May 18, 2010 16:53 ET

Karmin Exploration Announces Key Dates in Connection With Ignite Transaction

Management Information Circular and Other Meeting Materials Mailed to Shareholders

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Karmin Exploration Inc. (TSX VENTURE:KAR) ("Karmin") today announced that it will hold a special meeting of its shareholders on June 14, 2010 to consider and vote on, among other matters, the reverse take-over bid with Ignite Energy Resources Pty Ltd ("Ignite") previously announced on March 19, 2010.

The board of directors of Karmin have fixed May 12, 2010 as the record date for the determination of shareholders entitled to receive notice of and to vote at the special meeting. The closing date of the transaction is expected to occur on or about June 15, 2010, provided that the transaction is approved by shareholders at the special meeting and all other conditions of the transaction are satisfied or waived.

Further details regarding the transaction, including procedures for voting and surrendering share certificates representing common shares of Karmin, are contained in a management information circular of Karmin dated May 14, 2010 and related materials which Karmin mailed to its shareholders today. Copies of the management information circular and the related materials will be filed today with the applicable Canadian provincial securities regulatory authorities and will be available under Karmin's profile on SEDAR at www.sedar.com.

About Karmin:

The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil. Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. More information can be found at: www.karmin.com.

Karmin is listed on the TSX Venture Exchange under the symbol KAR.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Karmin to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Assumptions upon which forward-looking information related to the transaction are based include, without limitation, that the shareholders of Karmin will approve the transaction and that all other conditions to the completion of the transaction will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Karmin and may not prove to be correct. Factors that could cause actual results of Karmin to vary materially from results anticipated by such forward-looking statements include: the failure to complete a private placement on terms acceptable to Karmin and Ignite; the failure to realize the synergies and other perceived advantages resulting from the transaction; the inability to obtain or meet conditions imposed by applicable regulatory requirements relating to the transaction; the failure of either Karmin or Ignite to satisfy the closing conditions set forth in the share exchange agreement; the failure of the combined company to retain key personnel; the failure of each of Karmin and Ignite to successfully execute its business strategies, including the development and successful commercialization of the Cat-HTR technology platform and EL 4416; competitive conditions in the industry; business cycles affecting the markets in which Karmin and Ignite conduct their business; fluctuations in applicable currency rates, including the exchange rate for Australian dollars to Canadian dollars; and economic conditions generally. All forward-looking information in this press release speaks as of the date of this press release. Karmin does not undertake to update any such forward‐looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Additional information about these assumptions and risks and uncertainties are discussed in Karmin's public filings with the Canadian Securities Regulators. These filings are also available at Karmin's website at www.karmin.com.

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

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