Vancouver, B.C. � Kaminak Gold Corporation (KAM: TSX-V) and project partner TerraX Minerals Inc. (TXR: TSX-V) today announced that drilling has begun on Kaminak�s 100% owned Needle Gold property in Nunavut, Canada. The Needle Gold property is comprised of two contiguous claims with a total area of 2,090.21 hectares and is approximately 460 kilometres northeast of Yellowknife, 204 km southeast of the past producing Lupin Mine, and 70 km south of the George and Goose Lake Projects.
The 2008 exploration program is solely funded by TerraX and consists of a minimum five hole drill program that will test extensions from the main Needle Gold Zone, which was drilled by previous operators in 1990. Data examination revealed evidence that the three mineralized intercepts from the 1990 drill program occur on the same structure, which remains untested along strike and down dip. Historical drill results at the Needle Zone include 9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over a 2.02m core length (see Kaminak Press Release March 31, 2008).
In addition, the current drill program will test a new vein structure identified during fieldwork conducted by TerraX in 2007 (486 g/t Au assay from a large (> 1 cubic m), angular boulder/subcrop), located within 100 metres of the mineralized structure described above. No previous drilling has been completed over this target.
Finally, the drill program will test a new style of mineralization that was discovered on the property and consists of zinc and lead-rich precious metal occurrences. An outcropping surface grab sample from one such discovery yielded 24 g/t Au, 70 g/t Ag, 1.7% Zn and 0.5% Pb. This occurrence is coincident with a geophysical conductor which has yet to be fully defined. Previous prospecting along this conductor resulted in 7 anomalous Au samples (3.0 g/t to 41.7 g/t). A GPS controlled VLF survey will be completed over this target area to help determine drill collar locations and orientation. No previous drilling has been completed over this target, and two holes are planned to test this area during the current drill campaign
Under the terms of the option agreement, TerraX has an option to earn up to a 60-per-cent project interest by incurring exploration expenditures totalling $2 million and issuing Kaminak share payments totalling 400,000 shares by December 31, 2010 (see Kaminak Press Release August 22, 2007).
The contents of this press release have been reviewed and approved by Joseph Campbell, P.Geo., TerraX�s President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. Historical gold assays from surface sampling and drilling prior to 2007 were obtained from publically available, archived, assessment reports and government publications and the data has not been verified by TerraX staff.
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. Historical gold assays from previous surface sampling and drilling were obtained from publically available, archived, assessment reports and government publications and the data has not been verified by Kaminak staff. The Needle property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.
Kaminak Gold Corporation is an opportunity focused prospect generator. Kaminak's technical strength and entrepreneurial drive is complemented by a proven, successful business model designed to create shareholder value. Kaminak'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.
On behalf of the Board of Directors of Kaminak
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 email@example.com .
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.
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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 and Kivalliq's operations as mineral exploration companies 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.