Kaminak Expands
Yukon Gold Work Program to Accommodate Drilling
June 8, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) is
pleased to announce it has increased its summer work program on the Coffee
and Kirkman properties, located in the newly recognized �White� gold district
in the west-central Yukon. An initial Phase One trenching program is now
budgeted at $500,000 and is expected to commence in early July. The
Phase One program will target high-priority gold geochemical anomalies that
are analogous to Underworld Resources Inc.�s newly discovered White Project
where a new mineralized gold system was revealed (see Underworld news release dated
May 25th , 2009 ). Contingent upon trenching
results, Kaminak has funding in place to complete a Phase Two diamond drill
program this season.
�Given
the recent developments in the White District, we feel it is important and
advantageous to step-up our efforts as quickly as possible, �
stated Rob Carpenter, President and CEO of Kaminak. �We will aggressively evaluate our
priority targets in 2009. �
The primary target on all three
properties is a near surface, bulk tonnage gold deposit analogous to
Underworld Resources Inc.�s White Project, which is located only 8 km from
Kaminak�s Kirkman property and 27 km from Kaminak�s Coffee and Cream
properties. Prospecting and geochemical sampling work to date on Kaminak�s
new properties have identified a coincident soil anomaly consisting of
elevated gold (Au), arsenic (As) and antimony (Sb) similar to that observed
on Underworld�s White property where subsequent trenching and drilling led to
the discovery of bedrock mineralization by Underworld. On Kaminak�s Coffee
property, over 1,250 soil samples have been collected and results have
outlined a core anomaly measuring 1.5 km by 2 km which is characterized by a strong
geochemical signature defined by Au (highest threshold from 80 to 839 ppb),
As (100 to 1,758 ppm) and Sb (8 to 117 ppm). Two smaller grids were also
established along the regional strike situated 2.5 kilometres east and 4.5
kilometres west of the core grid. Both grids outlined anomalous gold values
with the highest threshold values on the western grid ranging from 50 to 643
ppb Au, and values on the eastern grid ranging from 50 to 148 ppb Au. The
three separate grids are demonstrating anomalous gold values over a linear
length of 10 km. These results indicate that the size and intensity of the
new Coffee soil anomaly is the largest new gold-in-soil anomaly in the White
gold district. Compelling soil geochemical anomalies also occur on the Cream
and Kirkman properties. Maps and images from these new Kaminak properties are
now available on the Company�s website at www.kaminak.com
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. The soil
geochemical data was provided by Mr. Ryan and although it was not verified by
Kaminak, it is thought to be reliable. The geochemical analyses were
completed at a recognized laboratory. The Coffee, Cream and Kirkman
properties represent early stage exploration properties and do not contain
any mineral resources as defined by 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�
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 contact Tony Reda, Investor
Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email
at info@kaminak.com ..
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 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.
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