Kaminak Gold Corporation

Kaminak Gold Corporation

January 15, 2007 08:30 ET

Kaminak Provides Update on Joint Venture Properties and Outlines 2007 Exploration Strategy

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) is pleased to provide an update on its joint ventured projects. In 2006, Kaminak had three joint venture agreements which covered the Baker Lake Uranium Project, Voigtberg Gold Project, and Matrix Gold Project. Total exploration expenditures to date by Kaminak's partners on these projects has exceeded CDN $4,500,000. Diamond drill programs were completed on all three projects in 2006 and brief technical summaries are stated below.

Baker Lake Uranium Project - optioned to Pacific Ridge Exploration Ltd.

Kaminak's partner, Pacific Ridge Exploration Ltd., (TSX VENTURE:PEX) spent approximately CDN $2.0 million in 2006 exploring the Baker Lake Uranium Project located in Nunavut. As part of the Option Agreement, Pacific Ridge has now issued Kaminak a total of 200,000 Units. The sampling of outcrop and frost heaved boulders, in combination with large, grid-controlled radiometric survey, defined five targets. Three of these targets, Lucky 7, KZ, and 694 Zones, saw initial drill programs in 2006. Encouraging drill results include 0.31% U3O8 over 11.5 metres from the KZ Zone and 0.34% U3O8 over 3.4 metres from the new Lucky-7 Zone (see Kaminak news release dated October 18th, 2006). Additional new prospecting discoveries were also made including the new "7-one" Zone. Eight large angular boulders from the "7-one" Zone assayed between 0.81% U3O8 to 1.83% U3O8 and average 1.29% U3O8. These boulders are interpreted to be proximal to an inferred bedrock source and further follow-up is warranted. Kaminak is encouraged by these initial results and is currently awaiting a final report of 2006 activities from Pacific Ridge including proposals for a 2007 work program.

Voigtberg Gold Project - optioned to BCGold Corp.

Kaminak's partner, BCGold Corp. (TSX VENTURE:BCG), spent CDN $350,000 in 2006 conducting prospecting and diamond drilling on the Voigtberg Project. The target at Voigtberg is a bulk tonnage / low grade "porphyry" gold deposit located less than 4 kilometres from the proposed access road to the high-profile Galore Creek Cu-Au-Ag Project in northwest British Columbia. BCGold completed four initial diamond drill holes and successfully intersected a wide interval of near surface porphyry-style gold mineralization grading 1.03 g/t Au over 51.15m. Within this 51.15m zone, separate intervals of 11.27m grading 2.0 g/t Au and 4.17m grading 2.74 g/t Au were encountered. Individual assays ranged up to 7.97 g/t Au over 1.3m (see Kaminak news release dated October 25th, 2006). These new drill intercepts are the most significant results on the property to date and confirm the potential for economic mineralization on the property. Final reports from the 2006 season have now been received and preliminary 2007 work programs and budgets are expected to be finalized this winter.

Matrix Gold Project

In August of 2006, Kaminak was notified by Newmont Canada Limited that Newmont was terminating an option agreement on the Matrix Project. An underlying option agreement with Pacific Ridge Exploration Ltd. was held in abeyance during the Newmont option period. In September of 2006, Kaminak presented Pacific Ridge with an updated schedule of exploration expenditures that were required to keep their option in good standing through 2006; however, the terms of this new timetable were not met and as a result Kaminak has regained complete control of the Matrix Project. Newmont spent approximately $2.2 million (USD) on the property since 2004, and had planned a 1,200m drill program on the property in July of 2006. However, logistical problems prevented the drill program from being completed, resulting in priority targets remaining untested. Newmont did complete geological mapping and prospecting during the 2006 season uncovering new surface gold showings yielding assays up to 10.56 g/t Au (see Kaminak news release dated August 25th, 2006). Kaminak's technical staff visited the Matrix Property in July of 2006 and the Company is currently seeking a new joint venture partner and determining an appropriate work program for 2007.

Project Advancement 2006

Kaminak successfully advanced several 100% owned projects to the drill-ready stage during 2006 and is actively seeking joint venture partners for these projects. In the spring of 2006, Kaminak completed detailed airborne geophysical surveys over the Company's Needle Gold Project and Sy Gold Project, both located in Nunavut. Data from these new geophysical surveys has helped refine existing gold zones as well as generate new drill targets across both properties.

2007 Exploration Strategy

Kaminak is a project generator and follows the joint venture business model. The Company's in-house technical staff is focused on generating and acquiring new exploration opportunities across Canada. The joint venture business model provides the shareholder with multiple opportunities for discovery while preserving capital. In addition to the joint ventures discussed above, Kaminak has a diverse portfolio of 100% owned gold and base metal properties for which the Company is actively seeking new joint venture partners.

Kaminak's 2007 in-house exploration budget is approximately CDN $1 million. These funds will be allocated to new project generation initiatives. The objective is to acquire mineral properties with the potential to host economic deposits of marketable commodities and ultimately seek new joint venture partners to advance these properties. Shareholders will be kept abreast of new acquisitions and opportunities as they arise.

Kaminak's disclosure of a technical or scientific nature are prepared under the supervision of Rob Carpenter, Ph. D., P. Geo., Kaminak's President and CEO, who serves as the Qualified Person under the definition of National Instrument 43-101.

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