VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 17, 2006) - The press release issued earlier today, 17 January 2006 for Kaminak Gold Corporation had an error in the dates announcing the commencement and expiration of their stock options. The corrected updated release now follows.
Kaminak Gold Corporation (TSX VENTURE:KAM) reports the identification of the Gela Lake Gold-Copper-Bismuth Zone on the Company's 100% owned Lach Property, located in the North Slave Region of Nunavut, Canada. This new target is the result of a 2005 prospecting program and represents the discovery of a new target type for the region.
The 2005 prospecting program was designed to follow-up anomalous reconnaissance gold-copper-bismuth samples collected by the Hunter Exploration Group in the Gela Lake area in 2001. This work identified extensive gossanous and alteration zones along a linear valley sub-parallel to the Bathurst Fault Zone, a major first-order crustal structure. Sampling by Hunter yielded assays of 2.29 g/t Au, 1.65% Cu, 0.06% Bi (sample AVP-5069), 1.00 g/t Au, 0.44% Cu, 0.17% Bi (sample AVP-5071) and 1.96 g/t Au, 1.81% Cu, 0.11% Bi (sample AVP-5071). No evidence of previous sampling in the area was observed.
Prospecting at Gela Lake in 2005 focused along and within overburden-filled valleys that are interpreted as fault systems associated with the Bathurst Fault Zone. Widespread hydrothermal alteration was observed in frost heave and along the walls of outcrop that define the valleys over a strike length of approximately 500m, before being covered by overburden on both ends. These valleys are tens of metres wide, but determining the width of mineralizing zones is hampered by extensive overburden. A total of 45 grab samples were collected and analyzed for gold and multi-element ICP (Induced Coupled Plasma) at TSL Laboratories of Saskatoon, Saskatchewan.
Of the 45 samples collected at Gela Lake, 29 samples are considered anomalous (65% of total samples) and assayed greater than 0.10 g/t Au, 17 samples (38% of total samples) assayed greater than 0.50 g/t Au, and 13 samples (29% of total samples) assayed greater than 1.0 g/t Au. A high of 5.21 g/t Au was also obtained. For the most part, these grab samples were selected based on the appearance of high sulphide content (namely chalcopyrite and pyrite). In this sample set, high Au assays correlate well with high Cu and Bi values. For example, sample #GNP-105 assayed 5.21 g/t Au and also contained 5.27% Cu and 0.18% Bi.
The North Slave Region of Nunavut is well known for its gold resources , hosting the past-producing Lupin Mine (greater than 3.2 Moz gold) and a number of advanced stage exploration projects including Miramar Mining Corp.'s Hope Bay Project. The Lach Property is strategically located near tide water and the proposed deep-water port facilities of the Bathurst Inlet Road and Port Project.
The Gela Lake Gold-Copper-Bismuth Zone represents a newly defined gold target in the North Slave Region that occurs in a geological environment that has traditionally been over-looked. Kaminak is planning a follow-up program in 2006 that will include further ground prospecting and geophysical surveys designed to generate drill targets.
For more information on the Lach Gold Property, please visit the Kaminak Gold Corporation website: http://www.kaminak.com/project_areas/nunavut/lach/.
Kaminak Gold Corporation's board of directors, subject to regulatory approval, has approved a grant of stock options, pursuant to the corporation's stock option plan, to acquire a total of 1,945,000 common shares of the corporation, of which stock options to acquire a total of 1,100,000 common shares were granted to insiders of the corporation and 845,000 shares were granted to independent consultants. The options will have an exercise price of $0.55 per common share, with a hold period of four months, commencing on January 17, 2006 and will expire on January 17, 2011. The stock options will vest in the amount of 25% every three months from date of granting.
Kaminak Gold Corporation holds one of the largest land positions, covering several million acres within 11 projects, 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.
Dr. Rob Carpenter, Ph.D, P. Geo., a qualified person as designated by National Instrument 43-101, supervised the sampling and quality control program at Lach Property and reviewed the technical content of this news release.
On behalf of the Board of Directors
John E. Robins, P. Geo., President
Kaminak Gold Corporation
FOR FURTHER INFORMATION PLEASE CONTACT:
Kaminak Gold Corporation
John E. Robins, P. Geo.