Kinbauri Gold Provides Update on Court Hearing and Update on Review
of Strategic Alternatives>
Kinbauri Gold Provides Update on Court Hearing and Update on Review of Strategic Alternatives
(Thomson Reuters ONE) - OTTAWA--(Marketwire - June 30, 2009) - Kinbauri Gold Corp.("Kinbauri") (TSX-V: KNB)(FRANKFURT: 3KG.DE) advises that itsapplication to have Glen Eagle Resources Inc. ("Glen Eagle") claimssummarily dismissed was not approved so the matters will now proceedto arbitration. Kinbauri intends to assert a counter claim againstGlen Eagle for substantial damages in the arbitration as well asasking for a dismissal of all of Glen Eagle's claims. Kinbauriexpects the reasons of the Court on its application for summarydismissal to be released on Thursday July 2, 2009 and intends toprovide further information at that time.The Special Committee (the "Special Committee") of the Board ofDirectors of Kinbauri is continuing to conduct a value maximizationprocess that is designed to facilitate the proposal of superioralternatives from the unsolicited offer made by Orvana MineralsCorporation ("Orvana") from qualified third parties. A number ofparties have entered into confidentiality and standstill agreementswith Kinbauri and are conducting due diligence that includesreviewing materials in an electronic data room and site visits.On June 9, 2009, Kinbauri's Board of Directors unanimouslyrecommended that Kinbauri shareholders REJECT the unsolicited offerto purchase all of the outstanding Kinbauri shares made by Orvana forthe reasons as set out in the directors' circular of Kinbauri datedJune 9, 2009.Shareholders do not have to take any action on the Orvana offer andthe Kinbauri Board urges you to reject it.For assistance in withdrawing any shares already tendered, or otherquestions, please contact Laurel Hill Advisory Group, the InformationAgent retained by Kinbauri in connection with the Orvana Offer, tollfree at 1-888-812-9184 from anywhere in Canada or the United Statesand collect at 416-637-4661 from outside North America.About KinbauriKinbauri (TSX-V: KNB) is a mineral exploration company focused on thedevelopment of precious metal prospects in Spain, Nevada and Canada.Its immediate focus is to begin operations at its El Valle/Carlesproperty in Asturias, northwestern Spain in 2010. It currently has59,348,051 common shares issued and outstanding. For more informationvisit www.kinbaurimaximized.com or www.kinbauri-gold.com.THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSXVENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY ORACCURACY OF THIS RELEASE.This press release contains certain forward-looking statements, whichare based on the opinions and estimates of management at the date thestatements are made, and are subject to a variety of risks anduncertainties and other factors that could cause actual events orresults to differ materially from those projected. Kinbauriundertakes no obligation to update forward-looking statements ifcircumstances or management's estimates or opinions should change.The reader is cautioned not to place undue reliance onforward-looking statements.Contacts:Kinbauri Gold Corp.Mr. Brian McEwenDirector, Special Committee member613-836-2594613-831-2730 (FAX)bmcewen(at)kinbauri-gold.comEurope:INVESTELRuediger (Rudy) Hnyk, CEOInvestor Relations & Telecommunicationsceo(at)investel.deThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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