Kinbauri Drills 15.8m Grading 4.4g Au/t, 22.3g Ag/t and 0.41% Cu, Including 1.0m Grading 24.0g Au/t, 135g Ag/t and 1.81% Cu Anno
08 May 2008 - 3:07AM
Marketwired
OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) is pleased
to announce more results from its on-going 23,000m underground
drilling program at El Valle in northwestern Spain. Highlights of
the assay results from the 107 Area/Black Skarn North zones
include:
- 15.8m grading 4.42g Au/t, 22.3g Ag/t and 0.41% Cu in DDH08KV1093
including 2.6m grading 16.04g Au/t, 78.4g Ag/t and 1.06% Cu
- 21.5m grading 2.45g Au/t, 7.8g Ag/t and 0.26% Cu in DDH08KV1094
- 28.4m grading 2.25g Au/t, 10.6g Ag/t and 0.46% Cu in DDH08KV1098
including 1.35m grading 6.35g Au/t, 26.0g Ag/t and 1.66% Cu
- 17.95m grading 2.64g Au/t, 10.9g Ag/t and 0.60% Cu in DDH08KV1100
including 1.6m grading 7.04g Au/t, 28.0g Ag/t and 1.45% Cu
- 19.7m grading 2.29g Au/t, 13.7g Ag/t and 0.65% Cu in DDH08KV1101
including 1.6m grading 9.75g Au/t, 93.0g Ag/t and 5.06% Cu
The underground infill program continues to generate excellent
results for Area 107 and Black Skarn North ("BSN") and demonstrate
good continuous substantial thicknesses for BSN. Assays received
from the latest nine diamond drill holes are summarized as
follows:
HOLE (DDH) From To (m) Inter- %(2) Au (g/t) Ag (g/t) Cu (%) Zone/
(1) (m) val(m) Section(3)
08KV1083 95.75 99.75 4.00 49 4.55 3.0 0.04 107:BSN/sec 1
Including 97.75 99.75 2.00 " 7.89 4.0 0.04
--------------------------------------------------------------------------
08KV1093 32.65 48.20 15.55 89 2.19 18.1 1.00 BSN:107/sec 3
Including 34.30 36.00 1.70 " 5.37 40.0 2.51
08KV1093 50.30 66.10 15.80 " 4.42 22.3 0.41
Including 51.30 53.90 2.60 " 16.04 78.4 1.06
Including 51.30 52.30 1.00 " 23.97 135.0 1.81
Including 64.90 66.10 1.20 " 6.70 43.0 1.06
--------------------------------------------------------------------------
08KV1094 150.95 172.40 21.45 " 2.45 7.8 0.26 BSN/ 775
Including156.35 159.45 3.10 " 5.04 6.0 0.19
Including167.30 170.15 2.85 " 4.25 13.0 0.62
--------------------------------------------------------------------------
08KV1095 35.90 46.90 11.00 83 1.32 12.2 0.51 BSN/sec 3
Including 35.90 39.30 3.40 " 2.30 15.5 0.50
Including 43.90 45.00 1.10 " 1.56 26.0 1.29
--------------------------------------------------------------------------
08KV1097 205.20 205.70 0.50 82 2.17 2.0 0.17 107:BSN/sec
11.5
--------------------------------------------------------------------------
08KV1098 42.60 44.00 1.40 76 1.95 10.0 0.15 BSN:107/sec
2.5
08KV1098 49.60 77.95 28.35 " 2.25 10.6 0.46
Including 55.50 56.85 1.35 " 6.35 26.0 1.66
Including 74.95 77.95 3.00 " 6.02 14.0 0.37
08KV1098 81.10 85.75 4.65 " 2.06 2.0 0.04
08KV1098 100.10 103.10 3.00 " 1.29 14.0 0.44
08KV1098 115.75 124.1 8.35 " 1.65 9.4 0.25
Including116.95 118.35 1.40 " 3.08 18.0 0.45
--------------------------------------------------------------------------
08KV1100 42.45 60.40 17.95 93 2.64 10.9 0.60 BSN:107/sec
2.5
Including
1 44.05 45.65 1.60 " 7.04 28.0 1.45
Including
2 46.50 49.70 3.20 " 1.93 15.0 1.40
Including
3 54.95 56.55 1.60 " 5.36 9.0 0.17
08KV1100 62.55 69.90 7.35 " 2.13 2.3 0.18
Including
1 64.75 65.45 0.70 " 7.31 2.0 0.10
08KV1100 76.45 91.5 15.05 " 2.21 4.0 0.36
Including
1 78.15 81.55 3.40 " 3.18 6.0 0.71
Including
2 88.45 89.9 1.45 " 6.54 2.0 0.10
08KV1100 147.85 149.50 1.65 93 2.83 4.0 0.01
--------------------------------------------------------------------------
08KV1102 39.90 41.45 1.55 88 2.21 6.0 0.04 BSN:107/sec
2.5
08KV1102 50.00 69.70 19.70 " 2.29 13.7 0.65
