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Kaminak Commences Trenching Program on �White District� Gold
Properties
July 7, 2009
Vancouver, B.C. � Kaminak Gold Corporation (KAM: TSX-V) today
announced it has commenced an initial field program consisting of mechanized
trenching, soil sampling and ground magnetic surveys on the company�s Coffee,
Cream and Kirkman properties located in the newly recognized �White District�
in west-central Yukon Territory.
The primary objective of the trenching program will be to strip
overburden and expose bedrock over high priority gold-in-soil anomalies on
the Coffee property. Over 5,500 metres of trenching are planned and these new
exposures will be systematically mapped with approximately 1,000 rock chip
samples expected to be taken and sent for geochemical analyses. In addition,
a total 5,000 soil samples are planned on the Coffee property and these will
be taken over new potential gold targets. The Kirkman and Cream properties
will undergo geological mapping, minor trenching and approximately 1,800
total soil samples.
The total cost of this initial program is $430,000 and it is
expected to be completed by the end of July. Subsequent follow-up work is
planned for August and September and will be contingent on chip sampling
results.
Prospecting and geochemical sampling work to date on Kaminak�s
properties have identified coincident soil anomalies consisting of elevated
gold (Au), arsenic (As) and antimony (Sb) similar to that observed on
Underworld�s White property where subsequent trenching and drilling led to
the discovery of bedrock mineralization by Underworld. On Kaminak�s Coffee
property, over 1,250 soil samples have been collected and results have
outlined a core anomaly measuring 1.5 km by 2 km which is characterized by a
strong geochemical signature defined by Au (highest threshold from 80 to 839
ppb), As (100 to 1,758 ppm) and Sb (8 to 117 ppm). Two smaller grids were
also established along the regional strike situated 2.5 kilometres east and
4.5 kilometres west of the core grid. Both grids outlined anomalous gold
values with the highest threshold values on the western grid ranging from 50
to 643 ppb Au, and values on the eastern grid ranging from 50 to 148 ppb Au.
The three separate grids are demonstrating anomalous gold values over a
linear length of 10 km. These results indicate that the Coffee soil anomaly
is the largest and most intense new gold-in-soil anomaly in the White gold
district. Maps and images from these new Kaminak properties are now available
on the Company�s website at www.kaminak.com.
Kaminak Closes Non-Brokered $1.3 Million Private Placement
Kaminak today announced the closing of a non-brokered private
placement approved by the TSX Venture Exchange totalling $1,299,290 CDN. At
closing, Kaminak issued 2,887,311 units through two separate tranches at a
price of $0.45 per unit, to raise proceeds of $1,299,290. The warrants
associated with the financing expire June 29th, 2011 and July 7th, 2011 and
are subject to an acceleration clause, whereby, if the weighted average
trading price of Kaminak�s shares on the Exchange is at a price greater than
$0.10 above the strike price of a whole common share purchase warrant for a
period of 10 consecutive trading days, the Company will have the right to
accelerate the expiry date of the warrants. Kaminak will give written notice
to the holders of the warrants that the warrants will expire within 30 days
of the date notice provided by the Company to the warrant holders. Such
notice by the Company to the holders of the warrants may not be given until
four months and one day after the Closing.
All of the shares and any shares issued upon exercise of the
units and the units comprising the compensation option are subject to a hold
period and may not be traded in Canada until October 26th, 2009 or November
8th, 2009, except as permitted by applicable Canadian securities laws and the
TSX Venture Exchange.
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 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.
Post-closing, Kaminak has working capital in excess of
$6,700,000 including over $5,360,000 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.
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.
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.
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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