Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

March 23, 2009 08:30 ET

Kaminak Acquires 100% Interest in Quebec Copper-Nickel Properties and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced, subject to TSXV approval, the Company will acquire a 100% interest in five copper-nickel-platinum group element projects (43,000 hectares total) located in the Grenville Geological Domain of southern Quebec. The properties represent drill-ready opportunities for the discovery of high grade and near surface mineralization and are host to several untested priority targets.

The properties were originally staked in 2007 as part of a generative alliance between Kaminak and Breakwater Resources Ltd (TSX:BWR). Initial property interests were 50%-50% each, with Breakwater able to earn a total of 51% by spending the next $1,000,000 in exploration expenditures. Work funded by Breakwater included a high resolution airborne geophysical survey (AeroTem) as well as ground mapping and prospecting which totalled approximately $650,000. A grab sample collected in 2007 from one showing returned 2.84% copper, 0.53% nickel, 0.12% Cobalt as well as 0.75 g/t gold, 0.35 g/t platinum and 0.55 g/t palladium (see Kaminak news release dated January 15th, 2008).

Under the terms of a new Letter Agreement, Kaminak will acquire Breakwater's 50% project interest and now control 100% of the projects. Breakwater will retain a 1% net smelter royalty (NSR) on any potential production from the properties.

Corporate Update

Kaminak currently has working capital in excess of $5,300,000 including over $4,500,000 in cash. The company has no debt, minimal required project expenditures and has a corporate burn-rate of under $60,000 per month. Moreover, Kaminak has not raised money through equity markets in three years and has no intention of doing any financings in the near future. 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.

Kaminak would also like to announce the appointment of Chris Twells, C.G.A., as new Chief Financial Officer of the Company and Jim Paterson, B.Comm., as a new Director. The Company would like to thank Charles Chebry for all his hard work as CFO and Director and we wish him well in future endeavours. Charles will remain as an advisor to Kaminak.

Chris Twells, C.G.A., CFO

Chris has served as Controller for Kaminak since 2006 and brings more than thirteen years financial management and accounting experience with public and private companies as well as charitable organizations. Mr. Twells is a Certified General Accountant who has helped the organizations he's involved with develop and execute strategic plans and streamline accounting processes.

Jim Paterson, B.Comm., Director

Jim is the President, CEO and a Director of Corsa Capital Ltd. and has more than 12 years of corporate development, investor relations and marketing experience with several North American mineral exploration companies and service providers involved with publicly traded companies.

In 2005, Jim became the Director of Marketing for the Discovery Group of Companies, gaining an understanding of the group's goals, stakeholders and business model. Prior to this, he worked with The Northair Group for two years in a variety of roles, including Manager, Corporate Development. Previously, Jim also spent over 3 years as Director of Investor Relations for a US based AMEX listed Mining Corporation.

Jim is also a director of Tenajon Resources Corp. and Kivalliq Energy Corp., both listed on the TSX Venture Exchange.

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

Kaminak Gold Corporation

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

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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