NWT Mineral Exploration

[Ed Monton]

Kaminak, Newmont end Matrix option agreement


2006-08-25 08:57 ET - News Release

Dr. Rob Carpenter reports

KAMINAK GOLD CORPORATION: NEWMONT TERMINATES MATRIX OPTION

Kaminak Gold Corp. has received notice from Newmont Canada Ltd. terminating the option agreement on Kaminak's 100-per-cent-owned Matrix gold project.

Newmont spent approximately $2.2-million (U.S.) on the property since 2004 and had planned a 1,200-metre drill program on the property in July of 2006. However, logistical problems prevented the drill program from being completed, resulting in priority targets remaining untested.

Newmont did complete geological mapping and prospecting during the 2006 season, uncovering new surface gold showings yielding assays up to 10.56 grams per tonne Au. In July, 2006, Newmont also staked an additional 30,000 acres, in order to cover gold-bearing conglomerates in the nearby Montgomery Lake group.

"We thank Newmont for their participation in exploration of the Matrix project," stated Rob Carpenter, president and chief executive officer of Kaminak. "Newmont's work over the last three years has advanced this project from the conceptual stage and has led to the generation of numerous targets across the property. All of the excellent data generated to date can be used to formulate exploration programs going forward, as we believe the geological potential at Matrix remains very high."

The Matrix project represents a unique geological analogue to the prolific goldfields of the Wittwatersrand basin of South Africa. Similarities between Matrix and other paleoplacer districts include:


highly anomalous nature of the host quartz pebble conglomerate horizons;
continuity of major lithologic units across the property;
gold values correlated with conglomerates located at pronounced breaks within the section; and
broad association of gold with cobalt, nickel and arsenic, like other paleoplacer districts

Newmont will provide Kaminak with a final report on the property, as well as file appropriate work reports required to keep all claims and prospecting permits in good standing.

Kaminak's disclosure of a technical or scientific nature is prepared under the supervision of Dr. Rob Carpenter, PhD, PGeo, Kaminak's president and chief executive officer, who serves as the qualified person under the definition of National Instrument 43-101.