Kaminak Gold Corporation

Kaminak Gold Corporation

August 06, 2008 08:30 ET

Kaminak Options Nizi Creek Gold-Silver Property to Avasca Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that the Company has signed a letter of agreement with Avasca Inc. on Kaminak's Nizi Creek Gold-Silver Property located near Cry Lake, British Columbia.

Agreement with Avasca

Avasca Inc. is a private mineral exploration company led by the well established Gold Group based in Vancouver, B.C. Avasca has the right to earn a 51% project interest by making exploration expenditures totaling $2 million and staged share payments totaling 400,000 units to Kaminak by December 31, 2011. Year 1 (2008) exploration expenditures are set at a minimum of $50,000. The letter of agreement is subject to regulatory approval from the TSX Venture Exchange. Share payments are subject to Avasca successfully completing an IPO by December 31st, 2009. Failure by Avasca to successfully complete the IPO will result in the return of the Property to Kaminak.

Nizi Creek Project

The Nizi Creek Gold-Silver Property comprises 867 hectares and is located 80 kilometres northeast of Dease Lake, British Columbia. Historical work outlined six main zones of high-grade gold-silver vein-hosted mineralization over a northwesterly elongate area 2 kilometers long by 1 kilometer wide. The Discovery Vein / Surprise Vein is the most advanced prospect on the property with previous chip samples yielding 27.09 g/t Au plus 1220.6 g/t Ag over 2.0m and 15.09 g/t Au plus 1073.2 g/t Ag over 3.5m. Minor drilling on this zone in the mid-1990's confirmed surface assays and yielded 5.68 g/t Au over 13.77m and 3.54 g/t Au plus 27.21 g/t Ag over 6.1m.

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. Historical gold assays from previous surface sampling and drilling were obtained from publically available, archived, assessment reports and government publications and the data has not been verified by Kaminak staff. The Nizi Creek property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

About Kaminak

Kaminak Gold Corporation is an opportunity focused prospect generator. Kaminak's technical strength and entrepreneurial drive is complemented by a proven, successful business model designed to create shareholder value. Kaminak'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.

On behalf of the Board of Directors of Kaminak

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

Kaminak Gold Corporation

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.

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 and Kivalliq's operations as mineral exploration companies 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.

Contact Information

  • Kaminak Gold Corporation
    Tony Reda
    Investor Relations
    Toll Free: 1-888-331-2269 or (604) 646-4534
    Website: www.kaminak.com