Kinbauri Files Revised Scoping Study; Increased Copper to Be Recovered Boosts Economics

Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) announced
today that it has filed a revised Preliminary Economic Assessment or Scoping
Study (the "Scoping Study") for it's 100% owned El Valle/Carl?s project (the
"Project") on Sedar. The Study was prepared by Scott Wilson Roscoe Postle
Associates ("SWRPA"). An increase in revenue, cash flow and Net Present Value
('NPV') above those previously reported by Kinbauri is mainly a result of
previously unrecognized copper to be recovered.


Under the Base Case Scenario, the results reveal a pre-tax NPV (10% discount
rate) of CAD $146M and an Internal Rate of Return ('IRR') of 44%. Using current
metal prices and exchange rates, the Project now has a pre-tax NPV (10% discount
rate) of CAD $232M and an IRR of 59%. The financial highlights are summarized
below:




Scoping Study(1) Financial Summary
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                                 Base Case Scenario   Current Metal Prices
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Undiscounted cash flow (pre-tax)   CAD  299,769,600        CAD 443,176,000
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NPV @ 10% (pre-tax)                CAD  146,121,600        CAD 231,891,200
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IRR (pre-tax)                                    44%                    59%
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Undiscounted cash flow (after tax) CAD  228,800,000        CAD 343,448,000
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NPV @ 10% (after tax)              CAD  102,484,800        CAD 171,068,800
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IRR (after tax)                                  35%                    48%
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Total gold production                    894,000 oz             894,000 oz
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Total copper production              89,825,000 lbs.        89,825,000 lbs.
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(1) All conversions to CDN dollar are based on an exchange rate of 1.6 CDN
    equals 1 euro
(2) Base case price $750 Au/oz, $2.50 Cu/lb, Exchange rate Euro to USD 1.4
(3) Current price $910 Au/oz, $1.50 Cu/lb, Exchange rate Euro to USD 1.3



Link to SEDAR:
(http://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00004130)


Detailed Cash Flow and Assumptions

The table below presents a complete list of assumptions and results comparing
the base case to current prices for a scenario which involves direct access from
the mill ("The Ramp Model") to the underground resources at El Valle. SWRPA had
assessed both the Ramp Model and a model that involved hoisting ore to the mill
vicinity through a shaft. The Ramp Model was clearly more economic and
management believes that modification of the mine plan using a ramp can help
reduce capital costs ("CAPEX') from those stated herein. Some of the cost
assumptions, in particular the mining costs estimated by SWRPA are based on
contractor quotes and are therefore considered to be of a higher level of cost
accuracy than a preliminary economic assessment and in some cases to be plus or
minus 15%, which is significantly more concise than standard scoping study
estimates. All figures are in Euros to reflect costs of production in Spain.




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Project Parameter                     Base Case             Current Prices
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Total Ore Tonnes Processed           6,331,000t                 6,331,000t
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Average Diluted Gold Grade             4.77 g/t                   4.77 g/t
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Average Diluted Copper Grade             0.785%                     0.785%
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Gold Recovery (total)                       92%                        92%
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Copper Recovery (total)                     82%                        82%
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Total Gold Production                894,000 oz                 894,000 oz
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Total Copper Production          89,825,000 lbs             89,825,000 lbs
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Gold Price               536 EUR/oz (750 USD/oz)    700 EUR/oz (910 USD/oz)
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Copper Price           1.79 EUR/lb (2.50 USD/lb)  1.15 EUR/lb (1.50 USD/lb)
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Exchange Rate: US to EUR                    1.4                        1.3
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Gold Revenue                    466,825,000 EUR            609,985,000 EUR
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Copper Revenue                  154,628,000 EUR             99,913,000 EUR
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Total Revenue                  621,453, 000 EUR            709,898,000 EUR
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Cash Operating Cost             303,125,000 EUR            303,125,000 EUR
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Pre-Production CAPEX             67,474,000 EUR             67,474,000 EUR
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Deferred CAPEX                  22,449, 000 EUR             22,449,000 EUR
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Total Project CAPEX              89,923,000 EUR             89,923,000 EUR
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Cash cost per Au oz
 without Cu credits            348 EUR (USD 487)          348 EUR (USD 452)
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Cash cost per Au oz
 with Cu credits                261EUR (USD 365)           299EUR (USD 389)
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Cash Flow (pre-tax)             187,356,000 EUR            276,985,000 EUR
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NPV at 10% (pre-tax)             91,326,000 EUR            144,932,000 EUR
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IRR (pre-tax)                                44%                        59%
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Cash Flow (post-tax)            143,000,000 EUR             214,655,000EUR
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NPV at 10% (post-tax)            64,053,000 EUR            106,918,000 EUR
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IRR (post-tax)                               35%                        48%
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Payback Period                        1.8 years                  1.4 years
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Cautionary Statement as Required by NI 43-101, Sect 2.3 (3): This assessment is
preliminary in nature; it includes inferred mineral resources that are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the preliminary assessment will be realized.


Total mineral resources for the Project were estimated as of March 12th, 2009 by
SWRPA to be :


- Measured: 2.36Mt at 3.6g Au/t and 0.85% Cu

- Indicated: 4.00Mt at 5.4g Au/t and 0.80% Cu

- Inferred: 7.26Mt at 5.4g Au/t and 0.45% Cu.

This press release has been prepared by Dr. V. N. Rampton, P. Eng in his
capacity as a qualified person under the guidelines of NI 43-101; it has also
been reviewed and approved for release by SWRPA.


About Kinbauri:

Kinbauri is a TSXV - Tier 1 Mineral Exploration Company focused on the
development of precious metal prospects in Spain, Nevada and Canada. Its
immediate focus is to begin operations at its El Valle/Carles property in
Asturias, northwestern Spain by 2011. Immediately prior to this placement it had
52,103,051 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