PRESS
RELEASE
Kinbauri
Gold
Corp.
110
Westhunt Drive
P.O.
Box
158
Carp, Ontario K0A 1L0 CANADA
Stock
Symbol:
TSXV.KNB:
3KG.DE
Website: www.kinbauri-gold.com
FOR IMMEDIATE RELEASE 2008-09
ENGINEERING AND MINE
PLANNING UNDERWAY AT KINBAURI’S EL VALLE
PROJECT
OTTAWA, ONTARIO, March 13, 2008: Kinbauri Gold Corp. (“Kinbauri”) (Toronto: TSXV.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 yearend.
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.
FOR FURTHER INFORMATION
CONTACT:
North America
Darrell Munro, BB.A, LL.B, Manager Corporate
Communications
E-mail: dmunro@kinbauri-gold.com
Tel: (613) 836-0198
Dr. Vern Rampton, P. Eng., President vrampton@kinbauri-gold.com
E-mail: kinbauri@kinbauri-gold.com
Tel: (613) 836-2594 Fax: (613) 831 2730
Europe
Ruediger (Rudy) Hnyk,
CEO
INVESTEL
Investor Relations
&
Telecommunications
E-Mail: ceo@investel.de
OR 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