May 11, 2012

Vancouver, British Columbia � Kaminak Gold Corporation (KAM: TSX-V) (�Kaminak� or the �Company�) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the �Underwriter�), to sell 2,500,000 flow-through common shares (the �Flow-Through Shares�) at a price of $2.10 for aggregate gross proceeds of $5,250,000 (the �Offering�).  In addition, the Company will grant the Underwriter an over-allotment option, exercisable prior to the closing of the Offering, to purchase from the Company up to an additional 500,000 Flow-Through Shares issued through the Offering, at the same price as is applicable to the Offering.

�Our 2012 drill program is on budget and drill production is progressing well,� stated Rob Carpenter, Kaminak�s President & CEO.  �Securing this financing right now will allow us enough time to try and secure an additional RC rig for the summer drill season.�

The Underwriter will receive a cash commission on the sale of the shares, representing 6% of the aggregate gross proceeds raised, including brokers warrants (�Broker Warrants�) equal to 5% of the Offering. Each Broker Warrant shall be exercisable for one common share of the Company at a price of C$2.10 at any time up to 24 months after closing.

The Company intends to use the net proceeds of the Offering to conduct exploration activities on its Coffee project located in the White Gold District, Yukon, and for general working capital purposes.

Closing of the Offering is anticipated to occur on or before May 31, 2012 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.  Securities issued under the Offering and through the over-allotment option will be subject to a four month hold period which will expire four months from the date of closing.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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.