Coffee Latte Deposit Drill Results

VANCOUVER - Kaminak Gold Corporation reported results for infill drilling at the Latte Deposit, a 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 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 meters or 33% of the planned infill meters 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 meters 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."

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. Infill drilling was previously completed over 500m of strike length within the central zone of Latte in 2013 with resultant conversion of resources to the Indicated category within that zone. 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.