Kinbauri Secures $32M Funding for El Valle/Carles
April 17 2009 - 8:28AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) is pleased to announce that it has signed a binding Letter
of Intent with Glen Eagle Resources Inc. (TSX VENTURE: GER) whereby
Glen Eagle will invest C$32M in return for a 45% interest in
Kinbauri Espana S.L., which holds a 100% interest in the El Valle/
Carles gold/copper project and other exploitation concessions
within the Rio Narcea Gold Belt in Northwestern Spain. The
agreement also grants Glen Eagle the right to buy a further 5%
interest for an additional C$5M. Kinbauri will remain the operator
of the project. M Partners Inc. is acting as financial advisor to
Kinbauri.
The transaction is scheduled to close by May 15, 2009 and is
subject to the customary due diligence, execution of final
Shareholder and Operating Agreements, all necessary approvals of
regulatory, stock exchange and securities authorities and
commissions and compliance with requirements of applicable
securities laws.
Dr. Vern Rampton, Ph.D., President and CEO of Kinbauri said that
"This funding should position Kinbauri Espana to raise the
remaining funds to expedite re-start of production at El
Valle/Carles. Given the current state of the financial markets, we
are extremely pleased with this agreement. We are also pleased that
our new partner, Glen Eagle Resources and its CEO, Mr. Jean
Labrecque share our intention to aggressively move the project
forward to production."
Other Corporate Development
Following recommendations in the recently completed Scoping
Study (SEDAR filed Technical Report of March 9, 2009) for accessing
the El Valle Mine via a decline near the entrance to the El Valle
mill, Kinbauri's engineers have developed a plan that they believe
could significantly reduce pre-production capital expenditures and
shorten the time required to recommence operations at El Valle.
Kinbauri will have this new mine plan vetted in the upcoming
feasibility study which is scheduled to begin in May, 2009.
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 April 17th, 2009.
About Kinbauri:
Kinbauri is a TSXV - Tier 1 Mineral Exploration Company focused
on the development of precious metal prospects in Spain, Nevada and
Canada. Its immediate focus is to begin operations at its El
Valle/Carles property in Asturias, northwestern Spain by 2011. It
has 53,243,051 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.
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.
Contacts: North America: Kinbauri Gold Corp. Darrell Munro,
BB.A, LL.B Manager, Corporate Communications 613-836-0198
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@kinbauri-gold.com
www.kinbauri-gold.com Europe: INVESTEL Ruediger (Rudy) Hnyk, CEO
Investor Relations & Telecommunications ceo@investel.de
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