Monday, 4th April 2005 (2812 views)

Canadian miner Kinbauri Gold has obtained approval for an agreement with Rio Narcea Gold Mines to earn an interest in a Spanish gold mine.

The firm will hold a 65 per cent interest in the Corcoesto Property in north-west Spain through the deal.

Kinbauri will need to spend €4,000,000 over five years and €300,000 during the first year.

A drill programme is planned in late April, early May, that will look at expanding resources to 200 metres plus depth along high-grade zones.

In addition, some reconnaissance and in-fill drilling will be completed on other areas that are thought to contain gold.

Kinbauri is a junior exploration company, based in Ontario and has completed exploration focused on properties in New Brunswick, Ontario and Burkina Faso, West Africa.

 

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