Kinbauri Gold Corp.: Up-Date Increases El Valle/Carles Indicated Resources to 727,618 oz Au and 84,8 Million lbs Cu & Inferred R
29 November 2007 - 12:45AM
Marketwired
OTTAWA, ONTARIO ("Kinbauri") is pleased to announce that it has
received a 43-101 compliant resource up-date from Ore Reserves
Engineering of Lakewood, Colorado ("ORE") on Area 107 ("107") and
Black Skarn North ("BSN"), following completion of an underground
25-hole, 6,273m drill program in October at El Valle in
northwestern Spain. Resources for 107 and BSN now stand as
follows:
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Indicated
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Area Tonnes Gold (g/t) Copper (%) Ounces Tonnes Gold cut-off
Gold Copper (g/t)
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BSN 1,194,353 3.74 0.75 143,677 8,933 2.6
107 382,806 8.69 0.95 106,940 3,632 3.5
BSN + 107 1,577,159 4.94 0.80 250,618 12,565
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Inferred
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BSN 1,697,964 3.92 0.50 213,931 8,548 2.6
107 1,348,155 10.54 0.63 457,031 8,451 3.5
BSN + 107 3,046,119 6.85 0.56 670,962 16,999
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This 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. The up-date represents an increase of
250,618 ounces of gold and 12,565 tonnes of copper (1,577,159
tonnes at 5.0g Au/t and 0.8% Cu) indicated resources and 255,962
ounces of gold and 11,999 tonnes of copper (1,688,119t at 4.2g Au/t
and 2,601,119t at 0.5% Cu) inferred resources from the previous
N.I. 43-101 estimate prepared by ORE on March 21st, 2007. Full
documentation for the up-date will be filed on Sedar during the
next month. Most zones at El Valle and Carles, including Area 208,
East Breccia, El Valle Fault, Charnella South, Monica and High
Angle 1 and 2 are open. Zones 107 and BSN are open to the west and
at depth. Underground exploration drilling is planned for 107, BSN,
Area 208 and East Breccia in 2008 to expand resources in these
areas.
The total resources at El Valle and Carles, based on this
up-date of ORE's March 26, 2007 N.I. 43-101 resource report are
now:
- Measured and Indicated: 727,618 ounces gold (4,171,159 t at 5.4g Au/t)
plus
84.8 million pounds copper (3,920,159 t at 1.0%
Cu).
- Inferred: 1,100,962 ounces gold (4,847,119 t at 7.1g Au/t) plus
51.9 million pounds copper (4,208,119 t at 0.6% Cu).
Kinbauri's immediate objective is to complete a 23,000m
underground diamond drilling program that will convert existing
resources into reserves for the accessible 107 and BSN zones. This
will facilitate completion of a detailed engineering plan to enable
a timely re-start of the mill at El Valle. Bids have been received
to complete a scoping study no later than May, 2008 and feasibility
study no later than November, 2008.
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 30th, 2007.
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 upgrade resources to reserves at the El Valle property
in Asturias, Spain in order to start operations at the mine and
mill complex there. It currently has 43,538,320 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.
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
they can post questions and receive answers or review questions and
answers already posted by other investors.
Contacts: Kinbauri Gold Corp. Darrell Munro, BB.A, LL.B Manager
Corporate Communications 613-836-2594 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 Kinbauri
Web-Site: www.kinbauri-gold.com
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