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May 22, 2007
Vancouver
, B.C. - Kaminak Gold Corporation (KAM: TSX-V)
today announced that the Company has signed an option agreement with Mega Uranium Ltd. (MGA: TSX) on Kaminak's Washburn Uranium Project, located in Nunavut, Canada.
Mega Uranium has the right to earn a 55% project interest by making exploration expenditures totaling $1,000,000 on or before December 31st, 2010. Year 1 exploration expenditures are set at a minimum of $50,000 and must be made on or before December 31st, 2007. Minimum exploration expenditures are set at $200,000 in year 2, $350,000 in year 3, and $400,000 in year 4. The option agreement is subject to regulatory approval from the TSX Venture Exchange.
About Kaminak Gold Corporation
Kaminak Gold Corporation is a project generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration and shareholder risk. A critical component of Kaminak's business model is working with strong project partners to advance the Company'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, 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.
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