Kaminak Gold Corporation

Kaminak Gold Corporation

June 05, 2009 16:51 ET

Kaminak Stakes Platinum-Palladium Targets in the Thunder Bay Area, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced it has acquired through staking 415 claims totalling 6,640 hectares located approximately 50 kilometres north of Thunder Bay, Ontario. These newly staked claims, now referred to as the "TBN" property, adjoin the northern margin of Magma Metals Limited Current Lake property, where high-grade mineralization has been discovered in diamond drilling (see Magma Metals news release dated April 8th, 2009).

The staking resulted from an extensive in-house geological compilation of the Pt-Pd potential in the Thunder Bay region by Kaminak and Geovector Management Inc. Detailed structural analyses and data from regional geophysical surveys suggests the emplacement of the host ultramafic intrusion at Current Lake is controlled by intersecting East-West trending structures and North-South trending structures. Kaminak's TBN property is interpreted to have similar trending structural intersects and Kaminak believes the property has potential to host ultramafic intrusive rocks.

Initial work by Kaminak on the TBN property is expected to begin in the summer of 2009 and will consist of field checking and prospecting and a contingent airborne geophysical survey which will help detect the presence of any ultramafic rocks.

Kaminak - Geovector Agreement

Kaminak's "TBN" project is subject to a collaboration agreement between Kaminak and GeoVector Management Inc. of Ottawa, Ontario, whereby GeoVector develops grassroots exploration concepts for Kaminak within specified regions of eastern Canada. Initial project ideas are evaluated by Kaminak and any ground acquisition must be approved by Kaminak. GeoVector will design and undertake approved work programs. If Kaminak decides to proceed with any property acquisitions, it will retain 100% interest in the property. Furthermore, Kaminak will issue GeoVector 50,000 common shares for each property acquired and an additional 50,000 common shares for every property upon which drilling is undertaken. GeoVector will retain a 2% NSR on each property with 1% of this NSR purchasable at anytime by Kaminak for C$500,000. The remaining 1% NSR can be purchased by Kaminak at anytime for C$1,000,000. Subject to TSX Venture Exchange Approval, Kaminak intends to issue 50,000 common shares to GeoVector in connection with the acquisition of the "TBN" project.

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.

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 company's business model employs a joint venture strategy that exposes Kaminak shareholders to multiple opportunities for discovery. Kaminak projects offer world-class exploration potential and present exposure to strategic commodities with an emphasis on gold.

Kaminak currently has working capital in excess of $5,300,000 including over $4,500,000 in cash. The company has a low corporate burn-rate of under $60,000 per month and no debt. These factors combine to put Kaminak in a position of strength in the current market. Management will continue to seek out market friendly opportunities which are value-driven with high-potential for discovery.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

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.

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