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Kaminak Announces $15
Million Initial Phase 1 Budget for Coffee Gold Project, Yukon
Vancouver, B.C. � Kaminak
Gold Corporation (KAM: TSXV) today announced that Board approval has been
granted for the 2011 exploration budget on the Company�s 100% owned Coffee
Gold Project, located in the White Gold District. The first phase drill
program is budgeted at $15 million and is expected to begin in early
April. Kaminak currently has over $21 million
in cash and has planned an aggressive drill program, which has been scheduled
to allow a follow up second phase of drilling before freeze-up in the fall of
2011.
Key Points:
- April 15, 2011 start date expected
for a program of 40,000m � 45,000m of core and reverse circulation
drilling from 4 drills. The key objective will be to establish a
National Instrument 43-101 compliant resource on priority zones.
- Each of the 8 gold zones
discovered by Kaminak in 2010 will receive
follow-up drilling in 2011, and newly-defined, high-quality,
gold-in-soil anomalies, such as Americano West, Macchiato, and the newly
recognized Sugar, will also be drill tested. The Sugar trend is
located 35km east-southeast from Americano West.
- Initial emphasis will be on
expanding the Latte � Double Double � Supremo gold trends. Each of these gold zones begin at surface and remain open in all directions.
- Up to 10,000 soil samples
will be taken across the property including extensions to the existing
high tenor anomalies at Coffee, systematic grid sampling over the newly
defined Sugar trend gold-in-soil anomaly, and comprehensive first pass
ridge and spur soil sampling across the remainder of the Coffee
Property.
�Our initial drilling in 2010
successfully outlined 8 significant gold zones demonstrating that the Coffee
property is a very robust, large-scale hydrothermal system endowed with
gold,� stated Rob Carpenter, Kaminak�s President & CEO. �Our 2011 drill strategy is
threefold: expand the 8 significant gold zones discovered in 2010, work
towards compliant resources on priority zones, and make new additional gold
discoveries across our vast property by drill testing high-quality soil
anomalies.�
In 2010, Kaminak
executed the first ever drill program on the Coffee Gold Project and drilled
8 separate and closely-spaced gold discoveries within a 10km strike
length. Discovery holes include:
CFD001 Supremo Zone 15.5m @ 17.1 g/t
Au
CFD006 Latte Zone 83.93m @ 1.08 g/t Au
CFD027 Double Double Zone 35m @ 6.3 g/t Au
CFD053 Kona Zone 56.75m @ 2.21 g/t Au and 23m @ 1.92 g/t Au
CFD064 Americano Zone 18m @ 2.36 g/t Au
CFD069 Connector Zone 11m @ 5.5 g/t Au
Lack of glaciation over the Coffee
property has allowed in-situ soil-sampling to be employed as a highly
effective exploration tool. All of Kaminak�s
gold discoveries to date have been found by drilling directly underneath
gold-in-soil anomalies. Approximately 19km of untested soil anomalies
are known on the property and these targets will also be drill tested in
2011. Moreover, only 10% of the property has seen systematic grid soil
sampling. Kaminak intends to take up to
10,000 soil samples targeting extensions to the existing high tenor anomalies
at Coffee, systematic grid sampling and diamond drilling over the newly
defined Sugar trend gold-in-soil anomaly, and comprehensive first pass ridge
and spur soil sampling across the remainder of the Coffee Property.
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 Coffee property represents an early stage
exploration property and does not contain any mineral resources as defined by
National Instrument 43-101.
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,
Vice-President of Corporate Development, at toll
free 1.888.331.2269, directly at 604.646.4534 or by email at info@kaminak.com. Kaminak is a member of
the Discovery Group of companies. For more information on the group please
visit www.discoveryexp.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts 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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Kaminak Announces $15
Million Initial Phase 1 Budget for Coffee Gold Project, Yukon
January 12, 2011
Vancouver, B.C. � Kaminak
Gold Corporation (KAM: TSXV) today announced that Board approval has been
granted for the 2011 exploration budget on the Company�s 100% owned Coffee
Gold Project, located in the White Gold District. The first phase drill
program is budgeted at $15 million and is expected to begin in early
April. Kaminak currently has over $21 million
in cash and has planned an aggressive drill program, which has been scheduled
to allow a follow up second phase of drilling before freeze-up in the fall of
2011.
Key Points:
- April 15, 2011 start date
expected for a program of 40,000m � 45,000m of core and reverse
circulation drilling from 4 drills. The key objective will be to
establish a National Instrument 43-101 compliant resource on priority
zones.
- Each of the 8 gold zones
discovered by Kaminak in 2010 will receive
follow-up drilling in 2011, and newly-defined, high-quality,
gold-in-soil anomalies, such as Americano West, Macchiato, and the newly
recognized Sugar, will also be drill tested. The Sugar trend is
located 35km east-southeast from Americano West.
- Initial emphasis will be on
expanding the Latte � Double Double � Supremo gold trends. Each of these gold zones begin at surface and remain open in all directions.
- Up to 10,000 soil samples
will be taken across the property including extensions to the existing
high tenor anomalies at Coffee, systematic grid sampling over the newly
defined Sugar trend gold-in-soil anomaly, and comprehensive first pass
ridge and spur soil sampling across the remainder of the Coffee
Property.
�Our initial drilling in 2010
successfully outlined 8 significant gold zones demonstrating that the Coffee
property is a very robust, large-scale hydrothermal system endowed with
gold,� stated Rob Carpenter, Kaminak�s President & CEO. �Our 2011 drill strategy is
threefold: expand the 8 significant gold zones discovered in 2010, work
towards compliant resources on priority zones, and make new additional gold
discoveries across our vast property by drill testing high-quality soil
anomalies.�
In 2010, Kaminak
executed the first ever drill program on the Coffee Gold Project and drilled
8 separate and closely-spaced gold discoveries within a 10km strike
length. Discovery holes include:
CFD001 Supremo Zone 15.5m @ 17.1 g/t
Au
CFD006 Latte Zone 83.93m @ 1.08 g/t Au
CFD027 Double Double Zone 35m @ 6.3 g/t Au
CFD053 Kona Zone 56.75m @ 2.21 g/t Au and 23m @ 1.92 g/t Au
CFD064 Americano Zone 18m @ 2.36 g/t Au
CFD069 Connector Zone 11m @ 5.5 g/t Au
Lack of glaciation over the Coffee
property has allowed in-situ soil-sampling to be employed as a highly
effective exploration tool. All of Kaminak�s
gold discoveries to date have been found by drilling directly underneath
gold-in-soil anomalies. Approximately 19km of untested soil anomalies
are known on the property and these targets will also be drill tested in
2011. Moreover, only 10% of the property has seen systematic grid soil
sampling. Kaminak intends to take up to
10,000 soil samples targeting extensions to the existing high tenor anomalies
at Coffee, systematic grid sampling and diamond drilling over the newly
defined Sugar trend gold-in-soil anomaly, and comprehensive first pass ridge
and spur soil sampling across the remainder of the Coffee Property.
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 Coffee property represents an early stage
exploration property and does not contain any mineral resources as defined by
National Instrument 43-101.
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,
Vice-President of Corporate Development, at toll
free 1.888.331.2269, directly at 604.646.4534 or by email at info@kaminak.com. Kaminak is a member of
the Discovery Group of companies. For more information on the group please
visit www.discoveryexp.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts 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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