Ms. Eira Thomas reports

KAMINAK REPORTS INFILL DRILL RESULTS AND ANNOUNCES NEW GOLD DISCOVERY AT COFFEE GOLD PROJECT

Kaminak Gold Corp. today released 2014 infill drilling results from the Kona deposit and information on a new oxide gold discovery at Coffee, Kaminak's flagship development-track gold project located 130 kilometres south of Dawson City, Yukon. Kona is the only granite hosted of four gold deposits considered in a 2014 National Instrument 43-101 preliminary economic assessment contributing approximately 26,000 recoverable oxide gold ounces at an average diluted grade of 1.22 grams per tonne gold. The Kona deposit remains open along strike and to depth, and is associated with a 2.5-kilometre-long gold-in-soil anomaly, of which only 500 metres has been drill tested to date. Though contributing relatively few ounces in the current PEA, Kona, together with Kona North, a separate high-grade gold discovery announced in 2014, represent key resource upside targets at Coffee.

A total of 1,685 metres of infill drilling from 12 holes was completed at Kona in 2014 with the objective of verifying and upgrading the open-pit resources defined in the 2014 PEA from inferred to the higher-confidence category of indicated for inclusion in the Coffee mining feasibility study. Infill drilling confirmed the existing Kona geological interpretation, providing additional confidence in the location, geometry and continuity of the mineralized lodes. Drilling at Kona was completed concurrently with exploration at the Kona North target (3.12 grams per tonne over 29 metres, announced Oct. 28, 2014) and was prioritized over other Coffee infill drilling programs in order to collect metallurgical samples, which are currently undergoing analysis.

The location and spacing of infill drilling were determined in consultation with independent qualified person Robert Sim, PGeo, of SIM Geological Inc., who completed the Coffee gold project mineral resource estimates (announced Dec. 13, 2012, and updated Jan. 28, 2014). The company plans to update the mineral resource estimates for inclusion in the final feasibility study once all of the drill results from all 2014 to 2015 infill drill programs have been received.

                      INFILL DRILLING RESULTS

                                          Width  Weighted average
Drill hole       From (m)      To (m)   (m) (i)    grade (g/t Au)

CFD0381                53          55         2              1.29
CFD0382                72          76         4              1.93
CFD0382                98         101         3              9.23
CFD0382               151         156         5              2.26
CFD0383                75          88        13              3.95
CFD0383               144         148         4              2.49
CFD0385                83          87         4              3.63
CFD0389                48          51         3              3.18
CFD0391                25          35        10              3.09
CFD0394                14          21         7              2.55
CFD0396                34          37         3              1.93
CFD0396                61          63         2              2.83
CFD0399                                                       NSV
CFR0663                                                       NSV
CFR0665            105.16       108.2      3.04              1.32
CFR0666             89.92       92.96      3.04               1.7
CFR0666            112.78      118.87      6.09              1.13

(i) True width estimated at approximately two-thirds downhole 
length.
Drill hole prefixes CFD are diamond core holes; 
CFR are RC drill holes.

New Coffee discovery (Dolce)

The Coffee 2014 condemnation drilling program principally targeted lower-priority gold-in-soil anomalies, which occur within the vicinity of proposed (PEA) mining infrastructure. Drilling 900 m south of the Kona gold deposit, within the buffer zone of the proposed valley-fill heap leach facility, returned an intercept of 3.24 g/t Au over 13.72 m (CFR0652). This new discovery is being referred to as Dolce. While additional follow-up at Dolce is required, it is not expected to impact the proposed location or design of the VFHL facility.

Other notable intercepts from the 42-drill-hole, 4,175-metre condemnation program included 6.8 g/t Au over 3.5 m (CFR0605) at the northern edge of the proposed west waste dump, which is interpreted as the western extension of the Sumatra deposit, and 1.08 g/t Au over 13.71 m (CFR0672) at the proposed north dump, which is interpreted as the northern extension of the Supremo T7 deposit. So far, this drilling has not materially impacted the location of any proposed waste dumps or infrastructure; however, some design modifications may be required.

All maps, sections and assay sheets associated with this news release can be viewed at the company's website.

Feasibility and environment baseline program updates

A National Instrument 43-101 preliminary economic assessment completed in 2014 indicates that Coffee represents a robust, high-margin, rapid-payback, 11-year open-pit mining project at a $1,250-(U.S.)-per-ounce gold price and generates a pretax net present value at 5 per cent of $522-million and a pretax internal rate of return of 33 per cent. As announced July 28, 2014, the company initiated a mining feasibility study on the Coffee gold project with a targeted completion date of end 2015 or early 2016. Drilling and related field programs ended in the last week of November, 2014, and will resume in February, 2015. Drilling in 2015 will comprise continuing resource delineation infill, condemnation drilling of areas containing proposed mine infrastructure, and geotechnical and hydrological drilling. Environmental and heritage baseline studies, and engineering studies into the optimal route and design of the access road, are also advancing as planned. All metallurgical sampling was completed in 2014, and composites are now at the Kappes Cassiday and Associates Laboratory undergoing leaching and other test work.

Quality assurance/quality control

Kaminak's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Tim Smith, PGeo, vice-president, exploration, of Kaminak Gold, who serves as a qualified person under the definition of National Instrument 43-101. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill sample string. Samples are placed in sealed bags and shipped directly to the ALS Minerals preparatory laboratory in Whitehorse prior to gold fire assay.

We seek Safe Harbor.