Kaminak Gold Corporation

Kaminak Gold Corporation

September 10, 2007 08:30 ET

Kaminak and Breakwater Resources Ltd. Stake Nickel Targets in Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the Company and strategic alliance partner Breakwater Resources Ltd. (TSX:BWR) have acquired through staking a number of nickel targets within the Grenville geological domain of southern Quebec.

These targets were recognized by Kaminak's technical team as a result of in-house geological and geophysical data compilations. Historical government files from one such prospect reports up to 1.69% Ni plus 3.07% Cu in selected samples hosted within orthopyroxenite. A separate prospect is reported to contain up to 1.31% Ni plus 0.83% Cu from grab samples in peridotite and pyroxenite. A Kaminak field team is currently completing an initial program consisting of geological mapping, ground truthing of historical data and prospecting. Subsequent plans include airborne geophysics over selected targets.

The Agreement

On April 26th, 2007, Kaminak and Breakwater Resources Ltd. entered into a generative strategic alliance targeting primarily nickel-copper-PGE deposits over parts of eastern North America. Each company initially funds $50,000 for data compilation, targeting and field work during the 2007 season. Kaminak will initially act as Project Operator.

Upon ground acquisition, a 50-50 joint venture is formed on each separate property. Breakwater shall bear 100% of the exploration costs in each joint venture block until the cumulative total amount expended for exploration across all joint venture blocks equals $1 million. Upon completion of such expenditure, the interests of the parties in each joint venture shall be Breakwater 51% and Kaminak 49%. Within thirty days after Kaminak and Breakwater agree that this $1 million expenditure threshold has been reached, Breakwater can elect to increase it's joint venture interest to 60% by solely funding the next $2 million in cumulative exploration costs across all joint venture blocks.

About Kaminak

Kaminak Gold Corporation is a prospect generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration risk to the company. A critical component of Kaminak's business model is working with strong project partners to advance the company's exploration projects. Covering several million acres, Kaminak holds one of the largest land positions 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 is 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 and previous sampling were obtained from government archived assessment reports, and although this data cannot be confirmed, they are considered reliable.

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