June 14, 2010 11:57 ET

Karmin Shareholders Approve Transaction Involving Ignite Energy Resources

TORONTO, ONTARIO--(Marketwire - June 14, 2010) - Karmin Exploration Inc. (TSX VENTURE:KAR) ("Karmin") announced today that its shareholders have approved the reverse take-over transaction and related matters with Ignite Energy Resources Pty Ltd ("Ignite") previously announced on March 19, 2010 (the "Transaction"). The resolution approving the Transaction was approved by over 98% of the votes cast by Karmin shareholders at the Karmin special meeting, including over 79% of the votes cast by minority shareholders as required by applicable securities law.

Ignite has advised Karmin that approximately 99.3% of the issued and outstanding ordinary shares of Ignite have been tendered to Karmin's offer and, accordingly, Karmin has initiated the process of compulsorily acquiring the remaining ordinary shares of Ignite.

The closing of the Transaction is expected to occur immediately following the completion of a private placement of ordinary shares by Ignite, provided that all of the conditions of the Transaction, including the final acceptance of the TSX Venture Exchange ("TSXV") are satisfied or waived. Karmin intends to update its shareholders when the closing of the private placement is determined.

Pursuant to the Transaction Karmin expects to acquire all of the issued and outstanding ordinary shares of Ignite, including the ordinary shares issued pursuant to the private placement, in exchange for the issuance by Karmin of its common shares. Each ordinary share of Ignite will be exchanged for one common share of Karmin. In connection with, and immediately prior to the completion of the Transaction, Karmin will consolidate its current issued and outstanding common shares on a 6:1 basis.

About Karmin

The common shares of Karmin are listed on the TSXV and trade under the symbol "KAR". 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.

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 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, Ignite and the TSXV; the acquisition of the remaining ordinary shares of Ignite may be prevented or delayed if a shareholder of Ignite applies to an Australian court for an order against the compulsory acquisition of its shares;; the inability to obtain or meet conditions imposed by applicable regulatory requirements relating to the Transaction; and the failure of either Karmin or Ignite to satisfy the closing conditions set forth in the share exchange agreement. 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 TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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