Kaminak Gold Corporation

Kaminak Gold Corporation

March 29, 2010 08:30 ET

Kaminak Significantly Increases Coffee Gold Land Position; Acquires Two More White Gold District Projects and a Proprietary Database From Ryanwood Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) is pleased to announce the Company has acquired through staking 750 mineral claims (37,500 acres) in the White Gold District, Yukon Territory. These new claims adjoin Kaminak's Coffee property which is located 20km south of Underworld Resources Ltd.'s Golden Saddle deposit. Exploration by Kaminak on the Coffee property in 2009 successfully identified numerous high-grade surface gold discoveries that are planned to undergo drill testing this spring.

The Coffee property now totals 1803 claims (90,150 acres or 360 square kilometers) and measures 43km long by up to 13km wide. These new claims were staked in order to cover new high-priority targets that were identified by Kaminak's and Ryanwood's in-house technical team. These areas have seen minimal past exploration and Kaminak intends to undertake an aggressive soil and trenching program on these new claims in 2010. Soil sampling is the most effective regional exploration tool in the White Gold District and has proven successful at identifying drill targets for both Kaminak and Underworld.

Kaminak has also acquired a proprietary database along with the LION and SUGAR properties from Ryanwood Exploration Ltd. The database contains results for over 800 historical rock and soil samples collected by Ryanwood in the White Gold District. The LION and SUGAR properties are located along the southern and eastern margin of the Coffee property respectively and are host to numerous gold targets. Rock sampling in 2009 by Ryanwood on the LION property yielded results up to 2.9 g/t Au from white quartz veins carrying galena, tetrahedrite, stibnite and sphalerite. The host granite is heavily altered, silicified and brecciated. Kaminak and Ryanwood have agreed to amend the original Coffee property agreement whereby upon TSX Venture Exchange approval, Ryanwood will receive 300,000 Kaminak shares and $30,000.

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.

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 business model targets discovery-stage projects that offer world-class exploration potential and the ability to yield the greatest return on the company's investment.

The company's flagship project is the Coffee Gold Project, which is located in the emerging White Gold District of the Yukon. Rock-chip sampling in 2009 discovered numerous drill-ready priority gold targets. Kaminak's financial strength will enable the company to drill test these 100% owned targets during 2010. Initial results from this proposed drill program are expected this summer.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information