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Kaminak
and Breakwater Resources Ltd. Stake Nickel Targets in Quebec
September 10, 2007
Vancouver, B.C. - Kaminak Gold Corporation
(KAM: TSXV) today announced the Company and strategic
alliance partner Breakwater Resources Ltd. (BWR: TSX) have acquired through
staking a number of nickel targets within the Grenville geological domain of
southern Quebec.
These targets were recognized by Kaminak's
technical team as a result of in-house geological and geophysical data
compilations. Historical government files from one such prospect
reports up to 1.69% Ni plus 3.07% Cu in selected samples hosted within orthopyroxenite. A separate prospect is reported to
contain up to 1.31% Ni plus 0.83% Cu from grab samples in peridotite
and pyroxenite. A Kaminak field team is currently
completing an initial program consisting of geological mapping, ground truthing of historical data and prospecting. Subsequent
plans include airborne geophysics over selected targets.
The Agreement
On April 26th, 2007, Kaminak and Breakwater
Resources Ltd. entered into a generative strategic alliance targeting
primarily nickel-copper-PGE deposits over parts of eastern North
America. Each company initially funds $50,000 for data compilation,
targeting and field work during the 2007 season. Kaminak will initially
act as Project Operator.
Upon ground acquisition, a 50-50 joint venture is
formed on each separate property. Breakwater shall bear 100% of the
exploration costs in each joint venture block until the cumulative total
amount expended for exploration across all joint venture blocks equals $1
million. Upon completion of such expenditure, the interests of the parties in
each joint venture shall be Breakwater 51% and Kaminak 49%. Within thirty
days after Kaminak and Breakwater agree that this $1 million expenditure
threshold has been reached, Breakwater can elect to increase it's joint
venture interest to 60% by solely funding the next $2 million in cumulative
exploration costs across all joint venture blocks.
About Kaminak
Kaminak Gold Corporation is a prospect generator
employing a joint venture strategy that maximizes opportunities for discovery
while minimizing exploration risk to the company. A critical component
of Kaminak's business model is working with strong
project partners to advance the company's exploration projects. Covering
several million acres, Kaminak holds one of the largest land positions in Canada
devoted to metallic mineral exploration. Kaminak's
projects offer world-class exploration potential and present exposure to
strategic commodities including, gold, uranium and nickel.
Kaminak's disclosure of a technical or scientific nature is prepared under the
supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO, who serves as the Qualified
Person under the definition of National Instrument 43-101. Historical
assays and previous sampling were obtained from government archived
assessment reports, and although this data cannot be confirmed, they are
considered reliable.
On behalf of the Board of Directors
"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 call us at 604.646.4534.
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 Kaminak's plans and projects,
constitute forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Kaminak's
operation as a mineral exploration company that may cause future results to
differ materially from those expressed or implied in such forward-looking
statements. 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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