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Kinbauri Gold Corp.: SCOPING STUDY REVISION BOOSTS ECONOMICS FOR EL VALLE/CARLES PROJECT

OTTAWA, ONTARIO, February 12, 2009: Kinbauri Gold Corp. (“Kinbauri”) (Toronto: TSXV.KNB; Frankfurt: 3KG.DE) announced today that it has been advised by Scott Wilson Roscoe Postle Associates (“SWRPA”) that there were material errors in certain numbers provided to Kinbauri and reported in its press release dated February 9, 2009. The numbers pertain to the Preliminary Economic Assessment or Scoping Study (the “Scoping Study”) for Kinbauri’s 100% owned El Valle/Carlés project (the “Project”) in northwestern Spain. The Base Case Scenario numbers are correct. However under the “Current Metals Prices” headings, certain input conversions resulted in a material understatement of Revenue, Cash Flow, Net Present Value and Internal Rate of Return (both pre-tax and after tax). SWRPA has also lowered the payback periods.

As previously reported under the Base Case Scenario, the results reveal a pre-tax NPV (net present value) at a 10% discount rate of CAD $132M and an IRR (internal rate of return) of 42%. However, under the revised numbers, using current metal prices and exchange rates, (as they were on February 9) the Project has a pre-tax NPV at a 10% discount rate of CAD $221M versus the previously reported CAD $178M. Similarly, under the corrected version, the IRR is 58% versus the previously reported IRR of 51%. The financial highlights are summarized below and the revised numbers are highlighted in bold:

Scoping Study(1) Financial Summary: http://www.irw-press.com/dokumente/KNB_Table1_120209.pdf

Detailed Cash Flow and Assumptions

The revised table below presents a complete list of assumptions and results comparing the base case to current prices (as of February 9) as well as pre and post tax scenarios. Cost assumptions are based on contractor quotes and the overall economics are estimated by SWRPA to be plus or minus 15%, which is significantly more concise than standard scoping study estimates. However this analysis does contain inferred resources as part of the assessment and therefore is classified as a Scoping Study. All figures are in Euros to reflect costs of production in Spain.

Please find the table under the following link: http://www.irw-press.com/dokumente/KNB_Table2_120209.pdf

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.

This press release has been prepared by Dr. V. N. Rampton, P. Eng and Mr. Brian McEwen, PGeol in their capacity as qualified persons under the guidelines of NI 43-101. The press release has also been reviewed and approved by SWRPA.

About Kinbauri:

Kinbauri is a TSXV – Tier 1 Mineral Exploration Company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain in order to start operations at the mine and existing mill complex there in 2011. It currently has 48,852,695 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.

FOR FURTHER INFORMATION CONTACT:

North America

Dr. Vern Rampton, P. Eng., President vrampton@kinbauri-gold.com
E-mail: kinbauri@kinbauri-gold.com
Tel: (613) 836 2594 Fax: (613) 831 2730

Mr. Brian McEwen, PGeol, Director
E-mail bmcewen@kinbauri-gold.com
Tel: (604) 551-6979

Darrell Munro, BB.A, LL.B, Manager, Corporate Communications
E-mail: dmunro@kinbauri-gold.com
Tel: (613) 836-0198

Europe

Ruediger (Rudy) Hnyk, CEO
INVESTEL
Investor Relations & Telecommunications
E-Mail: ceo@investel.de

OR 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



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