KAMINAK GOLD CORPORATION ANNOUNCES AN INCREASE TO OVER-ALLOTMENT OPTION OF EQUITY FINANCING


Kaminak Gold Corp., in connection with its previously announced bought-deal offering co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp., and including Fraser Mackenzie Ltd., has increased the overallotment option of the offering from 15 per cent of the gross proceeds raised to 45 per cent of the gross proceeds raised through the offering, and now includes up to $1.5-million of flow-through common shares and $3-million of common shares. If the overallotment option is fully exercised, the gross proceeds from the offering will be $14,503,900.

The company intends to use the net proceeds of the offering to conduct exploration activities on its Coffee project located in the White Gold district, Yukon, and for general working capital purposes.

Closing of the offering is anticipated to occur on or before July 29, 2010, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. Securities issued under the offering and through the overallotment option will be subject to a four-month hold period, which will expire four months from the date of closing.

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