Kaminak Gold Corporation

Kaminak Gold Corporation

April 19, 2011 16:00 ET

Kaminak Commences Drilling at Coffee Gold Project

$15 Million Phase 1 Budget: Four Drills for 40,000 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that the 2011 drill program has begun on the Company's 100% owned Coffee Gold Project, located in the White Gold District, Yukon Territory. This program marks the start of just the second year of drilling, which aims to significantly build upon the highly successful 2010 program where eight gold discoveries were drilled over a 15km by 5km area of the Coffee Gold Project.

Reverse circulation ('RC') drilling is underway at the Supremo Zone testing the 'T3 Trend', where gold mineralization was established over a 1.7km strike length from widely spaced diamond drilling undertaken during 2010.

2010 drill highlights from the T3 Trend include:

  • 17.1 g/t Au over 16m (CFD-1)
  • 12.4 g/t Au over 14m (CFD–16)
  • 3.3 g/t Au over 17m (CFD-3)
  • 1.2 g/t Au over 51m (CFD-23)

All mineralization at Coffee commences from surface and is open along strike and at depth.

The RC drill is a track mounted unit designed to rapidly test along strike of existing gold drill intercepts and beneath previously un-drilled soil and trench anomalies. The mobility of the RC drill will enable Kaminak to quickly and effectively test the extensive mineralized trends at Coffee to a down-hole depth of 200m.

In addition to the RC Drill which has commenced drilling, two diamond core drills are scheduled to begin drilling in approximately two weeks at the Latte and Double Double Zones. A third diamond drill will be mobilized to Coffee by mid-May.

The Coffee Gold Project Phase One exploration program is budgeted at $15 million and includes 40,000 metres of drilling from four drills (three diamond drills and one RC drill), geophysics and the collection of 10,000 new soil samples in previous unexplored regions of the property. The key objectives for the 2011 drill program are to:

  1. Expand and define geometry on the 8 gold zones discovered in 2010
  2. Work towards National Instrument 43-101 compliant inferred resources on priority zones
  3. Continue to discover new gold zones across the Coffee property by drill testing high-quality soil anomalies

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. The Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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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