Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) is pleased to report that it has filed on Sedar a N.I.
43-101 compliant report entitled "Technical Report for the El
Valle, Carles, La Brueva and Godï¿1/2n Gold Deposits, November 2008
Update Rio Narcea Gold Belt, Asturias, Spain". This report, dated
November 14th, 2008 ("the technical report") was authored by Alan
C. Noble, P.E. of Ore Reserves Engineering, Lakewood, Colorado
("ORE").
Total Resources now stand at 916,000 ounces of gold measured and
indicated (6,170,000Mt grading 4.6gAu/t) and 1,097,000 ounces
(6,577,000Mt grading 5.2gAu/t) of gold inferred.
Noble states "The drilling program defined two new gold-copper
zones at El Valle (San Martin and A208 South) both of which are not
fully delineated. Work to date has indicated potential for further
discoveries as exploration drilling continues" (p. 94 of the
technical report). Resource details are summarized in the table
below:
---------------------------------------------------------------------------
Gold Copper Ounces Tonnes G Au
Resource Type and Category Tonnes G Au/t %Cu Gold Copper Eq/t
---------------------------------------------------------------------------
Total Measured Sulphides 2,360,000 3.6 0.85 272,000 20,000 5.0
---------------------------------------------------------------------------
Total Indicated Sulphides 2,874,000 3.8 0.85 348,000 25,000 5.2
---------------------------------------------------------------------------
Total Measured +
Indicated Sulphides 5,234,000 3.7 0.85 620,000 45,000 5.1
---------------------------------------------------------------------------
Total Indicated Oxides 936,000 9.8 0.70 296,000 6,500 11.0
---------------------------------------------------------------------------
Total Measured +
Indicated Oxides +
Sulphides 6,170,000 4.6 0.85 916,000 51,500 6.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total Inferred Sulphides 2,896,000 4.1 0.65 384,000 19,500 5.2
---------------------------------------------------------------------------
Total Inferred Oxides 3,681,000 6.0 0.65 713,000 14,000 7.1
---------------------------------------------------------------------------
Total Inferred Oxides +
Sulphides 6,577,000 5.2 0.65 1,097,000 33,500 6.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cutoff grades vary by deposit as follows: 1.5g/t EqAu for surface minable
material, 2.6g/t Eq Au for blasthole and room and pillar mining, and 3.5g/t
EqAu for blasthole retreat and cut and fill mining. EqAu equals Equivalent
Gold equals Au (ppm) + 1.66 (i) % Cu
---------------------------------------------------------------------------
The new estimate represents a 52 percent increase in gold and a
125 percent increase in copper, primarily in the measured and
indicated categories, over the N.I 43-101 resource estimate of the
project prior to Kinbauri's purchase of the property in March 2007.
The increase is a result primarily from 29,060m of underground
drilling at El Valle and 1,250m at Carles. For details of resources
and cut-offs for all zones see Schedule A, press release of
November 5th, 2008.
Success of 2008 Drilling Program: "Infill drilling in the Black
Skarn North (BSN) and Area 107 (A107) Zones has converted
significant quantities of inferred resources to measured and
indicated resources, while continued exploration has replaced the
inferred resource that was converted to measured and
indicated...
- Measured resources in the BSN and A107 Zones increased from
zero to 905,000 tonnes, which contain 113,000 ounces of gold and
7,000 tonnes of copper.
- Indicated resources in BSN and A107 Zones have increased by
over 40% to 2,201,000 tonnes containing 424,000 ounces of gold and
18,500 tonnes of copper.
- Total measured plus indicated resources in the BSN and A107
Zones are now 3.1 million tonnes, with an average grade of 5.4g
Au/t and 0.8% Cu that contain 537,000 ounces of gold and 25,500
tonnes of copper. Thus, the currently defined measured plus
indicated tonnage exceeds the Kinbauri goal; gold grade is
currently lower than the goal, but there are still significant
tonnages of inferred resource in A107 that can be upgraded to add
higher-grade material. In addition, immediate high-grade potential
is available in the Charnela South Zone.
- Conversion of resources from inferred to measured and
indicated in the BSN and A107 zones has been very efficient, and
inferred resources have decreased by only the amount of resource
that has been upgraded." (p. 7 and 8 of the technical report).
ORE's estimates for the most accessible zones at El Valle show
clear potential for a 10 year mine life at El Valle. Estimates for
A107, BSN, Charnela South and Monica, which are all easily
accessible from present mine workings, total:
- 787,000 ounces of gold and 98 million lbs. of copper (5.1Mt at
4.8g Au/t and 0.86% Cu (6.23g Au Eq/t)) measured and indicated.
- 485,000 ounces of gold and 36 million lbs. of copper (2.6Mt of
5.9g Au/t and 0.64% Cu (6.16 Au Eq/t)) inferred
For details of zone resources and cut-offs see Schedule A.
(http://media3.marketwire.com/docs/Schedules_A1.pdf)
Further Development: Kinbauri is currently updating the
geological models for the area and is confident that more drilling
and interpretive work will lead to further increases in resources.
ORE has recommended a program to Kinbauri. The details of the
program are available in Schedule B.
(http://media3.marketwire.com/docs/Schedules_B1.pdf) Kinbauri has
retained Scott Wilson Roscoe Postle Associates to complete a
scoping study prior to completing a full feasibility for the
re-start of mining operations. Results of the scoping study are
expected in mid to late-December.
Drill programs at the project were 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 Quality Assurance
Program are reported in the press release of July 19th, 2007. This
press release was prepared by Dr. V. N. Rampton, P. Eng in his
capacity as a qualified person. Dr. Rampton recorded a "Beyond The
Press Release" on November 6th, 2008 on the Company's Investor
Relations Site at http://www.agoracom.com/ir/kinbauri discussing of
the resource up-date. The November Resource up-date and the
technical report prepared by ORE is available for viewing on SEDAR
(www.sedar.com) and Kinbauri's web-site.
In other corporate news: At the Annual Meeting held in Toronto
on the 13th of November, the following directors were elected: Vern
Rampton, Christopher Gleeson, Marilyn Bloovol, Brian McEwen and
Bryan Nethery. In addition the shareholders ratified Kinbauri's
Stock Option Plan, the Shareholder's Rights Plan and approved the
appointment of Raymond Chabot Grant Thornton as its auditors.
Kinbauri is a TSX VENTURE - 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 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 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 Investor Relations & Telecommunications Ruediger
(Rudy) Hnyk CEO ceo@investel.de
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