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Kinbauri Gold Corp.: Kinbauri Announces Legal Actions Against the Company

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  Published in Stocks and Investing on Wednesday, May 20th 2009 at 16:04 GMT, Last Modified on 2009-11-02 12:08:42 by Market Wire
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OTTAWA, ONTARIO--(Marketwire - May 20, 2009) - Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) announces that Jaguar Financial Corporation has commenced an application in the Ontario Superior Court of Justice against Kinbauri, its wholly-owned subsidiary, Kinbauri Espana S.L. ("Espana"), the directors of Kinbauri, Glen Eagle Resources Inc. ("Glen Eagle") (TSX VENTURE:GER) and Paradise Peaks Holdings, on the basis that the business and affairs of Kinbauri have been conducted in a manner that is oppressive, unfairly prejudicial to and unfairly disregards the interests of the shareholders of Kinbauri.

In addition, Orvana Minerals Inc. (TSX:ORV) has applied to the Ontario Securities Commission for orders under the Securities Act (Ontario): cease trading Kinbauri's proposed sale of 45% of Espana to Glen Eagle; cease trading Kinbauri's proposed private placement of up to 6 million units of Kinbauri; and ordering Kinbauri to disclose publicly the text of its binding letter of intent and agreements with Glen Eagle.

Kinbauri is currently reviewing the applications and will respond as soon as possible.

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 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 ].

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.