Kaminak Completes Warrant Exercise and Provides Corporate Update
March 20, 2008
Vancouver, B.C. - Kaminak Gold
Corporation (KAM: TSX-V) today
announced a total of CDN $3,173,380 has been added to the Company treasury
through the exercise of 5,187,559 warrants. Kaminak now has approximately CDN
$5.0 million in cash and has no further warrants outstanding. The warrants
were issued in connection with private placements completed in March
2006.
"Eliminating
warrant overhang represents a significant milestone in our corporate growth,"
stated Rob Carpenter, President and CEO of Kaminak. "We continue to believe the best way to create
shareholder value is to maintain a strong share structure. Our ability to
create in-house exploration opportunities, combined with our low corporate
burn rate, provides long term growth opportunities for the Kaminak
shareholder."
Corporate Update
Kaminak is currently focused on completing the
spin-out of its uranium assets into the newly-created Kivalliq Energy
Corp. Pending regulatory and shareholder approval, Kaminak intends to
distribute securities of Kivalliq to its shareholders (see Kaminak news
release dated February 21st, 2008). The primary Kivalliq asset will be the
historic Lac Cinquante uranium deposit, which is reported to contain
11.6 million pounds of U3O8 at an average grade of 1.03% U3O8 (non National
Instrument 43-101 compliant)**.
Kaminak will continue to employ the prospect
generator business model and the Company's technical team will have several
active field programs in 2008. The focus will be on
"market-friendly" commodities across Canada. Additionally,
the Company currently has a total of nine properties under joint venture in
Quebec, British Columbia and Nunavut. Kaminak has also regained 100% control
of the Nizi Creek and Washburn properties which were subject to option
agreements with Romios Gold Resources Inc. and Mega Uranium Ltd.,
respectively.
** The quoted disclosure for the Lac Cinquante
uranium deposit was disclosed by Aberford Resources Ltd. in its annual report
from 1982. No additional information was available in the annual report.
The deposit is historical and should not be relied upon since it is not
compliant to standards set out in National Instrument 43-101. However, it is
relevant because: it is indicative of a mineralized zone worthy of follow up
exploration as it is based on drilling exploration and development carried
out by what is believed to be knowledgeable explorers in accordance with
acceptable industry practices at the time of the estimate. A Qualified Person
has not classified historical estimates as current mineral
resources/reserves, and Kaminak is not treating them as current mineral
resources/reserves since work to date has not verified the historical
estimates. Kaminak has not done any work to confirm these estimates but will
be planning exploration programs aimed at evaluating the economic potential
of the deposit and environs. It is uncertain if further exploration will
result in the deposit being delineated as a mineral resource.
Kaminak's
disclosure of a technical or scientific nature in this release has been
prepared under the supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's
President and CEO, who is a Qualified Person under the definition of National
Instrument 43-101.
About
Kaminak
Kaminak Gold
Corporation is a prospect generator employing a joint venture strategy that
maximizes opportunities for discovery while attempting to minimize
exploration risk to Kaminak. A critical component of Kaminak's business model
is working with strong project partners to advance Kaminak's exploration
projects. Covering several million acres, Kaminak holds one of the largest
land positions 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"
Rob Carpenter, Ph. D., P. Geo.
President and CEO
Kaminak Gold Corporation
For further
information about Kaminak Gold Corporation, or this news release, please
visit our website at www.kaminak.com or call us at 604.646.4534.
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain
disclosures in this release, including management's assessment of Kaminak's plans
and projects and intentions with respect to a proposed spin-off, 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, including risks as
to the completion of the plans and projects and the receipts of all necessary
approvals and consents for the proposed spin-off. 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.
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