Kaminak Gold Corporation

Kaminak Gold Corporation

May 03, 2010 08:30 ET

Kaminak Begins Drilling Coffee Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that drilling has begun on the company's 100% owned Coffee Gold Project located in the White Gold District of the Yukon. This initial Phase I diamond drill program consists of 5,000 metres and is designed to test high-grade surface gold discoveries at the Supremo and Latte Gold Zones. To date, eight gold zones spanning an 11km strike length have been identified on the Coffee property with each zone demonstrating the potential for at least one ore body.

Presently, the drill rig is located at Supremo and testing directly below Trench #3 where high grade gold-in-rock assays have been reported, 11.7 g/t Au over 10m and 8.6 g/t Au over 15m. Once the first set of drill holes are completed at Supremo, the drill rig will then be mobilized to the Latte Gold Zone, which is located 1km south of the Supremo zone and situated on an entirely different structure. A fence of holes will be drilled along the Latte zone testing the 1km long by up to 100m wide gold-in-soil anomaly averaging 600 ppb Au (0.6 g/t Au). Assays from Supremo are expected by the end of May or sooner, and assays from Latte will follow.

The Phase I drill program is budgeted at $2.5 million, and if the assay results dictate, the company may elect to ramp up and add another drill. Presently, Kaminak has $9.6 million in working capital, including $7.3 million in cash. 

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P.Geo., Kaminak's President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. The Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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