OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) is pleased
to report that it has filed a N.I. 43-101 compliant "Technical
Report for the El Valle, Carles, La Brueva and Godï¿1/2n Gold
Deposits, Rio Narcea Gold Belt, Asturias, Spain". This report,
dated January 17th, 2008 (the "technical report") was authored by
Alan C. Noble, P.E. of Ore Reserves Engineering, Lakewood,
Colorado. It documents increased resources for two zones, Area 107
and Black Skarn North, that are accessible from the present
workings and that will form the initial source of feed for the El
Valle mill. These resources were first reported in Kinbauri's press
release of November 28th, 2007 and were delineated, in part, from a
6,273m drill program completed during 2007 by Kinbauri.
Increased Resources: Area 107 and Black Skarn North
The technical report states that "Resources for Area 107 have
been increased from inferred resources of 913,000 tonnes with an
average grade of 11.7 g Au/t to 518,000 tonnes of indicated
resource with average grades of 9.2 g Au/t and 0.89% Cu, plus
1,214,000 tonnes of inferred resource with grades of 10.5 g Au/t
and 0.63% Cu. Black Skarn North resources have been increased from
inferred resources of 445,000 tonnes with grades of 5.3 g Au/t and
0.8% Cu to 1,194,000 tonnes of indicated resource with grades of
3.74 g Au/t and 0.75% Cu plus 1,698000 tonnes of inferred resources
with grades of 3.92 g Au/t and 0.50% Cu. Total resources for the
Area 107 and Black Skarn North are currently (as of December 2007)
estimated at 1,713,000 tonnes of indicated resources with average
grades of 5.4 g/t Au and 0.79% Cu, plus 2,912,000 tonnes of
inferred resources with grades of 6.68 g/t Au and 0.55% Cu." This
equates to an estimated 297,000 ounces of gold and 29,700,000
pounds copper indicated plus 625,000 ounces of gold and 35,500,000
pounds copper inferred for Area 107 and BSN. The increase in
indicated resources vis-a-vis inferred resources between the
technical report and the November 28th, 2007 press release is a
result of a final comprehensive review of data and modelling
completed during final preparation of the report.
Resources for Rio Narcea Gold Belt.
Delineated resources for the Rio Narcea Gold Belt as at
November, 2007 were:
- Total Measured + Indicated: 725,200 oz Au and 87,100,000 lbs.
Cu (4,159,000 tonnes resource 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.
Total resources are slightly lower than originally reported in
November, 2007 as resources from the El Valle Fault zone, which are
now amalgamated into Area 107, were inadvertently included in the
total resource calculation in November. However, a portion of the
El Valle Fault zone remains that could be included in a resource
estimate, subject to additional modeling.
Recommended 2008 Program: 30,500m Drilling and 470m Drifting -
Cost 9.8 Million Dollars.
The technical report recommended the following:
1. Underground drilling to further delineate resources in Area
107 and the Black Skarn North and to upgrade inferred resources to
measured and indicated resources; 23,000 meters drilling.
2. Exploration to extend Area 107 and Black Skarn North; 5,150
meters drilling.
3. Development work on access drifts to Area 107 and the Black
Skarn North, including a test drift into Area 107; 320 meters
drifting.
4. Rehabilitation of the El Valle decline to safely facilitate
drifting and drilling.
5. Exploration of targets outside Area 107 and Black Skarn North
by drilling: targets include the gold/molybdenum zone at La
Ortosa-Godan and gold zones at Area 208, East Breccia, and El Valle
Fault; 2,400 meters drilling.
6. Underground exploration at Carles to extend the zones down
dip.
7. Creation of new resource models for those areas at El Valle
that are currently being estimated by the extensions of open pit
resource models, such as the East Breccia, El Valle Fault, West El
Valle Skarn, High Angle 1, and High Angle 2 zones.
8. Feasibility studies to determine the best mining method for
each zone and to establish a portion of the resources as reserves;
as part of the feasibility studies, Kinbauri should review the
Monica Zone resource with regards to potential reserves in that
area; data should continually be gathered to support these studies
and conceptual mine design should be ongoing process.
Kinbauri is presently pursuing items 1 (in-fill drilling to
upgrade resources; 4 drills are presently working underground; an
additional 2 drills stated to begin work in the next 2 months to
complete this by July, 2008), 3 (drifting and test mining); 4
(decline rehabilitation); 7 (resource modeling); and 8 (feasibility
study). Kinbauri is targeting the addition of one million ounces of
gold in inferred resources with completion of item 2 (underground
exploration of Area 107 and Black Skarn North); 3 (access drifts
for exploration drilling) and 5 (surface exploration drilling)
during the last half of 2008.
The drill programs are being supervised by Mr. Santiago
Gonzalez-Nistral, 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 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 February 1st, 2008 on the Company's Investor
Relations Site at http://www.agoracom.com/ir/kinbauri, where these
developments were discussed.
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 43,372,320 common shares issued and outstanding;
67,056,236, fully diluted.
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
Contacts: Kinbauri Gold Corp. Darrell Munro, BB.A, LL.B Manager
Corporate Communications 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 Kinbauri Gold
Corp. Dr. C. F. Gleeson, P. Eng., Vice-President Exploration
613-652-4594 c.gleeson@persona.ca
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