Kaminak Gold Corporation

Kaminak Gold Corporation

September 14, 2009 08:30 ET

Kaminak and BCGold Corp. Amend Agreement on Voigtberg Au-Cu Project, Northwest British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced an amendment to the Voigtberg Property Option Agreement with BCGold Corp., subject to TSX Venture Exchange approval (See news release dated July 11, 2006 for terms of the original agreement). Kaminak owns 100% of the Voigtberg Project, which is located 130 kilometers northwest of the town of Stewart, British Columbia and 70 km from the Galore Creek Cu-Au-Ag project.

In consideration for 100,000 BCGold Corp. common shares to be issued to Kaminak within 15 day of TSX Venture Exchange approval, the following agreement components have been amended:

- A one year extension to fulfill certain option terms in order to acquire interests in Kaminak's Voigtberg property, originally requiring BCGold to incur $1,000,000 in eligible exploration expenditures by September 15, 2009 to earn a 50% interest.

- A one year extension to issue and deliver 100,000 BCGold Units to Kaminak, originally requiring BCGold to issue said Units on September 15, 2009.

- A one year extension to incur an additional $350,000 in eligible exploration expenditures on or before September 15, 2009, and the extension by one year of the date by which BCGold must incur an additional $650,000 in eligible exploration expenditures, on or before the end of September 15, 2010, for an additional 10% interest in the Property.

BCGold has incurred $919,000 in eligible exploration expenditures on the Voigtberg Property to date by conducting geological mapping, sampling, soil geochemical and airborne geophysical surveys, and limited diamond drill programs in 2006 and 2007. The exploration focus has been the "Gold Zone", partially defined over a 300 metre strike length and including a 2006 drill hole intersection of 51.15 m averaging 1.03 g/t gold, including an 18.17 metre segment averaging 1.87 g/t gold.

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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