Kaminak Gold Corporation

Kaminak Gold Corporation

October 15, 2009 08:30 ET

Kaminak's Partner Completes Drilling on Cry Lake, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Oct. 15, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that project partner Solomon Resources Ltd. (TSX VENTURE:SRB) completed a diamond drill program on Kaminak's 100% owned Cry Lake Gold-Silver Project located in north western British Columbia, Canada. The program was funded by Kaminak's partner who completed two diamond drill holes totalling 416 metres as well as geological mapping and sampling of an extended soil geochemical grid. Solomon has informed Kaminak that the company will compile the 2009 results with historical data and apply for exploration permits over the coming months in order to undertake a significantly larger drill program on the Cry Lake property in 2010. Assay results from this season's drilling are expected to be received within eight weeks. Selected samples have also been taken for petrographic examination and whole rock analysis.

The purpose of the 2009 drilling was to confirm the presence of the Discovery/Surprise Vein and extend the depth of mineralization. Drill Hole DDH-CL09-01 was drilled to a depth of 185 meters at -47 degree dip and 215 degree azimuth and DDH-CL09-02 was drilled from the same collar at -60 degree dip and 215 degree azimuth and completed to a depth of 231 meters. The core has now been processed and logged by Solomon geologists in Dease Lake and assay splits sent to Acme - Global Discovery Labs of Vancouver, British Columbia for analysis.

Historical channel samples of the Discovery Vein returned the following selected near surface high-grade values: 27.09 grams per tonne (g/t) gold and 1220.6 g/t per tonne silver over 2.0 meters; 15.09 g/t gold and 1073.2 g/t silver over 3.5 meters and 8.91 g/t gold and 596.6 g/t silver over 1.0 meter (British Columbia Geological Branch Assessment Report 22840). Limited shallow historical drilling by earlier operators, including Madrona Mining Limited in the mid 1990's, confirmed the presence of gold-silver mineralization on the Cry Lake property.


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. Data presented by previous operators is historical in nature, and although considered reliable, it has not been verified by Kaminak. The Cry Lake property is an early-stage mineral property and does not contain a resource 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 has an extensive portfolio of discovery-stage projects that offer world-class exploration potential and present exposure to strategic commodities with an emphasis on gold.

Kaminak's financial discipline has enabled the company to acquire a healthy treasury, remain debt-free and maintain a very low corporate burn-rate. Well positioned to take advantage of the current market, Kaminak is actively engaged in seeking out market-friendly opportunities that 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

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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