Kaminak Gold Corporation
Kaminak Gold Corporation is advancing the 100% owned Coffee Gold Project, a multi-million ounce, high-grade oxide gold district that is amendable to heap leaching and located in the Yukon Territory, Canada.
Message: Kaminak Stakes Additional Claims in the White Gold District, Yukon Territory
| May 20, 2009 |
| Kaminak Stakes Additional Claims in the White Gold District, Yukon Territory |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced it has acquired through staking an additional 47 mineral claims totaling 950 hectares in the newly recognized "White" gold district in the west-central Yukon. Kaminak now controls over 8,500 hectares in this emerging gold district; comprised of three separate properties "Coffee", "Cream" and "Kirkman". These newly staked claims adjoin Kaminak's Kirkman property which is located approximately 5 kilometres south of Underworld Resources Ltd's White property. The claims were staked in order to cover possible extensions of a 1 kilometre long multi-element soil anomaly identified on Kirkman which is associated with a regional scale fault zone. The results from a total of 632 soil samples previously collected on the property have highlighted a linear anomaly consisting of elevated arsenic (48 samples greater than 100 ppm), antimony (17 samples greater than 6 ppm) and gold (9 samples greater than 24 ppb). The soil geochemical footprint of Au-As-Sb observed on Kaminak's Kirkman property and the underlying bedrock geology of the property are analogous to the adjacent White property owned by Underworld. These similarities indicate Kirkman as a priority exploration target for the upcoming season. Kaminak expects to begin an initial $250,000 exploration program in the summer of 2009 on all three properties consisting of trenching, rock sampling, ground geophysics, geological mapping and soil sampling. The new claims announced today occur within a mutual area of interest subject to an agreement between Kaminak and the underlying property owner. Details of this agreement are outlined in Kaminak news release dated May 4th, 2009. 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. The soil geochemical data was provided by Mr. Shawn Ryan and although it was not verified by Kaminak, it is thought to be reliable. The geochemical analyses were completed at a recognized laboratory. The Coffee, Cream and Kirkman properties represent early stage exploration properties and do not contain any mineral resources as defined by National Instrument 43-101. 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 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. Kaminak currently has working capital in excess of $5,300,000 including over $4,500,000 in cash. The company has a low corporate burn-rate of under $60,000 per month and no debt. Moreover, Kaminak has not raised money through equity markets in three years and has no intention of doing any financings in the near future. 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, Ph.D., P.Geo, President and CEO |
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