Ms. Eira Thomas reports

KAMINAK ANNOUNCES C$22.5 MILLION INVESTMENT BY ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. AND EXISTING LARGE SHAREHOLDERS INCLUDING ROSS BEATY AND ZEBRA HOLDINGS AND INVESTMENTS S.A.R.L.

Kaminak Gold Corp. intends to issue 27,439,024 units in a non-brokered private placement to Electrum Strategic Opportunities Fund LP and existing, large shareholders, including Ross Beaty and Zebra Holdings and Investments Sarl Luxembourg (a company owned by a trust whose settlor was the late Adolf H. Lundin) for gross proceeds of $22.5-million. The units will be issued at a price of 82 cents per unit. Upon closing of the private placement and on a partially diluted basis assuming the exercise of all unit warrants acquired by the subscribers, Electrum will own a 10.32-per-cent equity interest in the company.

Eira Thomas, Kaminak president and chief executive officer, commented: "Kaminak is very pleased to be welcoming Electrum as a significant new shareholder in conjunction with a financing that renews and builds upon the support of our existing strong shareholder base. These funds ensure that our Coffee gold project stays on the fast track right through to construction, targeted for 2018, in support of Kaminak's larger goal of becoming a Yukon gold producer by 2019."

Following the closing of the private placement, Electrum will have the right to nominate one person to the company's board of directors and a right to participate in any future proposed equity offering of the company in order to maintain its pro rata shareholding, subject to certain exceptions. These rights can only be exercised by Electrum if it owns more than a 5-per-cent interest in the company.

Each unit to be issued in the private placement will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each unit warrant will entitle the holder thereof to purchase one common share at a price of $1.05 for a period of two years following the closing of the offering. In the event that following four months and one day after the closing date, the volume-weighted average trading price of the company's common shares on the TSX Venture Exchange for a period of 10 consecutive trading days exceeds $1.35, the company may accelerate the expiry date of the unit warrants.

All securities issued in the private placement will be subject to a statutory four-month hold period. Closing of the private placement is subject to negotiation and execution of definitive documentation, and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.

The net proceeds of the private placement will be used to continue exploration and development of Kaminak's Coffee gold project in Yukon.

We seek Safe Harbor.