OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) is pleased
to announce that engineering and mine planning has been initiated
at El Valle in order that a feasibility study can be completed by
November of this year. Three firms have submitted proposals to
complete the feasibility study; a final choice will be announced
shortly.
Other Contractual Developments:
- McIntosh Engineering of North Bay, Ontario has been awarded a
contract for underground mine design and costing. McIntosh
Engineering has over 200 employees and is considered a world leader
in underground mine design and related technical services. It
provides services to mining companies in developing underground
mining operations, including: project analyses, scoping studies,
pre-feasibility and detailed feasibility studies, detailed
engineering planning, procurement assistance, construction
management and commissioning.
Golder and Associates ("Golder") of Toronto, Ontario has been
awarded a contract to complete rock mechanics and hydrology studies
required for proper mine planning and development. Golder
specializes in engineering and environmental services. It employs
over 6,000 people in offices located throughout the world. Golder
offers a comprehensive service for the management of groundwater
and surface water on mining projects. Mr. Cesare Castiglia, a
Golder geotechnical engineer, will be completing the rock mechanics
study. Dr. Martin Preene, a Golder specialist in mine hydrology (21
years of experience) will be completing the hydrology study.
- COREM Laboratories of Quebec City, Quebec is being engaged to
undertake metallurgical test work. COREM is a non-profit
organization supported by various mining companies and the
government of Quebec; its focus is the processing and
transformation of mineral substances. COREM laboratories have
state-of-the art equipment to carry out specialized or routine
analyses along with metallurgical studies. COREM is also an active
member of the ISO/TC/102 committees on chemical analyses and
pyro-metallurgical characterization. It is accredited by the
Standards Council of Canada (SCC) via the Standardization Office of
Quebec (BNQ) according to ISO standard 17025.
- RWJ Mining Consulting of Dubuisson, Quebec is conducting an
on-going review of the El Valle mill to determine maintenance,
metallurgical tests and up-grades required for optimal production
rates upon its restart. Mr. Roger Jolicoeur, RWJ's principal, has
participated in mill feasibility studies, operational costing,
audits, rehabilitations, replacements and commissioning, both as a
consultant and employee of various mining companies (Lyon Lake
Mines, Agnico-Eagle, BHP Billiton, Westdome Gold Mining, Abcourt
Mines, International Taurus Resources and Osisko Exploration
amongst others).
- Kinbauri has engaged Mr. Serge Nantel, an independent
professional mining engineer with over 34 years experience with
various mining companies (Soquem, Inmet Mining, Minnova, Noranda,
Asbestos Corporation) to supervise the above studies and integrate
them into the feasibility study. Mr. Nantel has supervised and
managed various engineering and construction tasks related to
underground and open pit operations. Notably, he was construction
manager and project coordinator with Inmet Mining, for the
construction of the Troilus project, a $200M mining complex .
Recent Developments at El Valle/Carles
On January 17th Kinbauri filed a N.I. 43-101 compliant technical
report. This report delineated Kinbauri's resources as of November
7th 2007 as:
- Total Measured + Indicated: 725,200 oz Au and 87,100,000 lbs.
Cu (4,159,000 tonnes at 5.4 g Au/t and approximately 0.97%
Cu(1)).
- Total Inferred: 1,042,000 oz Au and 50,000,000 lbs. Cu
(5,357,000t at 6.1g Au/t and approximately 0.56% Cu(2)).
(1) 0.97% Cu for 4,054,000 tonnes resource, copper resource and grade
is not estimated for 105,000 tonnes resource.
(2) 0.56% Cu for 4,074,000 tonnes resource, copper resource and grade
is not estimated for 1,283,000 tonnes resource.
(3) With the exception of 78,000oz. Au (898,000 tonnes @2.7g/Au/t),
all resources are located at El Valle and Carles.
During the course of its recent underground exploration works at
the El Valle mine, Kinbauri has completed 395 metres of drifting to
facilitate infill drilling required for the feasibility study and
further exploration drilling. The 23,000m infill drilling program
was started in late 2007 and over 5,000 metres have been drilled to
date (See press releases of December 13, 2007; January 29, 2008;
February 14 and 27, 2008; and March 28, 2008 for the positive
results achieved). The infill drilling will be completed no later
than August of this year. The exploration drilling, which is
targeted to add a further 300,000 plus ounces of gold within the
southward expansion of the Northwestern Area of the Black Skarn
(see press release of March 7, 2008) will be completed by year
end.
As indicated above, Kinbauri has initiated engineering and
mining studies in order that a feasibility study can be completed
by November, 2008. This will allow Kinbauri to pursue non-dilutive
financing to complete its pre-production development during 2009
and early 2010.
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 early 2010. It
currently has 43,608,320 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 Web-Site: www.kinbauri-gold.com
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 Europe
INVESTEL Ruediger (Rudy) Hnyk, CEO Investor Relations &
Telecommunications ceo@investel.de Kinbauri Gold's Hub at
www.agoracom.com/IR/kinbauri where investors can post questions and
receive answers or review questions and answers already posted by
other investors.
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