AN INTERVIEW WITH ROBERT CARPENTER, PRESIDENT, CEO AND DIRECTOR KAMINAK GOLD CORP. (As of March 24, 2010)

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With the take-out of Underworld Resources by Kinross, all of a sudden, there are a lot of people looking back to the Yukon, the home of the Trail of ‘98 and a Gold Rush of almost a cen- tury before. Sitting there with lots of land and exploration this year right beside Underworld, is Kaminak Gold and more than a few suggest that Kinross might want to consolidate the area, should Kaminak come up with good drilling results this summer. Time to visit with Robert Carpenter, President of Kaminak Gold:
David Pescod:We’re here with Rob Carpenter of Kaminak Gold and we find this story of interest right now because two of our favorite mining analysts, Wendell Zerb and Dave Coffin both suggest that this is one of more significant stories out there, but Rob, Kaminak hasn’t even done any drilling yet?
Rob Carpenter: Well last year was our first year at the prop- erty and we’ve actually delineated a lot of surface showings, last year some of our trenches came back 12 grams per ton gold, over ten meters and other times 8 and a half grams per ton gold over 15 meters and although there has been no drill- ing yet we’re not drilling geophysical anomalies or we’re not modeling any geophysical data. We’re going to be drilling on showings right below the surface, and so that is compelling for one reason, number two is that geologically and geo- chemically, and on the prospecting scale, it seems to be quite analogous to the Golden Saddle deposit of Underworld. We’re in the same district; we have the same rocks, same style of mineralization. I can’t put words in anyone’s mouth, but I would say that those are two of the reasons why people are paying attention.
DP: Okay now, obviously what people are expecting or hop- ing is that you own the land that has the extensions on Un- derworld, is this just hopeful thinking or...?
RC: I think, it was mentioned that geologically the host rocks are very similar at Golden Saddle. One of the compelling parts is that the guy that did the initial soil sampling and trenching at Underworld is the same guy that did the soil sampling and trenching at Coffee, a guy name Sean Ryan, the guy that discovered both.



When you look at the data sets, obviously you can see the soil anomalies on our property are compelling and compa- rable to the Underworld results, and as well their trench- ing results were quite similar to our trenching results. I think having Kinross and everyone else move into the area has made it more high-profile but certainly geologi- cally it is a pretty good analogue for other Golden Saddle- like deposits in the district.
DP: It’s very tricky to put into print what it is your dream is of what you might have there, but trying to be careful, what is it you think and hope you do have?
RC: We know that in this part of the world, the Yukon, small deposits are not going to make it. Our threshold is to find something that is significant and economic,, if we didn’t think we had potential for something comparable to Underworld or bigger we wouldn’t be there.
DP: Once again, I lived in the Yukon for three years so I know you are a long way from everywhere, and it is a rela- tively short summer so you are quite correct, you have to find something significant for it to be commercial.
RC: Exactly, I lived in Nunavut for three years and I have worked on deposits in the North and this isn’t Timmins, Ontario. You need high-grade deposits that are poten- tially economic and I think having Kinross move into the district has validated that an actual mining company be- lieves that you can mine the deposits here and make money at it. Having those guys in the district now shows that it is not just a bunch of juniors running around with flow through, there are actually significant discoveries to be made.
DP: What kind of a target do you think it is? Are we talk- ing 1 million ounces, 3 million ounces?
RC: Boy that’s putting me on the spot isn’t it?
DP: Yes, that’s what we’re trying to get to.
RC: I can’t comment on actual numbers until we get some drilling completed but as I mentioned if we didn’t see po- tential there for at least something as big as Underworld we wouldn’t be there.
DP: The exit strategy is pretty obvious, with Kinross in the area it would be economic for them to pick you guys up and make one big project, correct?



RC: I’m not in the Kinross boardroom, so I can’t say that, but one thing to keep in mind, before the takeover, Kinross was one of Underworld’s major shareholders, and that may have made it easier for them to have made that transac- tion, Kaminak we have no such shareholders, no major mining companies own significant holdings in Kaminak. We want to discover a deposit, and our number 1 goal is to create value for our shareholders and right now our share- holders are telling us they want to drill these targets and they want us to see what’s there.
DP: You’ve got plenty of money in the bank...
RC: We’ve got about $8 million in cash right now, the drill program will be about 5000 meters and that’s going to start in early May and we’re going to test as many different targets as we can, all up we will spend $3 million this summer so we don’t need to go to the market to do any more financing so our current shareholders will not need to suffer more dilution at these prices. We’re going to explore this as a potential camp, gold deposits seem to cluster together. Where you find one you usually find more than one and we feel that even on the Coffee property which is now 40 kilo- meters long, that we have the potential for multiple significant discoveries on our own property, not even looking at Underworld. We’ve got probably 20 high quality gold targets right now that we’re going to be drilling that actually have mineralization on surface, so we don’t have to drill extremely deep holes, we’re not modeling any geophysical data, this is really simple, we had a soil sample, we trenched it, we got gold in the rock and now we’re going to drill right underneath it and try to put something in the 3rd dimension.
DP: Out of left field, by chance, have you ever hiked yourself the trail of ’98, up the Chilkoot Pass?
RC: No I haven’t, but my wife did it a couple years ago with her sister. Certainly there is a lot of tradition there, and being in Dawson, there was so much placer gold mining you have to ask yourself where did all this gold come from? It’s Coffee Creek where our property is located which is also a past producing placer creek. It’s kind of; gee I wish I would have had these ideas 10 or 20 years ago when no one was paying attention.
DP: Okay, now for the tough questions...Our number one question, the price of gold, where do you see it July 1st and Christmas of this year, and secondly pick a stock that is going to double that is not in conflict of interest?
RC: Well with the price of gold, we have many gold projects and we think that gold has a promising future, the World is not out of the economic crisis yet the U.S. is still, when you dig below the surface there are still many issues that need to be resolved, look what is happening right now in Europe. So I think it will be a strong gold price you’ll see corrections and you’ll see spikes but I think you are going to continue to see a steady secular bull market in gold that we’ve had for many years now, so in July maybe it’s $1200 per ounce maybe it’s $1100 per ounce, but a year form now you’re probably looking at, I would say $1200 per ounce or $1300 per ounce. I don’t see any signs of this long-term gold bull market changing.
As far as stocks go that are going to double, that is a really tough one. If I knew I would buy it. I’m not a financial ad- visor so I don’t give stock advice but I think if investors look to the sectors they are most comfortable with, that is something they should think about.
DP: Sorry, you need to give one. RC: Oh, I can’t, I’m not a financial advisor. D.P: Thank you very much Rob!