4.82 6.0 0.01
----------------------------------------------------------------------------
08KV1153 58.75 80.95 22.20 41 2.03 10.7 0.61 BSN/10
Including 1 60.05 62.75 2.70 " 3.09 24.1 1.21
Including 2 68.35 71.55 3.20 " 3.41 14.6 0.95
----------------------------------------------------------------------------
08KV1152 35.00 68.05 33.05 70 1.31 10.0 0.59 BSN/1175: 5
Including 1.1 35.00 40.65 5.65 " 2.06 19.3 1.08
Including 1.2 36.10 37.30 1.20 " 7.09 45.1 2.97
Including 2 47.30 51.90 4.60 " 1.81 11.7 0.88
Including 3 61.40 63.90 2.50 " 1.60 12.7 0.94
----------------------------------------------------------------------------
08KV1149 85.90 100.60 14.70 98 2.49 4.1 0.02 BSN /900
Including 1 90.00 93.15 3.15 " 5.05 2.3 0.04
Including 2 91.30 93.15 1.85 " 6.93 2.5 0.05
Including 3 96.90 98.80 1.90 4.15 18.7 0.02
----------------------------------------------------------------------------
08KV1143 35.60 44.75 9.15 95 1.50 9.2 0.37 BSN/1150: 4
Including 35.60 37.55 1.95 3.18 19.0 0.58
08KV1143 56.35 57.60 1.25 " 6.4 3.0 0.09
08KV1143 63.90 68.40 4.50 " 2.64 9.5 0.47
----------------------------------------------------------------------------
08KV1142 96.50 101.00 4.50 95 4.79 4.6 0.07 BSN/925
Including 99.50 101.00 1.50 " 11.45 6.7 0.04
----------------------------------------------------------------------------
08KV1141 65.65 73.90 8.25 85 2.94 10.6 0.75 BSN/1150: 4
Including 71.10 72.75 1.65 " 6.00 29.0 2.14
----------------------------------------------------------------------------
08KV1138 108.50 124.90 16.40 60 1.45 9.2 0.43 BSN/925
08KV1138 130.95 140.60 9.65 " 2.63 4.0 0.12
08KV1138 212.35 221.10 8.75 " 1.06 9.7 0.67
Including 212.35 214.00 1.65 " 2.08 15.4 1.06
08KV1138 255.95 262.30 6.35 " 2.14 18.6 0.74
Including 260.95 262.3 1.35 " 7.31 65.1 1.40
----------------------------------------------------------------------------
08KV1137 42.15 56.30 14.15 77 1.90 11.5 0.53 BSN/1125: 4.5
08KV1137 58.90 62.50 3.60 " 4.83 24.0 1.06
Including 60.7 62.5 1.8 " 5.24 21.0 1.33
----------------------------------------------------------------------------
08KV1134 192.90 194.50 1.60 95 5.80 2.0 0.01 A107/9
08KV1134 216.90 218.30 1.40 " 3.36 2.0 0.17
----------------------------------------------------------------------------
(1) See Schedules A, B and C for Location.
(2) Percentage estimate of True Thicknesses.
(3) BSN - Black Skarn North, A107.
The underground drill program at El Valle and Carles 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 a
press release of February 27th, 2008.
Future Drilling and Other Corporate
Exploration drilling will begin in September to trace continuity
of the San Martin Zone. A new exploration adit is planned
northwards from Boinas East to establish drill stations for this
exploration work. Numerous other zones are targeted for drilling at
El Valle and Carles before the end of 2008.
With modeling and coincidental new resource classifications
underway, Scott Wilson Roscoe Postle Associates have indicated they
can deliver a Scoping Study in the last quarter of 2008. Kinbauri
is presently funded through January 2009 to continue its
development and exploration programs. Upon final registration of
certain documents in Spain in September, some funds, presently
being held in escrow by Anglo Pacific Group, will be released.
This press release was prepared by Drs V. N. Rampton, P. Eng and
C. F. Gleeson, P. Eng. in their capacity as qualified persons. Dr.
Rampton will be recording "Beyond the Press Release" web-cast
concerning assay results and Kinbauri's near-term plans on its
official Investor Relations Site at
http://www.agoracom.com/IR/kinbauri on or after August 26th,
2008.
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 2010. It currently has
48,752,695 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.
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
Schedules are available at the following address:
http://media3.marketwire.com/docs/schedABC.pdf
Contacts: North America Darrell Munro, BB.A, LL.B Manager
Corporate Communications 613-836-0198 dmunro@kinbauri-gold.com Dr.
Vern Rampton, P. Eng. President 613-836-2594
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com Dr. Chris
Gleeson, P. Eng. Vice-President Exploration 613-652-4594
cgleeson@kinbauri-gold.com Europe INVESTEL Ruediger (Rudy) Hnyk,
CEO Investor Relations ceo@investel.de
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