Kinbauri Signs Definitive Agreement With Glen Eagle Enabling Accelerated Development at El Valle/Carles

Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) is pleased
to announce that it has signed a definitive subscription agreement with Glen
Eagle Resources Inc. ("Glen Eagle") (TSX VENTURE:GER) pursuant to the binding
letter of intent as  announced on April 17, 2009. Under the terms of the
subscription agreement, Glen Eagle will invest C$32M to acquire a 45% interest
in Kinbauri Espana S.L. ("Espana"), which holds a 100% interest in the El Valle/
Carles gold/copper project (the "Project") and other exploitation concessions
within the Rio Narcea Gold Belt in Northwestern Spain. The initial investment of
C$32M will be allocated as to EUR3,068,850 to purchase class B voting
participations of Espana and the balance will be advanced as a non-recourse
shareholder loan to be paid back in accordance with the shareholders' agreement
to be entered into by the parties. All disbursements of cash or kind will be
strictly according to participating interest whether by dividend or loan
repayment. The subscription agreement also grants Glen Eagle the right to
acquire a further 5% interest for an additional C$5M, to be allocated as to
EUR673,650 to purchase class B voting participations with the balance being
advanced as a loan on the same terms as the initial loan.  The subscription
agreement does not contain a break fee.  Due to the registration process in
Spain, the transaction is anticipated to close on or about May 29, 2009, and is
subject to all necessary regulatory approvals.  Kinbauri and Glen Eagle have
received conditional approval from the TSX Venture Exchange.  M Partners Inc. is
acting as financial advisor to Kinbauri.


In addition to the subscription agreement, Kinbauri, Espana and Glen Eagle will
enter into a shareholders' agreement on closing of the transaction.  Under the
terms of the shareholders' agreement, Espana will have a board of directors
consisting of five nominees, three to be appointed by Kinbauri and two to be
appointed by Glen Eagle.  In addition, a management committee of Espana
comprised of five nominees will be established to approve annual budgets with
respect to the Project, with three nominees appointed by Kinbauri and two
nominees appointed by Glen Eagle.  The shareholders' agreement also contains a
provision for the dilution of a non-participating shareholders' interest and
upon either parties' interest being diluted under 10%, it will be converted into
a 2.5% net smelter return royalty.  Distributions will be determined by the
directors of Espana, declared quarterly and paid to each shareholder strictly in
accordance to their participating interest.  Either party has the ability to
take their distribution in production from the Project.  In addition, either
party has the option to purchase production from the Project on standard
commercial terms.


Kinbauri will be the operator of the Project under the terms of an operator
agreement to be entered into on closing of the transaction.


Further to Kinbauri's press release of May 11, 2009, "Responds to Proposed
Hostile Takeover", the company wishes to add the following information.


- Since receipt of the Scott Wilson Roscoe Postle Associates Scoping Study (the
"Scoping Study") Kinbauri's engineers have been working diligently to improve
the mine plan and move production forward. The revised mine plan resulted in a
significant reduction in pre-production capex, quicker access to high grade
zones and moved production forward to the second quarter of 2010.


- Kinbauri has engaged an independent mining consultant to review and comment on
the viability of the up-dated mine plan and associated costs, cash flow
projections and production schedule.  This will be completed prior to May 22,
2009.


- Kinbauri's on-site management team is headed by Mr. Jean Bailly with over 35
years experience in mine management and development, project valuation, cost
control and employee relations.


- Kinbauri has retained key personnel from Rio Narcea Gold Mine S.L., all with
extensive experience at the Project.


- Mining will be by independent contractors with extensive underground and
production experience.


- The company has developed extremely good relationships with local and regional
governments.  The mine will employ approximately 200 people and will be welcome
in an area which has high unemployment.


- Under the new mine plan, further funding beyond that being provided by Glen
Eagle will be minimal.  Discussions with financial institutions indicate that
project financing at that stage could be obtained under favorable terms.


This press release has been prepared by Dr. V. N. Rampton, P. Eng., in his
capacity as a qualified person under the guidelines of N.I. 43-101.


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 2010. It has 53,243,051 common shares issued and
outstanding.


THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP.  THE TSX VENTURE EXCHANGE
DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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.


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