Kinbauri hits more high grades in Spain

Drill results from Spain had Kinbauri Gold (KNB-V) making a good impression on the market on Tuesday.

Results are from its 23,000 metre underground in-fill drill program at its El Valle project in northwestern Spain.

Highlights intersects come from the Black Skarn North and Area 107 and include:

• Hole DDH 08KV1128 — 19.5 metres grading 13 grams gold, 123.7grams silver and 5.63% copper.
• Hole DDH 08KV1126 — 2.6 metres grading 116.1grams gold, 4.5 grams silver and 0.26% copper, and 1.5 metres grading 15.6 grams gold and 0.3 grams silver.
• Hole DDH 08KV1124 — 30.7 metres grading 2.7 grams gold, 19.1 grams silver and 0.63% copper.
• Hole DDH 08KV1122 — 5.5 metres grading 4.7 grams gold, 17.3 grams silver and 0.12% copper.

In Toronto on July 7 the Carp, Ontario-based company’s shares were up 5% or 4 to 82 on roughly 160,000 shares traded. Its shares have trade between 36 and $1.11 over the last 52 week period and it has roughly 49 million shares outstanding.

The company says high gold, silver and copper values in Hole 08KV1128 likely result from a Charnela structure intersecting the Black Skarn North area in combination with supergene enrichment.

Kinbauri says its drill program is over 85% complete and the company is aiming to start operations at El Valle in 2010.

The company acquired El Valle, with a mill, the Carles mine, and the La Brueva exploration property from the former Rio Narcea Gold Mines back in March of 2007. Combined the three assets had a measured and indicated resource of 477,000 oz of gold and 57.2 million lbs of copper as well as an inferred resource of 845,000 oz. of gold and 25.5 million lbs of copper at the time of purchase.