Kinbauri Gold Corp.: El Valle Resources Increased by Additional 153,519 oz. Gold
23 January 2009 - 2:43AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB) (FRANKFURT:
3KG.DE) is pleased to announce that Ore Reserves Engineering
("ORE") has provided new resource estimates at El Valle in
northwestern Spain for three zones: (1) two zones, Area 208 and
East 107 had previously not been appraised in any previous
technical report and (2) one zone, the East Breccia zone ("EB"),
where new drill intercepts extended the zone, leading to an
increase in inferred resources for EB (previous reported inferred
gold resource for EB was 73,000 ounces) .
Total inferred resources in the three zones are 226,519 ounces
gold and 7.4M pounds copper (1.1Mt @ 6.6g/t Au/t and 0.31% Cu);
this is an increase of 153,519 ounces of gold over that previously
reported by ORE in its most recent N.I. 43-101 technical report and
recent amendment (see press releases of November 20th, 2008 and
January 19th, 2009).
The table below gives the detailed estimated inferred resources
(1) for East 107, Area 208 and East Breccia as of January 20th,
2008.
-----------------------------------------------------------------
Gold Copper
Grade Grade Gold Copper
Zone Tonnes (g Au/t) (% Cu) (ounces) (tonnes)
-----------------------------------------------------------------
East 107 93,944 5.64 0.12 17,024 111
Area 208 361,786 6.10 0.11 71,001 441
East Breccia 617,175 6.98 0.46 138,494 2,819
-----------------------------------------------------------------
Total East Zones 1,072,905 6.57 0.31 226,519 3,371
-----------------------------------------------------------------
(1): These resources are based on a cut-off of 3.5g Au Eq/t. Eq
Au equals ppm Au plus 1.66 times percent Cu.
(2): Resources were estimated using inverse distance power
methods within geologically defined three dimensional
wire-framed solids.
This update incorporates drilling by Rio Narcea Gold Mines S.L.
("RNGM") that was completed after RNGM's earlier resource
estimates. New models were employed that incorporate current
geological understanding of these zones; and newer, advanced
estimation methods were utilized to better define mineralization.
ORE is continuing to update resources for several smaller zones
that were outside of the Kinbauri drilling programs completed in
2007 and 2008.
Dr. Vern Rampton, President and CEO said "Updated modeling and
resource calculations continue to show that broadly spread
mineralization is present throughout the El Valle property and that
it has excellent potential for more gold and copper discoveries.
Increases of 54,270 ounces in the indicated category within the El
Valle Fault zone and 170,349 ounces of gold in the inferred
category in the El Valle Fault, East 107, Area 208 and East Breccia
zones are new resources not previously documented in ORE's November
2008 report. Clearly, El Valle has enormous potential for further
increases in its gold and copper resources. These will be verified
by Kinbauri in future drilling programs."
The estimated resources for El Valle/Carles resources as of
January 20th, 2009 are as follows:
- Measured and Indicated: 970,000 Ounces Gold and 114 million
pounds Copper (6.4Mt at 4.7g Au/t and 0.8% Cu)
- Inferred: 1,2667,344 Ounces Gold and 76.1 million pounds
Copper (7.5Mt @ 5.4g Au/t and 0.47% CU)
This press release has been prepared by Dr. V. N. Rampton, P.
Eng. in his capacity as a qualified person. Dr. Rampton previously
recorded a "Beyond the Press Release" webcast concerning new
resource delineation at El Valle and how these affect development
at the El Valle/Carles project on Kinbauri's Investor Relations
site at http://www.agoracom.com/IR/kinbauri on January 19th, 2009.
Dr. Rampton will be hosting Kinbauri's booth at the Vancouver
Cambridge Gold Show on January 25th and 26th.
About 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 2011. It currently has
48,852,695 common shares issued and outstanding.
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
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
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 Dr. C. F. Gleeson, P. Eng.
Vice-President Exploration 613-652-4594 c.gleeson@persona.ca Europe
INVESTEL Ruediger (Rudy) Hnyk, CEO Investor Relations &
Telecommunications ceo@investel.de
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