Kaminak
Stakes Additional Claims in the White Gold District, Yukon Territory
May 20, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announced it has acquired through staking an additional 47 mineral claims
totaling 950 hectares in the newly recognized �White� gold district in the
west-central Yukon. Kaminak now controls over 8,500 hectares in this emerging
gold district; comprised of three separate properties �Coffee�, �Cream� and
�Kirkman�.
These newly staked claims adjoin Kaminak�s Kirkman
property which is located approximately 5 kilometres south of Underworld
Resources Ltd�s White property. The claims were staked in order to cover
possible extensions of a 1 kilometre long multi-element soil anomaly
identified on Kirkman which is associated with a regional scale fault zone. The
results from a total of 632 soil samples previously collected on the property
have highlighted a linear anomaly consisting of elevated arsenic (48 samples
>100 ppm), antimony (17 samples >6 ppm) and gold (9 samples >24
ppb).
The soil geochemical footprint of Au-As-Sb observed
on Kaminak�s Kirkman property and the underlying bedrock geology of the
property are analogous to the adjacent White property owned by Underworld. These
similarities indicate Kirkman as a priority exploration target for the
upcoming season. Kaminak expects to begin an initial $250,000
exploration program in the summer of 2009 on all three properties consisting
of trenching, rock sampling, ground geophysics, geological mapping and soil
sampling. The new claims announced today occur within a mutual area of
interest subject to an agreement between Kaminak and the underlying property
owner. Details of this agreement are outlined in Kaminak news release dated
May 4th, 2009.
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. Shawn 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. Moreover, Kaminak has not
raised money through equity markets in three years and has no intention of
doing any financings in the near future. 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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