Kaminak Gold Corporation

Kaminak Gold Corporation

July 18, 2007 08:30 ET

Kaminak Options SY Gold Property to Corsa Capital Ltd. and Signs Exploration Agreement with Nunavut Tunngavik Incorporated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that the Company has signed an option agreement with Corsa Capital Ltd. on Kaminak's "SY" Gold Property located in the Kivalliq District of Nunavut, Canada.

"The SY property represents our third option agreement in less than five months," stated Rob Carpenter, President and CEO of Kaminak. "A successful prospect generator must be able to establish credible partnerships in order to advance properties to the discovery stage."

"SY" Option Agreement

The "SY" property covers over 120,000 acres of a highly prospective and under explored Archean greenstone belt. The geology of this belt is similar to other gold-bearing greenstones in the Kivalliq Region of Nunavut, including the Woodburn Lake Belt which hosts the Meadowbank Gold Deposits and the Rankin Inlet Belt which hosts the Meliadine Gold Deposits. Each of these belts contains abundant gold-bearing banded-iron-formation host rocks which have undergone significant shearing and deformation. The "SY" greenstones have seen only minor exploration compared to these adjacent belts.

Corsa Capital Ltd. is a newly formed, private mineral exploration company, which has the right to initially earn a 51% non-diamond project interest by making exploration expenditures totaling $1 million and staged share payments totaling 300,000 Units to Kaminak by December 31, 2010. Corsa will have the right to increase its project interest to 60% by spending an additional $1.0 million and issuing Kaminak an additional 100,000 Units prior to December 31, 2011. Year 1 (2007) exploration expenditures are set at a minimum of $100,000. Furthermore, The Hunter Exploration Group holds a 2% NSR/GOR on the "SY" Property. The option agreement is subject to regulatory approval from the TSX Venture Exchange.

Nunavut Tunngavik Agreement

Kaminak also announced that the company has signed an Exploration Agreement (EA) with Nunavut Tunngavik Inc. (NTI) whereby Kaminak has been granted a 100% interest in the minerals (except Uranium and Thorium) within privately owned Inuit Owned Lands that comprise parcel RI-30. This 18,000 acre parcel is located directly adjacent to Kaminak's 200,000 acre "Yathkyed IOCG Project" which is comprised of staked claims located on Federal Crown land. Preliminary research has led Kaminak's technical team to believe the Yathkyed property has potential for numerous mineral deposit types including bulk tonnage-style IOCG (iron-oxide-copper-gold) mineralization.

Kaminak's disclosure of a technical or scientific nature are 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 gold assays from previous surface sampling and drilling were obtained from reports written and supervised by Professional Geologists. Although this data cannot be confirmed, they are considered reliable. Certified laboratory assay sheets accompanied these reports.

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