Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

December 22, 2009 08:30 ET

Kaminak Closes Non-Brokered Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES

Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the closing of a non-brokered, private placement offering ("Offering") of 1,885,300 flow-through shares at a price of $0.75 per share, for total gross proceeds of $1,413,975 CDN. There were no warrants associated with the financing.

In connection with the private placement, a 6% finder's fee was paid in shares by Kaminak. All securities issued in the private placement will be subject to a hold period until April 22nd, 2010. The funds raised from the issuance of the flow-through shares shall be used for general exploration expenditures, which will constitute Canadian exploration expenditures (CEE) on Kaminak's flagship Yukon gold properties located in the Yukon White Gold District.

About Kaminak

Kaminak Gold Corporation is an opportunity focused, prospect generator whose technical strength and entrepreneurial drive is complemented by a proven, successful business model designed to create shareholder value. The company has an extensive portfolio of discovery-stage projects that offer world-class exploration potential and present exposure to strategic commodities with an emphasis on gold.

Kaminak's financial discipline has enabled the company to acquire a healthy treasury, remain debt-free and maintain a very low corporate burn-rate. Well positioned to take advantage of the current market, Kaminak is actively engaged in seeking out market-friendly opportunities that are value-driven with high-potential for discovery.

On behalf of the Board of Directors of Kaminak

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

Kaminak Gold Corporation

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com. Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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