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Kaminak Reports Infill Drill Results from the Coffee Latte Deposit; Highlights Include: 3.99g/t Au over 22.9m, 4.85g/t Au over 16.8m, 24.1g/t Au over 3m and 3.63 g/t Au over 19.8m

January 13, 2015

Vancouver, B.C. – Kaminak Gold Corporation (KAM: TSX-V) today announced results for infill drilling at the Latte Deposit, a key gold resource contributing approximately 21% of the recoverable gold ounces at Coffee, Kaminak’s flagship development track gold project located 130 km south of Dawson City, Yukon.  A NI 43-101 Preliminary Economic Assessment (PEA) completed in 2014 indicates that Coffee represents a robust, high margin, rapid pay-back, 11 year open-pit mining project at a US$1250/oz gold price and generates a pre-tax NPV @5% of $522 million and a pre-tax IRR of 33%.  A feasibility study was initiated in Q3 of 2014 and is targeted for completion in late 2015 or early 2016 at a budget of approximately $30 million.  Feasibility work in 2014 continued until late November and infill drilling completed during 2014 exceeded the plan by over 9000 metres or 33% of the planned infill metres for the year.  Mobilization for the 2015 feasibility program is now underway, with drilling expected to commence in early February, 2015.

A total of 5200 metres of infill drilling from 43 holes, was completed at Latte in 2014 with the objective of verifying and upgrading the open-pit resource defined in the 2014 PEA from largely “Inferred” to the higher confidence category of “Indicated.” Infill drilling generally confirmed the existing geological interpretation and resource model; updated resource modeling is now underway.  2014 infill drilling results for Kona and Double Double are in the process of being compiled and will be reported in the coming weeks.

Kaminak President and CEO, Eira Thomas, commented: “Latte plays a key role in the current mine plan for Coffee, contributing the majority of the gold ounces during the payback period (years 1 and 2) and offering the lowest strip ratio of all the Coffee deposits. We are pleased to report that infill drilling in 2014 continued to confirm the continuity of the mineralization at Latte; there were no surprises.  Coffee remains on track to complete the feasibility study and initiate the permitting phase of the Project in early 2016.”

Drilling Results

Infill drilling is being undertaken across the Coffee Gold deposits with the objective of verifying the current resource block model and upgrading the open-pit resources defined in the current PEA to the higher confidence “Indicated” category for inclusion in the Coffee Mining Feasibility Study.  The location and spacing of infill drilling was determined in consultation with independent Qualified Person Robert Sim, P.Geo of SIM Geological Inc., who completed the Coffee Gold Project Mineral Resource Estimates (announced December 13, 2012, and updated January 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 2014-15 infill drill programs have been received.

Infill drilling was previously completed over 500m of strike length within the central zone of Latte in 2013 (see news release November 7th, 2013) with resultant conversion of resources to the Indicated category within that zone (see news release January 28th, 2014).  The 2014 infill drilling was undertaken over the eastern and western extremities of Latte, and in addition the Latte North zone, which is a splay off of the main Latte structure.  The drilling results generally confirm the location, geometry, continuity and grade of the mineralization interpreted within the existing resource model.  Results of the 2014 infill drilling are tabulated below in Table 1.

