Kaminak Gold Corporation

Kaminak Gold Corporation

June 08, 2009 16:13 ET

Kaminak Expands Yukon Gold Work Program to Accommodate Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) is pleased to announce it has increased its summer work program on the Coffee and Kirkman properties, located in the newly recognized "White" gold district in the west-central Yukon. An initial Phase One trenching program is now budgeted at $500,000 and is expected to commence in early July. The Phase One program will target high-priority gold geochemical anomalies that are analogous to Underworld Resources Inc.'s newly discovered White Project where a new mineralized gold system was revealed (see Underworld news release dated May 25th, 2009). Contingent upon trenching results, Kaminak has funding in place to complete a Phase Two diamond drill program this season.

"Given the recent developments in the White District, we feel it is important and advantageous to step-up our efforts as quickly as possible," stated Rob Carpenter, President and CEO of Kaminak. "We will aggressively evaluate our priority targets in 2009."

The primary target on all three properties is a near surface, bulk tonnage gold deposit analogous to Underworld Resources Inc.'s White Project, which is located only 8 km from Kaminak's Kirkman property and 27 km from Kaminak's Coffee and Cream properties. Prospecting and geochemical sampling work to date on Kaminak's new properties have identified a coincident soil anomaly consisting of elevated gold (Au), arsenic (As) and antimony (Sb) similar to that observed on Underworld's White property where subsequent trenching and drilling led to the discovery of bedrock mineralization by Underworld. On Kaminak's Coffee property, over 1,250 soil samples have been collected and results have outlined a core anomaly measuring 1.5 km by 2 km which is characterized by a strong geochemical signature defined by Au (highest threshold from 80 to 839 ppb), As (100 to 1,758 ppm) and Sb (8 to 117 ppm). Two smaller grids were also established along the regional strike situated 2.5 kilometres east and 4.5 kilometres west of the core grid. Both grids outlined anomalous gold values with the highest threshold values on the western grid ranging from 50 to 643 ppb Au, and values on the eastern grid ranging from 50 to 148 ppb Au. The three separate grids are demonstrating anomalous gold values over a linear length of 10 km. These results indicate that the size and intensity of the new Coffee soil anomaly is the largest new gold-in-soil anomaly in the White gold district. Compelling soil geochemical anomalies also occur on the Cream and Kirkman properties. Maps and images from these new Kaminak properties are now available on the Company's website at www.kaminak.com.

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 soil geochemical data was provided by Mr. Ryan and although it was not verified by Kaminak, it is thought to be reliable. The geochemical analyses were completed at a recognized laboratory. The Coffee, Cream and Kirkman properties represent early stage exploration properties and do not contain any mineral resources as defined by National Instrument 43-101.

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's business model employs a joint venture strategy that exposes Kaminak shareholders to multiple opportunities for discovery. Kaminak projects offer world-class exploration potential and present exposure to strategic commodities with an emphasis on gold.

Kaminak currently has working capital in excess of $5,300,000 including over $4,500,000 in cash. The company has a low corporate burn-rate of under $60,000 per month and no debt. These factors combine to put Kaminak in a position of strength in the current market. Management will continue to seek out market friendly opportunities which 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

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.

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

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