Kinbauri Intersects High Grade Gold at El Valle
January 19 2009 - 6:00AM
Marketwired Canada
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB) (FRANKFURT:3KG.DE) announces
continued success with its underground drilling program at El Valle in
northwestern Spain. The primary objectives of this drill program are (1) to
convert up to 100,000 ounces of gold from the inferred category to the measured
and indicated categories, and (2) to provide concrete results in support of mine
planning and design as required in scoping and feasibility studies.
Drill Results
Highlights of the assay results include:
- 6.8g Au/t, 15g Ag/t and 0.5% Cu over 26.6m in 08KV1176, including 16.6g Au/t,
61g Ag/t and 1.4% Cu over 2.25m
- 8.9g Au/t, 6g Ag/t and 0.6% Cu over 25.85m in 08KV1175, including 85.3g Au/t,
8g Ag/t and 0.4% Cu over 1.05m
- 40.6g Au/t, 4g Ag/t and 0.1% Cu over 1.35m in 08KV1174
- 7.7g Au/t, 42g Ag/t and 1.7% Cu over 23.75m in 08KV1173, including 24.0g Au/t,
108g Ag/t and 4.2% Cu over 3.1m
- 22.8g Au/t and 2g Ag/t over 1.35m in 08KV1172
- 2.5g Au/t, 8g Ag/t and 0.2% Cu over 40.35m in 08KV1162, including 15.3g Au/t,
4g Ag/t and 0.1% Cu over 2.4m
Assays for the latest 12 holes are summarized as follows:
HOLE (DDH) From To Interval %(2) Au Ag Cu Zone
(1) (m) (m) (m) (g/t) (g/t) (%) /Section(3)
-------------------------------------------------------------------------
08KV1176 190.70 217.30 26.60 73 6.83 15.1 0.45 A107/9.75
Including1 197.25 199.50 2.25 - 16.60 61.2 1.38
Including2 214.60 217.30 2.70 - 13.64 16.5 0.33
-------------------------------------------------------------------------
08KV1175 244.30 270.15 25.85 81 8.90 6.2 0.58 A107/9.75
Including1 263.85 268.25 4.40 - 29.00 6.1 0.44
Including
1.1 267.20 268.25 1.05 - 85.27 8.0 0.36
-------------------------------------------------------------------------
08KV1174 249.55 255.60 6.05 92 3.83 37.3 3.90 A107/9.75
08KV1174 267.70 270.35 2.65 - 21.61 3.0 0.07
Including 269.00 270.35 1.35 - 40.55 4.0 0.12
-------------------------------------------------------------------------
08KV1173 165.30 189.05 23.75 94 7.71 41.5 1.73 A107/9.5
Including1 173.05 184.50 11.45 - 14.30 76.0 3.18
Including
1.1 179.80 182.90 3.10 - 23.95 108.0 4.19
Including2 188.05 189.05 1.00 - 11.71 65.0 3.18
-------------------------------------------------------------------------
08KV1172 121.40 123.40 2.00 99 5.13 2.0 0.03 A107/7
08KV1172 130.40 132.30 2.00 - 6.82 2.0 0.01
08KV1172 162.10 168.00 5.90 - 6.58 2.0 0.01
Including 162.10 163.45 1.35 - 22.82 2.0 0.02
-------------------------------------------------------------------------
08KV1171R 13.00 14.80 1.80 59 3.04 11.0 0.24 SM/17
08KV1171R 19.70 21.20 1.50 - 2.83 10.0 0.44
08KV1171R 24.50 35.00 10.50 - 1.95 22.3 2.48
08KV1171R 47.10 49.70 2.60 - 2.32 15.5 0.58
-------------------------------------------------------------------------
08KV1170 25.90 61.75 35.85 61 3.23 22.4 2.40 SM/16
Including1 27.15 32.60 5.45 - 8.14 77.1 10.06
Including2 57.30 58.80 1.50 - 13.39 29.0 2.45
-------------------------------------------------------------------------
08KV1169 148.30 149.90 1.60 64 2.82 9.00 0.23 BSN/15
-------------------------------------------------------------------------
08KV1168 14.40 15.40 1.00 55 13.04 42.0 2.64 BSN/15
08KV1168 131.30 161.50 30.20 - 1.16 14.9 1.98
Including 144.70 149.70 5.00 - 2.98 38.6 7.94
Including 158.70 161.50 2.80 - 4.64 58.0 3.66
-------------------------------------------------------------------------
08KV1167R 59.10 67.00 7.90 74 3.10 26.0 0.54 BSN/12.5
Including1 59.10 62.80 3.70 - 4.57 38.6 0.66
Including2 65.90 67.00 1.10 - 5.79 48.0 1.29
-------------------------------------------------------------------------
08KV1162 260.70 301.05 40.35 98 2.46 8.1 0.22 A107/10.5
Including1 260.70 272.20 11.50 - 4.88 21.2 0.48
Including2 269.10 271.50 2.40 - 15.27 4.0 0.08
08KV1162 289.90 299.90 9.30 - 3.47 3.6 0.17
