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Kinbauri Gold Corp

Thursday, August 23rd, 2007

Kinbauri Gold Corp. is pleased to announce the second set of assay results from its on-going 7,000 m drill program at the El Valle project in northwestern Spain. Kinbauri is on track to meet its objective of defining sufficient resources to support six years of production, given reasonable conversion to reserves. Area 107 and Black Skarn North are being targeted for their continuity of gold and copper mineralization and proximity to the existing mining and milling infrastructure. Results from the second five holes are summarized in the table below.
HOLE(1), From(m), To(m), Interval(2)(m), Au(g/t), Ag(g/t), Cu(%), Zone(3)Section
07KV1016 174.85 220.90 46.05 2.39 20.0 0.89 NBS & A107
including 196.55 204.65 8.10 5.68 56.5 2.24 1
including 208.60 213.70 5.10 6.38 17.4 1.24
07KV1014 106.25 110.30 4.05 7.97 2.3 0.18 A107W
Including 106.25 108.30 2.05 9.40 13.0 0.32 2
07KV1014 117.35 119.15 1.80 2.07 4.0 0.19
07KV1012 147.50 149.00 1.50 0.46 29.0 0.76 A107 W/ 2
07KV1013 No Significant Results A107/12
07KV1011 64.80 67.25 2.45 7.10 47.1 1.29 NBS Upper
07KV1011 242.40 243.80 1.40 1.49 8.0 0.54 NBS Lower
07KV1011 253.85 257.25 3.40 1.36 4.2 0.32 12
07KV1011 261.30 264.65 3.35 4.50 8.0 0.21
07KV1009R 68.80 71.50 2.70 4.89 6.1 0.32 NBS & A107
07KV1009R 84.90 96.40 11.50 2.39 5.2 0.72 11
Including 84.90 91.50 6.60 2.96 6.7 0.92
07KV1009R 105.65 139.50 33.85 8.04 35.9 2.07
including 1 109.30 110.95 1.65 47.00 110.0 0.77
including 2 130.50 139.50 9.00 9.44 48.6 5.06
07KV1009R 178.20 183.50 5.30 2.69 11.2 1.08
including 178.20 180.40 2.20 5.52 20.3 1.91
(1) See Schedule A for relative location: (2) True thicknesses are estimated to be 80% and 95% of interval for 1007KV1016 through 1007KV1014 and approximately 50% of interval for 1007KV1009R and 1007KV1016: (3) A107 –Area 107; NBS – Black Skarn North.
Assays received to date from 07KV1009, 07KV1009R and 07KV1016 suggest that epithermal mineralization composing Area 107 has been superimposed on the Black Skarn, resulting in gold and copper enrichment of the skarn. Similarly, VAL 1038, which is on the same section as 07KV1014 (see Schedule A), includes a high grade interval of 17.4g Au/t and 2.46% Cu over 9.7m within skarn grading 8.09g Au/t and 1.67% Cu over 36.1m. Mineralized zones within 07KV1009R have separation of 25m from those in 07KV1009, confirming continuity of gold grades related to skarn and epithermal mineralization. Multiple enriched zones within the skarn may be due to splaying of Area 107 or to separate epithermally enriched structures.
These results also indicate that Area 107 mineralization extends westward beyond the previous known extent of Area 107. West of 07KV1016, Area 107 is expected to be off-set by a structure hosting the Charnela Zone (Indicated Resources of 45,000 ounces Au (82,000t at 17.0g Au/t) and Inferred Resources of 46,000 ounces Au (105,000t at 13.8g Au/t)); three holes previously drilled by Rio Narcea Gold Mines, S.L. (“RNGM”) west of this structure are projected to be an extension of Area 107:
DDH, Interval, Assays, Location
• VAL 1033 14.3m 11.0g Au/t and 0.90% Cu 30m west Section1/Area 107
• VAL 1032 5.0m 10.0g Au/t and 0.05% Cu 90m west Section 1/Area 107
• VAL 2049 7.9m 13.4g Au/t and 3.40% Cu 160m west Section 1/Area 107
Development in the next quarter will provide an appropriate drilling platform for further definition of (i) mineralization in the sector containing the westward projection of Area 107 (open to the west and at depth) and (ii) the true extent of the Black Skarn.

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