Archive for April, 2011

KAMINAK COMMENCES DRILLING AT COFFEE GOLD PROJECT

Kaminak Gold Corp. has commenced the 2011 drill program on the company’s 100 per cent owned Coffee gold project, located in the White Gold district, Yukon Territory. This program marks the start of just the second year of drilling, which aims to significantly build upon the highly successful 2010 program, where eight gold discoveries were drilled over a 15 kilometre by 5 kilometre area of the Coffee Gold project.

Reverse circulation drilling is underway at the Supremo zone testing the T3 trend, where gold mineralization was established over a 1.7km strike length from widely spaced diamond drilling undertaken during 2010.

2010 drill highlights from the T3 Trend include:
17.1 g/t Au over 16m (CFD-1)
12.4 g/t Au over 14m (CFD-16)
3.3 g/t Au over 17m (CFD-3)
1.2 g/t Au over 51m (CFD-23)

All mineralization at Coffee commences from surface and is open along strike and at depth.

The RC drill is a track mounted unit designed to rapidly test along strike of existing gold drill intercepts and beneath previously un-drilled soil and trench anomalies. The mobility of the RC drill will enable Kaminak to quickly and effectively test the extensive mineralized trends at Coffee to a down-hole depth of 200m.

In addition to the RC Drill which has commenced drilling, two diamond core drills are scheduled to begin drilling in approximately two weeks at the Latte and Double Double Zones. A third diamond drill will be mobilized to Coffee by mid-May.

The Coffee Gold Project Phase One exploration program is budgeted at $15 million and includes 40,000 metres of drilling from four drills (three diamond drills and one RC drill), geophysics and the collection of 10,000 new soil samples in previous unexplored regions of the property. The key objectives for the 2011 drill program are to:
1. Expand and define geometry on the 8 gold zones discovered in 2010
2. Work towards National Instrument 43-101 compliant inferred resources on priority zones
3. Continue to discover new gold zones across the Coffee property by drill testing high-quality soil anomalies

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 Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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PACIFIC RIDGE COMPLETES AIRBORNE MAGNETIC SURVEY AT MARIPOSA

An airborne magnetometer survey has been completed over a portion of Pacific Ridge Exploration Ltd.’s Mariposa gold property in the Yukon’s White gold district. The survey covered the area of six gold-in-soil targets detected during the 2010 exploration program, including the 3,500-metre-long by 600 m wide Skookum Jim gold anomaly.

The high-resolution aeromagnetic survey was conducted by Precision GeoSurveys Inc. of Vancouver, B.C., using a helicopter-mounted cesium vapour magnetometer. A total of 900 line kilometres were flown along 100-metre-spaced lines and 1,000-metre-spaced tie lines. Results are currently being processed and will be subsequently interpreted together with geochemical datasets.

Recent work by Pacific Ridge, and also by some companies within the White gold district, has shown that structural discontinuities are favourable hosts for gold mineralization. Both airborne and ground magnetic surveys have been successfully used as mapping tools for delineation of these structures, as well as alteration patterns and underlying rock types. The integration of geophysical results with gold-in-soil geochemical trends is therefore considered an effective method for identification of drill targets.

Follow-up ground magnetic and electromagnetic surveying will also be conducted in advance of this year’s drill program at Mariposa. This survey will be conducted at greater detail than the aeromagnetic coverage and will provide optimum definition of targets for initial drill holes. Commencement of drilling is planned for mid-June.

During the period to April 7, 2011, exercise of 15-cent share purchase warrants has resulted in the issuance of 1,205,643 common shares with funds received in the amount of $180,846.

The technical information in this release has been reviewed by Janice Fingler, PGeo, who acts as the company’s qualified person for the purposes of NI 43-101.

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