-------------------------------------------------------------------------
GT1071 183.60 184.95 1.35 84 16.32 2.0 0.02 A107/4
GT1071 189.50 196.00 6.50 - 7.49 2.0 0.05
Including 192.55 194.00 1.45 - 11.07 2.0 0.06
-------------------------------------------------------------------------
(1) See Schedule A for Locations. (2) Percentage estimate of True
Thicknesses. (3) BSN - Black Skarn North, SM - San Martin,
A107 -Area 107;
Area 107 Resource Upgrades
Most of the infill holes, 08KV1172 through 08KV1176, will result in resources,
previously classified as being inferred for Area 107, now being classified as
measured and indicated. This applies to those holes intersecting epithermal
mineralization as well as for those where the epithermal mineralization
intersects skarn mineralization; the later resulting in high gold and copper
grades.
San Martin Extension
The San Martin zone has now been extended over 150m to the southeast (see
locations of 08KV1170 and 1171R on Schedule A available at the following
address: http://media3.marketwire.com/docs/A.pdf). If this zone is continuous
under, or into, the base of the Monica Zone, the viability of the project would
be strengthened with the addition of more resources in this area; this will be
determined through future drilling. See Schedule B for the locations of all
zones, available at the following address:
http://media3.marketwire.com/docs/B.pdf.
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.
Resource Increase: El Valle Fault Zone
Ore Reserves Engineering ("ORE") is continuing to up-date resource estimates for
several smaller zones that are outside of the Kinbauri drilling programs
completed during 2007 and 2008. The updated estimates will incorporate drilling
by Rio Narcea Gold Mines S.L. ("RNGM") that was completed after RNGM's earlier
resource estimates. The new models also incorporate the current geological
understanding of these zones; in addition, newer, advanced estimation methods
are used that better define mineralization. The updated resource estimate for
the El Valle Fault zone, which is contiguous with Area 107, is complete. The
updated estimate, effective January 15, 2008, has resulted in an increase of
54,270 ounces of gold and 343 tonnes of copper in the indicated category and
16,830 ounces of gold and 216 tonnes of copper in the inferred category from the
last N.I. 43-101 Resource up-date completed by ORE. Resource updates for the
East Breccia zone, and the High Angle 1 and 2 zones are in progress. A resource
estimate for the Area 208 zone, for which resources have not been estimated
previously (see Schedule B for locations), is also in progress. A significant
increase in resources is anticipated.
Current updated resource estimates for the El Valle Fault (based on a cut-off of
3.5g AuEq (ppm Au plus % Cu times 1.66)) are:
- Indicated: 54,270 oz gold and 755 thousand lbs copper (195,300t at 8.6g Au/t
and 0.2% Cu)
- Inferred: 117,830 oz gold and 2.7 million lbs copper (524,800t at 7.0g Au/t
and 0.2% Cu)
Other Corporate Developments
The strategic review being completed by Kinbauri in conjunction with M Partners
Inc. (see our press release of December 15th, 2008) continues to proceed
expeditiously. The scoping study being prepared by Scott Wilson Roscoe Postle
Associates has been delayed, but is expected to be received in February.
This press release has been 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 a "Beyond the Press Release" webcast concerning the assay results from
the 107 Area and San Martin zone and how these affect development at El
Valle/Carles project on Kinbauri's Investor Relations site at
http://www.agoracom.com/IR/kinbauri on or after 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.
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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