Kinbauri Gold Corp. is a junior mining company based in Ottawa, Ontario, Canada. Kinbauri’s wholly-owned subsidiary, Kinbauri Espana S.L. acquired the El Valle Mill and auxiliary facilities, the El Valle and Carlés Mines and two other properties within the Rio Narcea Gold Belt in northwestern Spain, namely Godán and La Brueva on March 30th, 2007.
After extensive drilling by Kinbauri, total N.I. 43-101 (March 9, 2009) resources at El Valle/Carlès have been increased and upgraded to:
EL VALLE /CARLES RESOURCES |
Measured & Indicated |
970,000 Ounces Gold
114 million pounds Copper
(6.4Mt@4.7g Au/t and 0.81%CU) |
Inferred |
1,267,300 Ounces Gold
76.1 million pounds Copper
(7.5Mt@5.4g Au/t and 0.47% CU) |
Measured Indicated & Inferred |
2,237,000 Ounces Gold
190 million pounds Copper
(13.7Mt@5.1g Au/t and 0.63% CU) |
N. I. 43-101 January 20, 2009 ORE RESERVES ENGINEERING |
On April17, 2009 Kinbauri announced that it had signed a binding Letter of Intent with Glen Eagle Resources Inc. (TSXV:GER) whereby Glen Eagle will invest C$32M in return for a 45% interest in Kinbauri Espana. The agreement also grants Glen Eagle the right to buy a further 5% interest for an additional C$5M. Kinbauri will remain the operator of the project. The transaction is scheduled to close before the end of June 2009 with the deposit of C$32M into Kinbauri Espana.
On May 29, 2009 Kinbauri announced that Scott Wilson Mining. (“SWM”) had completed its review of Kinbauri’s revised mine plan for the El Valle/Carlés Project (the “Project”) which was based on the Scoping Study by SWM, filed on April 20th, 2009 (“the Scoping Study”). The revised mine plan as validated by SWM advances the date of first gold pour to 12 months from the start of development and significantly reduces pre-production capex. Details of the revised plan are set forth in the Spanish Projects section.
The Company’s immediate focus is to: (i) upgrade resources to reserves and complete mine development at El Valle in order to commence production of gold and copper at the mine and mill complex there by mid 2010. Upon restart, Kinbauri expects to reach full production at the rate of approximately 145,000 ounces of gold equivalent per year.
The Company owns 5 other mineral properties: Corcoesto, also in northwestern Spain (486,000 Oz. Au); Morrisette (Gold) in Ontario; Laniel (Diamonds) in Quebec and Aztec (Gold) in Nevada are open to be joint ventured; while Fiedmont (PGE) in Quebec has already been joint ventured. (see North American Properties for details on all)
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