VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 20, 2006) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that field work has commenced on two of the Company's 100% owned projects; the Matrix Gold Project, and the Baker Lake Uranium Project, both located in Nunavut.
Matrix Gold Project
Kaminak has been advised by its operating project partner, Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (TSX:NMC)(NYSE:NEM)(ASX:NEM) ("Newmont") that crews have mobilized to the Matrix Gold Project with plans to immediately begin a 1200-metre drilling program. The objective of the program is to drill test the paleoplacer gold potential of the Proterozoic aged Hurwitz Sedimentary Basin. The gold occurrences in this basin are hosted in quartz-pebble conglomerate rocks and share many geological similarities to the prolific gold deposits of South Africa's Wittwatersrand Basin. Newmont is entering its third field season at Matrix including a second year of drilling. Newmont has the option to earn an initial 60% interest in the project by completing staged work commitments totaling $4.0 million. Newmont has the option to earn up to a 70% interest by completing an additional work commitment of CDN$10.0 million. Details of the option agreement can be found in a Kaminak Press Release dated April 18th, 2006.
Baker Lake Uranium Project
At Baker Lake, operating project partner Pacific Ridge Exploration Ltd. has notified Kaminak that crews have mobilized to the 500,000 acre project. A $1.6 million program will initially consist of the field checking of historical uranium occurrences as well as prospecting in new areas across the property. A 20 hole drill program is scheduled for later in the summer subject to initial program results and final permit approval. Pacific Ridge can earn an initial 51% interest in the project by completing $2.0 million in work commitments and staged share payments to Kaminak. Details of the option agreement can be found in a Kaminak Press Release dated January 25th, 2006.
"These two property agreements are examples of how our joint-venture philosophy exposes the Kaminak shareholder to multiple opportunities for discovery and brings the added technical expertise and funds from our partners to advance these projects on Kaminak's behalf," stated Rob Carpenter, President and CEO of Kaminak.
Kaminak Gold Corporation holds one of the largest land positions, covering several million acres, 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 are 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.
On behalf of the Board of Directors
Rob Carpenter, Ph. D., P. Geo., President and CEO
Kaminak Gold Corporation
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kaminak Gold Corporation
Rob Carpenter, Ph. D., P. Geo.
President and CEO