Including 57.00 58.60 1.60 " 9.75 93.0 5.06
08KV1102 77.65 78.95 1.30 " 3.31 3.0 0.01
08KV1102 91.7 92.7 1.00 " 4.41 31.0 2.06
--------------------------------------------------------------------------
(1) See Schedules A and B for Location. (2) Percentage estimate of True
Thicknesses. (3) 107 is Area 107, 107W is Area 107 West and BSN is Black
Skarn North
Six of the diamond drill holes reported herein (DDHs 08KV1083,
1093, 1095, 1098, 1100 and 1102) are in-fill holes drilled on 25m
centres within the Central Area of BSN. As expected, results
confirm continuous substantial thicknesses that should allow BSN to
be economically exploited through bulk mining. DDH 08KV1093 marks
the inner edge of the BSN on section 3 (see Schedules).
DDH08KV1094 is on the most westerly section being drilled on BSN
during this in-fill program and confirms the probability that the
skarn mineralization continues for some distance to the south,
potentially adding substantial resources at El Valle.
In other corporate news, Kinbauri is pleased to announce that it
recently received a VAT (Value Added Tax) refund in the amount of
$1.6M from the Spanish Government and is currently awaiting
infusions of $750,000 from government subsidies; in addition
$360,000US is pending from the sale of gold residue recovered from
cleanup of the mill's gravity circuit. Kinbauri is now well
capitalized with the $1M from its recent private placement with
Anglo Pacific Group (press release of April 23, 2008) and the $7.5M
royalty payment (press release of March 10, 2008) that is expected
to close by next Monday. It can now complete its 23,000M infill
drilling program ahead of schedule and subsequently commence an
aggressive exploratory drill program at its El Valle and Carles
properties in search of additional resources. The pending
feasibility study, to be completed this year, will allow Kinbauri
the alternative of financing the remainder of its pre-production
development by non-dilutive alternatives.
The underground drill program at El Valle is being supervised by
Mr. Santiago Gonzalez-Nistal, 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 Assay and
Quality Assurance Programs are reported in press release of
February 27th, 2008. The current press release was prepared by Dr.
V. N. Rampton, P. Eng in his capacity as a qualified person.
Web-casts concerning assay results obtained from El Valle and
Carles and Kinbauri's mine development plans are available on
Kinbauri's official Investor Relations Site at
http://www.agoracom.com/IR/kinbauri.
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
47,125,689 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.
The Schedules A and B are available at the following address:
http://media3.marketwire.com/docs/ab.pdf
Contacts: North America Darrell Munro, BB.A, LL.B, Manager
Corporate Communications 613-836-0198 dmunro@kinbauri-gold.com Dr.
Vern Rampton, P. Eng., President 613-836-2594
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com Dr. Chris
Gleeson, P. Eng., Vice-President Exploration 613-652-4594
cgleeson@kinbauri-gold.com Europe INVESTEL Investor Relations &
Telecommunications Ruediger (Rudy) Hnyk, CEO ceo@investel.de
Investors can post questions and receive answers or review
questions and answers already posted by other investors Kinbauri
Gold's Hub at http://www.agoracom.com/IR/kinbauri Kinbauri
Web-Site: www.kinbauri-gold.com
Kinbauri Gold Corp Com Npv (TSXV:KNB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kinbauri Gold Corp Com Npv (TSXV:KNB)
Historical Stock Chart
From Jul 2023 to Jul 2024