Kaminak Gold Corporation

Kaminak Gold Corporation

January 29, 2007 08:30 ET

Kaminak and BCGold Stake Additional Claims at the Voigtberg Project, British Columbia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 29, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) and project partner, BCGold Corp. (TSX VENTURE:BCG), today announced the staking of an additional 850 hectares of mineral claims which adjoin the Voigtberg Project located in northern British Columbia. These additional claims increase the land holdings to a total of 2900 hectares.

A detailed geological compilation of the Voigtberg area was initiated after an encouraging diamond drill program was completed in the fall of 2006 resulting in new discoveries of gold and zinc on the Voigtberg Property. This work uncovered additional targets that were subsequently staked. The geological target at Voigtberg is a bulk tonnage "porphyry" system which can carry gold, copper and other base metals.

About the Project and the 2006 Drill Program

The Voigtberg Property is located 20 kilometres west of the Stewart-Cassier Highway, and 4 kilometres from the proposed access road to the high-profile Galore Creek Cu-Au-Ag Project in northwest British Columbia.

Kaminak and BCGold completed a 4-hole diamond drill program in 2006 designed to test separate gold and base metal anomalies across the property. The most compelling drill hole tested the core of a 700m by 400m gold in soil geochemical anomaly referred to as the "Gold Zone". Anomalous gold mineralization occurs through the entire length of the hole including a near surface intercept of 51.15m grading 1.03 g/t Au. 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. The other interesting drill hole to note intersected 22.52m grading 1.02% Zn and contained a higher grade interval of 6.13m grading 2.18% Zn. These new drill intercepts are the most significant results on the property to date and confirm the potential for economic mineralization on the property. These zones remain open along strike and at depth and warrant further drill follow up. For further information on the 2006 Voigtberg Drill Program, please see Kaminak news release dated October 25th, 2006. In addition to the discovery of gold and zinc in drill core, new surface discoveries of molybdenum were made in the 2006 exploration program. A total of eight grab samples were collected on the Voigtberg Property yielding an overall average of 0.211% Mo (0.353% MoS2). Six of these samples assayed greater than 0.10% Mo (0.167% MoS2). The highest assay graded 0.404% Mo (0.647% MoS2). The unexplained molybdenum occurrences demand further follow up and will be addressed in the 2007 exploration program. Final reports from the 2006 season have now been received and preliminary 2007 work programs and budgets are expected to be finalized in the coming weeks.

About the Joint Venture Agreement

Kaminak has granted BCGold the option to acquire up to a 60% interest in the Voigtberg Property by making $2,000,000 in exploration expenditures over four years and by issuing 400,000 units of BCGold to Kaminak. BCGold can earn an additional 10% interest in the Property by completing a bankable feasibility study, for a total earn-in of 70%.

About Kaminak

Kaminak Gold Corporation is a project generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration and shareholder risk. Kaminak holds one of the largest land positions, covering several million acres, 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.

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. Historical assays from previous surface sampling were obtained from reports written and supervised by Professional Geologists. Although this data cannot be confirmed, they are considered reliable. Certified laboratory assay sheets accompanied these reports.

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