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Kaminak Stakes
Platinum-Palladium Targets in the Thunder Bay Area, NW Ontario
June 5, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announced it has acquired through staking 415 claims totalling 6,640 hectares
located approximately 50 kilometres north of Thunder Bay, Ontario.
These newly staked claims, now referred to as the �TBN� property, adjoin the
northern margin of Magma Metals Limited Current Lake property, where
high-grade mineralization has been discovered in diamond drilling (see Magma
Metals news release dated April 8th, 2009).
The staking resulted from an extensive in-house geological compilation of the
Pt-Pd potential in the Thunder Bay region by Kaminak and Geovector Management
Inc. Detailed structural analyses and data from regional geophysical surveys
suggests the emplacement of the host ultramafic intrusion at Current Lake is
controlled by intersecting East-West trending structures and North-South
trending structures. Kaminak�s TBN property is interpreted to have similar
trending structural intersects and Kaminak believes the property has
potential to host ultramafic intrusive rocks.
Initial work by Kaminak on the TBN property is expected to begin in the
summer of 2009 and will consist of field checking and prospecting and a
contingent airborne geophysical survey which will help detect the presence of
any ultramafic rocks.
Kaminak � Geovector
Agreement
Kaminak�s �TBN� 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 "TBN" project.
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.
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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