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Kinbauri Gold Corp.: Kinbauri Gold Corp.: Update on Glen Eagle Transaction

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^{Published in Stocks and Investing on Thursday, June 4th 2009 at 6:46 GMT, Last Modified on 2009-06-04 06:47:10 by Market Wire}  

OTTAWA, ONTARIO--(Marketwire - June 4, 2009) - Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE:KNB)(FRANKFURT:3KG.DE) announces that it has been informed by Glen Eagle Resources Inc. ("Glen Eagle") (TSX VENTURE:GER) that due to the court application commenced in connection with its proposed transaction with Glen Eagle announced on May 12, 2009, the original funding arrangements made by Glen Eagle are no longer available. Glen Eagle and Paradise Peak Holdings have indicated that they remain committed to closing the transaction with Kinbauri and are in the process of making new financial arrangements. Glen Eagle has advised that it will provide confirmation of its new funding arrangements by the close of business today.

The special committee of independent directors (the "Special Committee") is evaluating the takeover bid commenced by Orvana Minerals Corp. and will make a recommendation to the board of directors. Kinbauri expects to mail its directors' circular containing its recommendation next week.

In the interim, the Company encourages shareholders not to take any action with respect to the offer.

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.

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 ]