Kaminak Gold Corporation

Kaminak Gold Corporation

December 04, 2006 08:30 ET

Kaminak Stakes High-Grade Gold and Base Metal Occurrences Near Cry Lake, British Columbia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 4, 2006) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that the Company has acquired through staking a land package totaling 5,000 ha in the Cry Lake area of northwestern British Columbia. The new property, known as the "Sail Property", is located less than 20 kilometres from Kaminak's Nizi Creek gold-silver property. This opportunity was uncovered by Kaminak's in-house technical team through ongoing geological compilations of the region. Kaminak owns 100% of the Sail Property with no third party royalties.

"Acquiring new properties is a critical component to our business model as a project generator," stated Rob Carpenter, President and CEO of Kaminak. "Our technical team will continue its search for overlooked opportunities across Canada."

Previous work on the Sail property by Westmin Resources Limited ("Westmin") in 1996 and 1997 resulted in the discovery of several gold-copper-zinc-lead-silver occurrences across the property. Grab samples hosted in quartz-sericite-pyrite schist yielded up to 7.0 g/t Au and 2.24% Zn and a grab sample from a fault zone yielded 32.4% Pb, 1.13% Zn, 0.25% Cu and 90.0 g/t Ag. In addition, a series of locally derived massive sulphide boulders assayed up to 8.8% Cu and 233 g/t Ag. There are no reports of any previous geophysical surveys or diamond drilling on the property.

Geological mapping performed by Westmin strongly suggested that mineralization on the property is related to volcanic hosted massive sulphide processes (VMS). Westmin mapped extensive hydrothermal alteration zones co-incident with large scale copper-zinc-lead soil geochemical anomalies. No further work has been reported on the property.

Kaminak also announced that the Company has amended its agreement with 4920776 Manitoba Ltd. regarding the Sharpe Lake Property (see Kaminak News Release dated December 1st, 2005). Under new terms, Kaminak will delay a final share payment of 100,000 common shares to 4920776 Manitoba Ltd. until a joint venture partner is found for the property.

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 assays from previous surface sampling 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.

Kaminak Gold Corporation holds one of the largest land positions, covering several million acres, 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
    Rob Carpenter, Ph. D., P. Geo.
    President and CEO
    (604) 646-4521
    Website: www.kaminak.com