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Shares Out: 38,105,620
Market Capitalization: 13,718,023
Estimate of Cash Position: 10,177,956
Property Name: Coffee, Cream and Kirkman
Property Size (Hectares): 7,680
Distance from White Gold: 27 km SE, 27 km SE, 8 km SE
Property Origin: Shawn Ryan

Details

A VERY complex deal: Option to earn 100% interest subject to a 2% NSR with an exploration budget of $250,000 for 2009 and issue 250,000 shares of Kaminak and $75,000 cash. To complete the option of one or all of the properties a new company would be spun out and distributed to Kaminak shareholders. The spin out would assume the option agreement from Kaminak and to complete final earn in would need to perform $1,550,000 in exploration expenditures, issue 1,500,000 shares and pay $325,000 to Shawn Ryan over three years. Ryan will retain a 2% NSR subject to a 1% buy-back for $2 million with annual advance royalty payments of $20,000 commencing December 31st, 2013.

Kaminak Gold is part of the Discovery Group and partly follows the prospect generator model. They were the fist into the White Gold district, and acquired three properties. They have announced that they will be spending at least $500,000 this summer and perhaps more. They have properties all over the place.