Kaminak Gold Corporation

Kaminak Gold Corporation

August 20, 2007 08:30 ET

Kaminak and BCGold Commence Drill Program at Voigtberg Property, Northwestern British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) and project partner BCGold Corp. (TSX VENTURE:BCG) are pleased to announce that diamond drilling has commenced on the Voigtberg Au-Cu-Mo (Gold-Copper-Molybdenum) Property, situated 40 km east of the high-profile Galore Creek Cu-Au-Ag project in northwest British Columbia. The planned 800 metre drill program is designed to test new geophysical and geochemical targets and follow-up last year's significant "Gold Zone" drill hole intercept of 51.15 metres at 1.03 g/t Au, including 18.17 metres at 1.87 g/t Au.

2007 Exploration Program

BCGold Corp. is operating and funding a two-phase, $500,000 exploration program at Voigtberg. Phase I has been completed and entailed a property-wide, 412 line kilometre airborne geophysical survey. Fugro Airborne Surveys Corp. conducted the survey utilizing their proprietary frequency domain electromagnetic "DIGHEM" and standard magnetometer systems. Data is currently being processed, and results will provide additional focus for Phase II reconnaissance geological and geochemical surveys. The aforementioned Phase II exploration work will focus on mineral claims staked earlier this year by Kaminak and BCGold, extending the eastern margin of the Voigtberg Property.

Phase II exploration also includes a significant diamond drilling component. Three holes are planned to further define the Gold Zone and step out from drill hole VG06-05, which returned a near-surface intercept of 51.15 metres grading 1.03 g/t Au (see Kaminak news release dated October 25th, 2006). The Gold Zone is believed to represent a gold-rich halo located on the periphery of a porphyry copper-molybdenum system. An additional two drill holes will target the un-tested North Zone coincidental copper-molybdenum soil geochemical and induced polarization chargeability anomaly. The North Zone is believed to represent the copper molybdenum porphyry intrusive "core" of the Voigtberg mineralizing system.

Equity Engineering Ltd. of Vancouver, British Columbia has been contracted to oversee the technical aspects of the Voigtberg Project. Murray Jones, P.Geo., is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release.

About the Joint Venture Agreement

BCGold has an 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 Gold Corporation. 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 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.

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
    Tony Reda
    Investor Relations
    (604) 646-4534
    Website: www.kaminak.com