Table 1: Infill Drilling Results

Prospect
Drill Hole
From (m)
To (m)
Width (m)*
Weighted Average
grade (g/t Au)
Latte
CFD0390
15
32
17
1.61
Latte
CFD0390
66
73
7
1.32
Latte
CFD0392
29
31
2
3.28
Latte
CFD0392
93
95
2
19.15
Latte
CFD0392
107
109
2
9.10
Latte
CFR0619
NSV
Latte
CFR0620
41.15
44.2
3.05
1.47
Latte
CFR0623
38.1
41.15
3.05
1.46
Latte
CFR0624
25.91
30.48
4.57
1.91
Latte
CFR0626
NSV
Latte
CFR0627
105.16
112.78
7.62
1.75
Latte
CFR0629
25.91
28.96
3.05
1.35
Latte
CFR0631
12.19
35.05
22.86
1.62
Latte
CFR0633
32.00
33.53
1.53
2.39
Latte
CFR0635
NSV
Latte
CFR0637
13.72
15.24
1.52
1.13
Latte
CFR0639
44.20
47.24
3.04
2.02
Latte
CFR0640
105.16
108.2
3.04
4.57
Latte
CFR0643
NSV
Latte
CFR0644
NSV
Latte
CFR0647
74.68
80.77
6.09
6.47
Latte
CFR0647
117.35
134.11
16.76
4.85
Latte
CFR0649
86.87
97.54
10.67
2.16
Latte
CFR0649
111.25
123.44
12.19
2.09
Latte
CFR0649
132.59
143.26
10.67
4.45
Latte
CFR0649
167.64
175.26
7.62
1.32
Latte
CFR0651
80.77
86.87
6.10
2.39
Latte
CFR0651
96.01
118.87
22.86
3.99
Latte
CFR0651
176.78
185.93
9.15
6.29
Latte
CFR0658
NSV
Latte
CFR0659
35.05
38.1
3.05
2.94
Latte
CFR0659
48.77
68.58
19.81
3.63
Latte
CFR0662
NSV
Latte
CFR0664
80.77
85.34
4.57
1.88
Latte
CFR0667
77.72
83.82
6.10
1.14
Latte
CFR0669
54.86
79.25
24.39
1.31
Latte
CFR0688
1.53
9.14
7.61
5.26
Latte
CFR0688
47.24
54.86
7.62
3.16
Latte
CFR0690
28.96
33.53
4.57
1.49
Latte
CFR0690
82.30
83.82
1.52
8.85
Latte
CFR0693
38.10
45.72
7.62
4.88
Latte
CFR0695
0
27.43
27.43
1.01
Latte
CFR0697
56.39
74.68
18.29
0.98
Latte
CFR0697
82.30
103.63
21.33
0.99
Latte
CFR0697
111.25
124.97
13.72
3.74
Latte
CFR0736
12.19
21.34
9.15
2.29
Latte
CFR0736
94.49
106.68
12.19
0.63
Latte
CFR0739
126.49
129.54
3.05
1.94
Latte
CFR0741
59.44
65.53
6.09
0.96
Latte
CFR0745
48.77
53.34
4.57
2.58
Latte
CFR0748
38.10
53.34
1.06
15.24
Latte
CFR0748
77.72
86.87
9.15
1.16
Latte North
CFD0384
47.00
49.00
2.00
1.98
Latte North
CFD0386
NSV
Latte North
CFD0388
97
98
1
8.73
Latte North
CFD0388
104
107
3
24.06
Latte North
CFR0677
65.53
68.58
3.05
3.92
Latte North
CFR0680
80.77
86.87
6.10
3.56
Latte North
CFR0682
33.53
39.62
6.09
3.32
Latte North
CFR0682
80.77
83.82
3.05
1.85
Latte North
CFR0683
68.58
74.68
6.10
9.58
Latte North
CFR0683
156.97
158.5
1.53
5.49
Latte North
CFR0686
NSV

*True width estimated at approximately 2/3 down-hole length.
Additional notes:  drill hole prefixes CFD are diamond core holes, CFR are RC drill holes.

All maps, sections and assay sheets associated with this news release can be viewed by clicking the following link:  http://kaminak.com/news_releases/2015/index.php?&content_id=606

Feasibility and Environment Baseline Program Updates

As announced 28 July, 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 resource delineation infill, condemnation, geotechnical and hydrological.  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.

QA / QC

Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Tim Smith, P.Geo., Vice President Exploration of Kaminak Gold Corporation, 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.

On behalf of the Board of Directors of Kaminak
“Eira Thomas”

Eira Thomas
President and CEO
Kaminak Gold Corporation

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com or contact Tony Reda, Vice President of Corporate Development, at toll-free 1.844-646-4520, directly at 604.646.4534  or by email at [email protected].

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