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Kaminak Receives Shares and Warrants from Corsa Capital Ltd.
April 22, 2008
Vancouver, B.C. - Kaminak Gold
Corporation (KAM: TSX-V) today
announced that the company has received 100,000 common shares and 100,000
share purchase warrants of Corsa Capital Ltd. (CSO: TSX-V) as part of the SY
Property Option Agreement signed on July 18th, 2007.
The SY Property
The "SY" property covers over 120,000
acres of a highly prospective and under explored Archean greenstone belt. The
geology of this belt is similar to other gold-bearing greenstones in the
Kivalliq Region of Nunavut, including the Woodburn Lake Belt which hosts the
Meadowbank Gold Deposits and the Rankin Inlet Belt which hosts the Meliadine
Gold Deposits. Each of these belts contains abundant gold-bearing
banded-iron-formation host rocks which have undergone significant shearing
and deformation. The "SY" greenstones have seen only minor
exploration compared to these adjacent belts.
The SY Property Agreement
As part of an Option Agreement signed on July 18th,
2007, Corsa can earn a 51% interest in Kaminak's SY Property by making
$1,000,000 in exploration expenditures on the SY Property and issuing 300,000
units of Corsa to Kaminak before December 31, 2010. As part of this
agreement, Corsa has now issued Kaminak 100,000 Corsa shares and 100,000
share purchase warrants of Corsa with an exercise price of $0.35 per share
and an expiry date of April 17, 2009. The securities issued are subject to a
hold period ending on August 18, 2008.
To earn a
total cumulative project interest of 60% in the SY Property, Corsa has the
option to make additional exploration expenditures of $1,000,000 on the SY
Property and issue an additional 100,000 units of Corsa to Kaminak prior to
December 31, 2011. Each Unit consists of one common share and one common
share purchase warrant. Each warrant is exercisable for a 12 month period
following the date of issuance at a price per common share determined by the
weighted average closing price of the common shares of Corsa Capital Ltd. for
the twenty consecutive trading days immediately prior to issuance, or such
other price which is acceptable to the pertinent regulatory authorities.
If Corsa
meets its $1,000,000 expenditure obligation and issues 300,000 units to
Kaminak by December 31, 2010, a Joint Venture will be formed with Corsa
holding a 51% working interest and Kaminak holding a 49% interest. Corsa then
has the option to increase its working interest in the Joint Venture to 60%,
leaving Kaminak with a 40% working interest in the SY Project. The parties
will contribute to Joint Venture expenditures pro rata in accordance with
their interests held. Non-contribution by either party will result in
pro rata dilution of interest down to a minimum of 5%, which will then be
converted to a 5% net profits interest ("NPI"). The mineral rights
to the SY Property do not include diamond rights, which are held by Indicator
Minerals Inc. and Hunter Exploration. There is a 2% net smelter royalty/gross
over-riding royalty ("NSR/GOR") payable to Hunter Exploration
Group. Corsa will be project operator for exploration programs at the SY
Property.
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 contact Tony Reda, Investor Relations,
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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