New Resource Estimate at Kinbauri's El Valle/Carles Gold/Copper Project in Spain Confirms Potential for Restarting Operations
05 Novembre 2008 - 2:13PM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) is pleased to announce that it has received a 43-101
compliant resource up-date from Ore Reserves Engineering of
Lakewood, Colorado ("ORE") on the El Valle/Carles Project (the
"Project") in northwestern Spain. Resources for the project now
total:
- Measured and Indicated: 916,000 ounces gold plus 113 million pounds
copper
(6.2Mt at 4.6g Au/t and 0.85% Cu; cut-off grades vary from 1.5 to 3.5g
Au Eq/t).
- Inferred: 1,097,000 ounces gold plus 74 million pounds copper
(6.6Mt at 5.2g Au/t and 0.55% Cu; cut-off grades vary from 1.5 to 3.5g
Au Eq/t).
Marked Increase in Resources: This up-date (see Schedule A for
zone details and cut-offs) shows an increase of 52 percent in
ounces of gold and 125 percent in pounds of copper over the N.I.
43-101 compliant estimate prepared by ORE on March 21st, 2007 just
prior to purchase of the Project. These increases result primarily
from 29,060 m of underground drilling at El Valle and 1,250 m at
Carles and consists of increases in the different resource
categories as follows:
- 439,000 ounces of gold and 56M pounds of copper measured and
indicated.
- 251,800 ounces of gold and 48M pounds of copper inferred.
Accessible Zones for Potential 10 Year Mine Life at El Valle:
Kinbauri's work-to-date has identified the following resources in
four zones (Area 107 ("A107"), Black Skarn North ("BSN"), Charnela
South ("CS") and Monica), all easily accessible from the present
mine workings (see Schedule B):
- 787,000 ounces of gold and 98 million lbs of copper (5.1Mt at
4.8g Au/t and 0.86% Cu:cut-off grades Monica and BSN - 2.6g Au
Eq/t; CS and A107 - 3.5 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: cut-off grades Monica and BSN - 2.6g Au
Eq/t; CS and A107 - 3.5 Au Eq/t) inferred.
Subject to their conversion to reserves at feasibility, these
resources could easily support a 10 year mine life at projected
annual rates of production.
Blue Sky: Kinbauri's drill programs have focused on defining
resources that will allow a timely recommencement of production at
El Valle. However, it has become apparent that significant
additional resources can be defined:
(1) In those zones not drilled to date (e.g. El Valle Fault,
East Breccia, West Skarn, High Angle 1 and 2 as well as repetitive
skarns at depth).
(2) In open zones (e.g. southwest extension of the Black Skarn
North, Area 107, San Martin Zone, etc).
Dr. Rampton, Kinbauri's President & CEO commented "We are
pleased that the resources identified to date, specifically those
measured and indicated, have matched our expectations and that we
can now continue with planning and implementing recommencement of
operations at El Valle and Carles. A Scoping Study is nearing
completion. What is exciting is that Kinbauri has taken a project
with a reported 1.3M ounces gold in 2007 and surpassed the 2M ounce
mark while maintaining considerable upside potential. We were able
to complete our work to date without exhausting our working
capital, which allows us some time in weighing various financial
alternatives to move forward."
The current resource up-date was prepared by Mr. A. C. Noble,
P.E. of ORE, a qualified person as defined by N.I. 43-101. Inverse
distance power was utilized for estimating resources within
geologically defined wire-frame solids. It is anticipated that ORE
will have the full technical report available for filing on Sedar
within the next two weeks.
This press release was prepared by Dr. V. N. Rampton, P. Eng in
his capacity as a qualified person. 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 November 6th, 2008.
Figures are available at the following addresses:
Figure 1: http://media3.marketwire.com/docs/knb-A.pdf
Figure 2: http://media3.marketwire.com/docs/knb-B.pdf
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 2010. It currently has
48,752,695 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.
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: 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 Corp Com Npv (TSXV:KNB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Kinbauri Gold Corp Com Npv (TSXV:KNB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024