Kaminak Gold Corporation

Kaminak Gold Corporation

January 15, 2008 16:54 ET

Kaminak Commences Airborne Geophysical Surveys on Quebec Nickel Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Kaminak Gold Corporation (TSX VENTURE:KAM) has commenced high-definition airborne geophysical surveys over priority nickel-copper-platinum group element (PGE) targets in Quebec, Canada. Kaminak intends to survey a total of 4,050 line kilometres over five separate properties. This program is being funded solely by Kaminak's joint venture partner Breakwater Resources Ltd. (TSX:BWR).

Aeroquest International Limited will complete the surveys using their AeroTem II electromagnetic helicopter-borne system. This high-definition time-domain system is designed to identify conductive bodies, including nickel sulphide deposits to a depth of 250 metres in electrically resistive environments. All interesting anomalies will be followed-up by detailed ground geophysical surveys in the spring of 2008 in order to prioritize diamond drill targets.

Initial field work on the properties by Kaminak's technical team in 2007 identified mafic ultramafic rocks exhibiting magmatic sulphide segregation. A total of 12 grab samples were collected for geochemical analyses and the program's most significant assay result came from a surface outcrop sample that yielded anomalous values of nickel, copper, cobalt as well as PGE's and gold (Sample# CFP-605; 0.53% Ni, 2.84% Cu, 0.12% Co as well as 0.75 g/t Au, 0.35 g/t Pt and 0.55 g/t Pd). Additionally, nine of the eleven remaining grab samples each assayed greater than 0.1% Ni and greater than 0.1% Cu. Collectively, these are important indicators of process and suggest a favourable environment for the formation of nickel-copper-PGE deposits.

Kaminak - Breakwater Agreement

In the spring of 2007, Kaminak and Breakwater entered into a strategic alliance targeting primarily nickel-copper-PGE deposits over parts of southern Quebec. Kaminak's in-house technical team generated several priority targets which resulted in the staking of five separate properties which became subject to a joint venture agreement between Kaminak and Breakwater. As part of this joint venture agreement, Breakwater is funding the first $1 million of exploration costs in exchange for a 51% interest in the project. Breakwater can increase its interest to 60% by funding the next $2 million in exploration across all joint venture blocks (see Kaminak news release dated September 10th, 2007 for further details of the joint venture agreement).

ALS Chemex Analytical Technique

A total of 12 grab samples were collected and shipped to ALS Chemex for geochemical analyses. Rock samples are weighed, dried and finely crushed with a split of up to 250 g pulverized. The prepared sample is subjected to four acid digestion (0.4g is digested with nitric, perchloric, and hydrofluoric acids with hydrochloric acid subsequently added for further digestion. This solution is analyzed by inductively coupled plasma - atomic emission spectrometry. Results are corrected for spectral inter element interferences. QA/QC consists of the insertion of one method blank, two standards and one duplicate sample. Gold and PGE's were analysed by fire assay with an ICP-MS finish.

Kaminak's disclosure of a technical or scientific nature is prepared under the supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO. Craig Finnigan, Ph. D., P.Geo. is Kaminak's Chief Geologist and is the Qualified Person under the definition of National Instrument 43-101.

About Kaminak

Kaminak Gold Corporation is a prospect generator employing a joint venture strategy that maximizes opportunities for discovery while attempting to minimize exploration risk to Kaminak. A critical component of Kaminak's business model is working with strong project partners to advance Kaminak's exploration projects. Covering several million acres, Kaminak holds one of the largest land positions in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.

On behalf of the Board of Directors

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

Kaminak Gold Corporation

Certain disclosures in this release, including management's assessment of Kaminak's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kaminak Gold Corporation
    Rob Carpenter, Ph. D., P. Geo.
    President and CEO
    (604) 646-4534
    Website: www.kaminak.com