ENP Newswire - 29 January 2014 Release date- 28012014 - Vancouver, B.C. - Kaminak Gold Corporation (KAM: TSX-V) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate on the Coffee Gold Project , Yukon, Canada . At a base case cut-off of 0.5 grams per tonne gold ('g/t Au') for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material, the updated mineral resource estimate consists of an Indicated Resource of 14 million tonnes grading at 1.56g/t Au for 719,000 ounces, including 480,000 ounces gold classified as Oxide, and an Inferred Resource of 79 million tonnes grading at 1.36g/t Au for 3,434,000 ounces of gold, which includes 2,078,000 ounces gold classified as Oxide. This updated Resource Estimate will be incorporated together with the metallurgical results reported in 2013 into a Preliminary Economic Assessment ('PEA'), the next step for the Coffee Project , set to commence later this month. The Company is fully funded through to completion of the PEA, which is budgeted at $0.5M to completion. The Company currently has $8 million in cash and no debt. Coffee Gold Project Highlights 719,000 ounces gold Indicated and 3,434,000 ounces gold Inferred, which translates to a 28% increase in overall gold resources since December 2012 and includes a 73% increase in total Oxide gold ounces. 57% of the Oxide and Transition resource is within 100m of surface and 80% is within 150m Oxide resources from 0-150 metres below surface totaling 8Mt at 1.77g/t Au for 467,000 ounces gold Indicated, and 48Mt at 1.28g/t Au for 1,962,000 ounces gold Inferred. Metallurgical test work in 2013 returned column leach gold recoveries of 90% on 1 inch crushed Oxide material from Latte and Supremo deposits within 40 days of leaching, including 81% gold recovery after ten days leaching. All deposits remain open along strike and at depth and the Company believes that there is high potential to add near surface oxide ounces proximal to the current NI 43-101 resource. Images of the block model at various cut-off grades are available on the Kaminak website at www.kaminak.com . 'Drilling in 2013 has successfully expanded the gold resources at Coffee and more importantly, contributed additional near surface Oxide gold resources, including over 450,000 ounces Indicated, plus 2,000,000 ounces Inferred.' stated Eira Thomas , Kaminak President & CEO. 'The results of our recently completed metallurgical test work program, where column leach testing returned greater than 90% gold recoveries in just forty days at a 1 inch crush, provides further support for the potential to develop a low cost, high return, heap leach gold project at Coffee. We anticipate another productive year in 2014, including the initiation of a PEA and continued drilling of priority targets at Coffee. All of our deposits remain open along strike and to depth.' 2013 DRILLING PROGRAM OBJECTIVES COMPLETED The Company announced on December 12, 2012 , the maiden National Instrument 43-101 Mineral Resource Estimate on the Coffee Gold Project , of 64 million tonnes grading at 1.56 grams per tonne gold ('g/t Au') for 3,236,000 ounces of gold at a base case cut-off of 0.5g/t Au for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material. During 2013, the Company completed an additional 45,000m of drilling with the objective of expanding the resources along strike, and 10,000m of infill drilling within a portion of the Latte and Supremo T3 deposits, with the objective to delineate an initial component of Indicated Resources. All objectives were achieved with the successful increase of Inferred Resources to a total of 79Mt at 1.36g/t Au for 3,434,000oz Au and the delineation of Indicated Resources over a 500m strike length at both the Latte and Supremo T3 deposits totalling 14Mt at 1.56g/t Au for 719,000oz Au. DEPTH PROFILE & CLASSIFICATION OF OXIDE & TRANSITIONAL RESOURCES Since initial discovery in 2010, the Company's drill strategy has been primarily to target near-surface gold mineralization up to a depth of approximately 200 metres below surface with the objective of delineating resources, which may potentially be amenable to open pit mining. The outstanding 90% column leach metallurgical recoveries from Oxide mineralization provides additional rationale for focusing resource definition on delineation of shallow oxidized mineralization. Approximately 57% of the Oxide and Transitional resource occurs within 100 metres below surface and 80% occurs from 0-150 metres below surface. During the 2013 field season, Kaminak undertook a sampling program testing the cyanide soluble characteristics of the gold in the Coffee Deposit. Samples selected for AuCN analysis were restricted to intervals where fire assay gold grades are greater than 0.3g/t. This data is reasonably distributed but, because it excludes lower-grade sample intervals, is not sufficient to support direct estimation of AuCN estimates in model blocks at this point in time. As an alternative, the ratio of AuCN/AuFireAssay was calculated in samples where AuCN data is present. These ratios were then interpolated in the block model and were utilized in combination with qualitative (visual) estimates of the intensity of oxidation, to provide information regarding the depth and intensity of oxidation in the structural corridors which host mineralization. Oxidation is channeled along the structural corridors that host the gold deposits, and it is common to find intense oxidation at depths of over 200m below surface. Strong oxidation is present over the majority of the Supremo and Double Double deposits. Oxidation is less pervasive at Latte, extending to about 125m below surface in some areas. Four oxide types or domains have been interpreted for the Coffee deposit as described below. Oxide Zone : Intense to pervasive (>90%) oxidation Upper Transition Zone : Moderate to intense (50-90%) oxidation Lower Transition Zone : Weak to moderate (10-50%) oxidation Sulphide Zone : Fresh to weak (
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