Kinbauri Options Fiedmont Pt/Pd Property to Pacific North West Capital
December 16 2008 - 11:01AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) has entered into an Option Agreement (the "Agreement") with
Pacific North West Capital Corp. (TSX.PFN) ("PFN") whereby PFN may
earn a 60% interest in Kinbauri's Fiedmont Property ("Fiedmont")
subject to a 2% NSR held by the original vendors; the vendor's NSR
is subject to a one percent, $900,000 buy-back. Under the terms of
the Agreement, PFN is required to pay Kinbauri an aggregate amount
of $98,000, issue 150,000 PFN freely tradable common shares to
Kinbauri, subject to regulatory hold periods, and expend $400,000
on exploration prior to November 30th, 2010 to earn its interest.
PFN's first year commitment is mandatory and is as follows: $38,000
cash payment and issue of 50,000 PFN shares to Kinbauri and expend
$150,000 on exploration prior to November 30th, 2009. Fiedmont is
located 30km north of Val d'Or and is road accessible. The
Agreement is subject to regulatory approval.
Fiedmont Platinum Group Element ("PGE") Property
Kinbauri is pleased to have PFN participate in the 84 claim
(3,458 ha) Fiedmont Property; 40 claims of which were staked in
2008. Kinbauri completed a 4 hole (240m) diamond drilling program
plus a heliborne magnetometer survey in 2006. The drill program,
which targeted 4 showings within a small area, identified 3
mineralized zones; some of the better intercepts were:
- 1192 ppb Pt+Pd and 1238ppm Ni over 8.6m
- 1120 ppb Pt+Pd and 1255ppm Ni over 2.5m
- 1483 ppb Pt+Pd and 781ppm Ni over 5.0m
The airborne survey indicated the presence of two large
mafic/ultramafic differentiated complexes. Recently, a 2km x 2km
grid was cut to cover most of the northern complex, including all
showings identified to date; a total of 1,842 humus samples were
collected for base and noble metal geochemical analysis. During
sample collection a large area of mafic breccia was noted. PFN
plans to initiate diamond drilling this winter, focusing on known
areas of PGE mineralization and targets defined by the soil (humus)
sampling program.
Dr. Vern Rampton, P. Eng., President and CEO of Kinbauri
commented "We are happy to see our Fiedmont property move forward,
especially with a partner of Pacific North West Capital's stature
and its in house expertise and experience. Joint venturing of our
North American prospects will allow us to concentrate on our
recently announced initiative related to the development of our
assets in Spain".
Other News: Aztec Gold Property in Nevada
In other news, Kinbauri has re-negotiated the lease agreement
with privately held Anchor Minerals ("Anchor") of Wichita, Kansas
for the Aztec Property ("Aztec") in Nevada. Expenditure commitments
were waived for 2008 and advance royalties were reduced to $12,500
US. Due to the uncertainty of being able to fund exploration in
2009, the Kyla Property lease was allowed to lapse. However, Anchor
has indicated preferential treatment for Kinbauri should it plan to
proceed in the future.
Aztec lies along the Round Mountain Goldfield Trend, where over
17M ounces gold and 175M ounces of silver have been produced. Data
collation, mapping, trenching and soil sampling has defined highly
prospective targets (the targets consist of both high grade feeder
and/or replacement gold zones) for drilling.
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.
About Pacific North West Capital:
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF
Frankfurt.P7J) is a mineral exploration company focused on platinum
group metals (PGMs) and base metals. Management's corporate
philosophy is to be a project generator, explorer and project
operator with the objective of option/joint venturing projects with
major mining companies through to production. To that end, Pacific
North West Capital's current option/joint ventures agreements are
with Anglo Platinum, Xstrata Nickel, Benton Resources, First Nickel
and SOQUEM. Pacific North West Capital Corp. has approximately $7.4
million in working capital and securities.
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
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: 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 613-831-2730 (FAX)
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com Europe
Ruediger (Rudy) Hnyk CEO INVESTEL Investor Relations &
Telecommunications ceo@investel.de
Kinbauri Gold Corp Com Npv (TSXV:KNB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kinbauri Gold Corp Com Npv (TSXV:KNB)
Historical Stock Chart
From Jul 2023 to Jul 2024