June 20, 2007
Vancouver, B.C. - Kaminak Gold Corporation (KAM: TSX-V)
today announced the Company has acquired through staking a 100% interest in 525 claim units (21,000 acres) covering gold targets in the Archean Hemlo Greenstone Belt of Ontario, "Hemlo North". These claims are located directly north of the current Hemlo mine leases and patented claims owned by Teck Cominco Limited, Barrick Gold Corporation and Newmont Mining Corporation. Geological maps showing the location of Kaminak's new "Hemlo North" project can now be viewed at http://www.kaminak.com/projects/generative_projects/hemlo_north/
"Our technical group applied basic exploration principles and generated new and high-quality gold targets in a world-class camp
" stated Rob Carpenter, President and CEO of Kaminak. "This work has opened up an area for search that has had much less exploration activity in the past and is largely devoid of previous diamond drilling."
Exploration Strategy
The Hemlo gold camp represents one of the most prolific gold camps in Canada and has remained in continuous production since 1985. Kaminak's exploration rationale at Hemlo is based on a structurally controlled "shear-zone model."
Examination of publicly available geological reports and digital geophysical databases by Kaminak and consultant GeoVector Management Inc. strongly indicate the Hemlo deposits are related to a west-northwest trending shear zone. Further evidence suggests the presence of stacked or parallel shear zones north of this main ore trend. Kaminak's technical team believes that there has been a lack of exploration directed towards shear zones models at Hemlo, thereby creating a new exploration opportunity in this district.
2007 Exploration Plans
Kaminak is planning an initial field program this summer consisting of geological and structural mapping and prospecting designed to ground-truth inferred structural targets. This may be supplemented by soil geochemical surveys and ground geophysics. The goal of this program is to identify drill targets by this coming winter.
Kaminak - GeoVector Agreement
Kaminak's "Hemlo North" project is subject to a collaboration agreement between Kaminak and GeoVector Management Inc. of Ottawa, Ontario, whereby GeoVector develops grassroots exploration concepts for Kaminak within specified regions of eastern Canada. Initial project ideas are evaluated by Kaminak and any ground acquisition must be approved by Kaminak. GeoVector will design and undertake approved work programs. If Kaminak decides to proceed with any property acquisitions, it will retain 100% interest in the property. Furthermore, Kaminak will issue GeoVector 50,000 common shares for each property acquired and an additional 50,000 common shares for every property upon which drilling is undertaken. GeoVector will retain a 2% NSR on each property with 1% of this NSR purchasable at anytime by Kaminak for C$500,000. The remaining 1% NSR can be purchased by Kaminak at anytime for C$1,000,000. Subject to TSX Venture Exchange Approval, Kaminak intends to issue 50,000 common shares to GeoVector in connection with the acquisition of the "Hemlo North" project.
The preliminary compilation and the exploration work for the Hemlo North project is being conducted under the supervision of GeoVector Management Inc. and Joe Campbell, P. Geo., is the Qualified Person under the definition of National Instrument 43-101. Historical assays and previous sampling were obtained from government archived assessment reports, and although this data cannot be confirmed, they are considered reliable. Additionally, content of this news release has been reviewed by Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO.
About Kaminak
Kaminak Gold Corporation is a project generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration risk to the company. 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 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, 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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