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Kaminak�s
Partner Proposes Drill Program on Cry Lake (Nizi
Creek)
Gold-Silver Project, British Columbia
September 1, 2009
Vancouver, B.C. � Kaminak
Gold Corporation (KAM: TSX-V) today announced that the company�s 100% owned Cry Lake Gold-Silver
Project, formerly known as the Nizi Creek
Gold-Silver Project, is now optioned to Solomon Resources Ltd. (SRB: TSX-V).
A diamond drill program for September 2009 is being proposed by Solomon, who
will solely fund and conduct the program.
On August 6th, 2008, Avasca Inc., a private, B.C. based mineral exploration
company led by the established Gold Group, signed an option agreement with
Kaminak on the Cry Lake Project. On July 7th 2009, Solomon acquired Avasca
and inherited the original Kaminak-Avasca Cry Lake option agreement. Under
the terms of this agreement, Solomon has the right to earn a 51% project
interest by incurring exploration expenditures totalling $2 million and
making staged share payments totalling 400,000 Units to Kaminak by December
31, 2011. Solomon has issued Kaminak 100,000 Units and is required to incur a
minimum of $300,000 in exploration expenditures by December 31, 2009 on the
Cry Lake project. Each
Unit issued to Kaminak consists of one common Solomon share and one warrant
entitling Kaminak to purchase one additional common Solomon share for 12
months at a price per share set in accordance with the market price of
Solomon�s common shares at the time of issuance of the Units.
About The Cry Lake Gold-Silver
Project
The Cry Lake Project is located 80 kilometres northeast of Dease Lake,
British Columbia within the Sylvester Allochthon, a set of thrust-bounded
terranes which host gold-bearing epithermal type veins associated with felsic
volcanic rocks.
Gold mineralization on the Cry Lake Property is associated with shears,
faults and fractures within the poorly understood and highly metamorphosed
Rapid River tectonite. To date, seven main zones, including the
highly-prospective Discovery Vein / Surprise Vein Zone, have been identified
consisting of high-grade gold-silver vein-hosted mineralization over a
north-westerly elongate area 2 kilometres long by 1 kilometre wide.
Channel samples of the Discovery Vein by earlier operators returned the
following selected high-grade values: 27.09 grams per tonne
(g/t) gold and 1220.6 g/t silver over 2.0 meters; 15.09 g/t
gold and 1073.2 g/t silver over 3.5 meters and 8.91 g/t gold and 596.6 g/t
silver over 1.0 meter
(British Columbia Geological Branch Assessment Report 22840). Limited
shallow drilling by earlier operators, including Madrona Mining Limited in
the mid 1990�s, confirmed the surface assays but to date no deeper drilling
has been conducted. A program of geological and structural mapping and
petrographic studies conducted in 2007 by Kaminak�s former partner, Romios
Gold Resources Inc., suggested that the known stockwork mineralization may
represent the upper portion of a larger vein system at depth, and a series of
diamond drill targets was proposed but never tested.
The Discovery Vein represents the best exploration target to date identified
on the Cry Lake property, with assay values up to 41.0 g/t gold although more
typical channel samples returned 1.5 to 30.0 g/t gold and 190 to 1200 g/t
silver over widths of 1.0 to 2.0 meters.
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
has an extensive portfolio of discovery-stage projects that offer world-class
exploration potential and present exposure to strategic commodities with an
emphasis on gold.
Kaminak�s financial discipline has enabled the
company to acquire a healthy treasury, remain debt-free and maintain a very
low corporate burn-rate. Well positioned to take advantage of the
current market, Kaminak is actively engaged in seeking out market-friendly
opportunities that 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. Kaminak is a member of the Discovery Group of companies. For more
information on the group please visit www.discoveryexp.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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