Kaminak Gold Corporation

Kaminak Gold Corporation

September 17, 2007 08:30 ET

Kaminak Partners Commence Exploration Programs on Three Separate Gold Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that the Company has been notified by its various joint venture partners that field work has begun on three separate 100% owned Kaminak projects. The Needle and SY Gold Projects are located in Nunavut and the Nizi Gold-Silver Project is located in northwestern British Columbia. Kaminak's project partners are funding and operating the exploration programs. All three programs consist of geological mapping, prospecting and ground inspection of known gold occurrences.

The Nizi Gold-Silver Project is currently under option to project partner Romios Gold Resources (TSX VENTURE:RG) (see Kaminak news release dated March 12th, 2007). Romios has mobilized a crew to the property and will be gathering data to augment past work. The goal of the 2007 exploration program, which includes geological mapping and sampling, is to understand the mineralization in the area and to identify drill targets for the 2008 program. Historical work on the claim block identified six main zones of high-grade gold-silver vein-hosted mineralization over a northwesterly elongate area 2 kilometers long by 1 kilometer wide. The Discovery Vein / Surprise Vein is the most advanced prospect on the property with previous chip samples yielding 27.09 g/t Au plus 1220.6 g/t Ag over 2.0m and 15.09 g/t Au plus 1073.2 g/t Ag over 3.5m. Minor drilling on this zone in the mid-1990's confirmed surface assays and yielded 5.68 g/t Au over 13.77m and 3.54 g/t Au plus 27.21 g/t Ag over 6.1m.

TerraX Resource Corp. recently signed a letter of intent on Kaminak's Needle Gold property (see Kaminak news release dated August 22nd, 2007). The 5,000 acre Needle property is host to a banded iron formation similar in geology to the past producing Lupin Gold Mine. The property contains more than a dozen untested gold occurrences greater than 10 g/t Au. Chip samples from banded iron formation assayed up to 23.59 g/t Au across 2.11m. In the early 1990's, a total of 13 holes were drilled totaling 1,287m. Drill results at the Needle Zone include 9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over 2.02m.

The SY Gold Project is under option to Corsa Capital Ltd (see Kaminak news release dated July 18th, 2007). 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.

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 gold assays from previous surface sampling and drilling were obtained from reports written and supervised by Professional Geologists. Although these data cannot be confirmed, they are considered reliable. Certified laboratory assay sheets accompanied these reports.

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