CORRECTION: Kinbauri Intersects 167g Au/t, 383g Ag/t and 5.75% Cu over 1.2m at El Valle
14 Février 2008 - 7:58PM
Marketwired
OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) is pleased
to announce the latest results from its on-going 23,000m
underground in-fill drilling program at El Valle in northwestern
Spain. Highlights of the in-fill drilling program for Black Skarn
North ("BSN") and Area 107 West ("107") are:
- 19.4m grading 12.9g Au/t, 36g Ag/t and 0.85% Cu in
08KV1044
including 1.2m grading 167g Au/t, 383g Ag/t and 5.75% Cu.
- 4.6m grading 7.6g Au/t and 1.34% Cu in hole 08KV1041.
Assays have been received from seven diamond drill holes at El
Valle and are summarized as follows:
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HOLE From To Interval Au Ag Cu Zone/
(DDH)(1) (m) (m) (m)(2) (g/t) (g/t) (%) Section(3)
---------------------------------------------------------------------
08KV1044 37.00 56.40 19.40 12.87 36.3 0.85 BSN/1.5
Including 37.00 46.10 9.10 25.13 68.5 1.68
Including 37.00 38.20 1.20 167.00 383.0 5.75
---------------------------------------------------------------------
08KV1042 81.40 92.00 10.60 2.66 10.6 0.85 BSN/1.0
Including 84.40 85.80 1.40 6.80 10.0 0.20
---------------------------------------------------------------------
08KV1041 52.65 57.80 5.15 2.85 2.7 0.50 BSN/1.0
08KV1041 64.65 78.95 14.30 3.34 5.5 1.84
Including 64.65 69.20 4.55 7.57 11.0 1.34
---------------------------------------------------------------------
08KV1040 151.95 153.65 1.70 2.43 2.0 0.02 107W/2.5
---------------------------------------------------------------------
08KV1039 157.15 165.30 8.15 2.47 23.0 2.29 107W/4
Including 158.60 161.90 3.30 0.30 37.0 4.20
08KV1039 171.15 180.80 9.65 0.52 17.8 1.13
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08KV1038R No significant Intercepts 107W/11
---------------------------------------------------------------------
08KV1037 less
47.70 49.60 1.90 2.27 than 2 0.29 BSN/1.0
08KV1037 less
83.00 84.80 1.80 3.40 than 2 0.04
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(1) See Schedule A for Location :
http://media3.marketwire.com/docs/2008-04%20SCHEDULE%20A.pdf
(2) True Thicknesses are estimated to be 100% for 08KV1040,
90% for 08KV1039 and 08KV1044, 80% for 08KV 1041 and 08KV1042
and 60% for 08KV1037
(3) 107W is Area 107 West and BNS is Black Skarn North
Drill holes 08KV1037, 08KV1041, 08KV1042 and 08KV1044 all
intersect the Central Black Skarn North zone and continue to define
the gold-copper mineralization in Black Skarn North where a total
resource of 358,000 ounces of gold and 38.3 million pounds of
copper (1.2Mt at 3.74g Au/t and 0.75% Cu Indicated and 1.7Mt of
3.90g Au/t and 0.50% Cu Inferred; N.I. 43-101 report announced in
press release of February 5th, 2008) have been outlined. The
bonanza gold grades encountered in 08KV1044 reflect the enrichment
that occurs where epithermal structures, such as 107 intersect
gold-copper bearing skarn. Mineralization containing the broad gold
zone found in 08KV1044 appears to be present on other yet
to-be-assayed drill holes intersecting BSN and awaiting assay;
continuation of these gold values could significantly increase the
total gold resource within BNS.
Drill holes 08KV1039 and 08KV1040, part of the in-fill program
for 107, lie along the northwest up-dip edge of Area 107 West and
reflect the pinching out of mineralization towards the northwest
up-dip edge of Area 107 West. 107 has a total outlined resource of
564,000 ounces of gold and 26.8 million lbs of copper (0.5Mt at
9.2g Au/t and 0.89% Cu Indicated and 1.2Mt at 10.5g Au/t and 0.63%
Cu Inferred; N.I. 43-101 report announced in press release of
February 5th, 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. Kinbauri has established an Analytical
Quality Assurance Program to control and assure the analytical
quality of assays. This program includes the systematic addition of
a blank sample, a pulp duplicate and a standard to each batch of 20
samples. The samples are obtained from HQ core sawed in half,
crushed, pulverized, homogenized and split in Kinbauri's on site
facility at El Valle. Samples are sent to the fully accredited
Fundacion ITMA laboratory in Llunera, Asturias, Spain for analyses.
In addition 5% of the samples are sent to ALS Chemex's laboratory
in Canada for check analyses. Gold assays are carried out on 30
gram splits using fire assay procedures with an atomic absorption
finish.
Other Corporate Developments
Kinbauri is pleased to announce that Mr. Ricky Adigue, B. Sc.
Mining Eng., will be joining Kinbauri's on-site development team.
Mr. Adigue is a professional mining engineer with 10 years
experience in mine planning, design and operation optimization.
Kinbauri is also in the process of hiring two additional engineers
to assist with mine design at El Valle and with supervision of the
up-coming feasibility study, planned for completion in November.
Proposals have been received regarding mine design, metallurgical
test work and feasibility studies; the final choice of contractors
is immently pending. Mr. Roger Jolicoeur of RWJ Consultants Miniers
is currently directing and monitoring on-going preventive mill
maintenance and is determining the cost of any required
modifications to the mill in order to optimize the mill's
operations and capacity upon re-start.
In addition, Kinbauri has reluctantly accepted the resignation
of Mr. Louis Dionne as a Director. Mr. Dionne resigned due to his
numerous other commitments. Mr. Dionne was a key member of the due
diligence team that reviewed the Rio Narcea Gold Belt properties,
including the mines at El Valle and Carles, and made
recommendations as to their potential development prior to
Kinbauri's purchase of these properties; his assistance and advice
to this end was sincerely appreciated. Discussions are near
fruition to bring a senior mine developer and a financier onto
Kinbauri's team.
This press release was prepared by Drs. C. F. Gleeson and V. N.
Rampton, P. Eng in their capacity as qualified persons. Dr. Rampton
will record a "Beyond The Press Release" on the Company's official
Investor Relations Site at http://www.agoracom.com/ir/kinbauri,
where these developments will be discussed in detail. The recording
is expected to be available on or after February 15th, 2008.
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 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.
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: Kinbauri Gold Corp. North America: Darrell Munro,
BB.A, LL.B Manager Corporate Communications 613-836-0198
613-831-2730 (FAX) 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 Dr. Chris
Gleeson, P. Eng. Vice-President Exploration 613-652-4594
613-652-1223 (FAX) c.gleeson@persona.ca INVESTEL Investor Relations
& Telecommunications Europe: Ruediger (Rudy) Hnyk CEO
ceo@investel.de www.kinbauri-gold.com
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