Kinbauri Gold Corp.
TSX VENTURE : KNB

Kinbauri Gold Corp.

April 12, 2007 11:27 ET

Kinbauri Gold Corp.: Refiling of Interim Financial Statements

OTTAWA, ONTARIO, CANADA--(CCNMatthews - April 12, 2007) - Not for distribution to U.S. news wire services, or dissemination in the United States.

Kinbauri Gold Corp. (TSX VENTURE:KNB) announces that in conjunction with regulatory requirements in obtaining approval and financing for the acquisition of the properties in northern Spain, it has filed a restatement of its financial statements for the quarter ended August 31, 2006. The restatement relates to an income tax recovery of $108,004 that was claimed and subsequently assessed and reimbursed. Despite management's belief that the probability of a reassessment is minimal, Kinbauri has chosen to restate the amount in the respective quarter. The reimbursement will remain on the balance sheet as a liability until the reassessment period has expired.

The restatement shows an increase in the net loss of $108,004 ($0.011 per share) for the quarter ended August 31, 2006 and a decrease in working capital by the same amount. These restatements are not deemed significant to Kinbauri's operations by management, nor does it affect the acquisition and related financing.

Kinbauri is a mineral exploration company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada.

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.

THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE.

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