Kinbauri Gold Corp.: Funds Released From Escrow
23 October 2008 - 2:06AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) announces that Anglo Pacific Group PLC ("APG") is now
releasing all escrowed funds pursuant to its royalty purchase, as
all required documents have now been registered against Kinbauri's
respective mining titles in Spain. In May of 2008, APG closed an
agreement with Kinbauri whereby it purchased a 2.5% net smelter
royalty on Kinbauri's El Valle/Carles project in Spain through the
issuance of a convertible debt instrument in the principal amount
of $7,500,000 CDN (for more details see press release of May 14th,
2008).
These funds in combination with VAT refunds and subsidies due to
Kinbauri's subsidiaries in Spain should allow Kinbauri (i) to
comfortably operate through to; and (ii) obtain financing required
for pre-production development before the end of February, 2009.
Kinbauri is examining a number of financing alternatives to
maximize shareholder value.
Kinbauri is currently carrying forward with a late 2008/early
2009 redefined exploration/development program, which concentrates
on geotechnical drilling, test mining, and other studies related to
completion of (i) a scoping study in early December, 2008 and (ii)
a feasibility study in early 2009. It is also continuing
exploration drilling that is focused on extending the high grade
San Martin Zone at El Valle, which is open to the southeast.
The N.I. 43-101 technical report (resource up-date),which is
being completed by Ore Resources Engineering and had been expected
to be received by mid-month, will not be available until the week
of October 27th due to more work than anticipated being required to
up-date the previous technical report.
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 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.
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 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 613-831-2730 (FAX)
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com Europe
INVESTEL Ruediger (Rudy) Hnyk, CEO Investor Relations &
Telecommunications ceo@investel.de
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