Kaminak Announces $21 Million, 2015 Coffee Project Feasibility Budget; On Track for Completion Early Q1 2016

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 12, 2015) - Kaminak Gold Corp. (TSX VENTURE:KAM) announces that the Company's Board of Directors has appproved a $21 million, 2015 feasibility study budget and workplan for Coffee, Kaminak's flagship, development track, gold project located 130 km south of Dawson City, Yukon. A preliminary economic assessment ("PEA") completed in 2014 indicated that Coffee represents a robust, high-margin, rapid pay back, 11-year life open pit mining opportunity using a gold-price of US$1250/oz and a CDN/US exchange rate of $0.95, generating a pre-tax NPV@ 5% of $522 million and a pre-tax IRR of 33%.

Eira Thomas, CEO commented: "The Coffee feasibility study is more than 50% complete and remains on track for completion in early 2016. As we move forward into the engineering phase of the study, we are pleased to have assembled a strong, diverse team of leading industry professionals led by JDS Energy and Mining. Further, Kaminak is pleased to announce that following the $21 million bought deal financing announced last month the study is now fully funded."

Kaminak initiated feasibility study work at Coffee in Q3 2014 and before year end had completed a $15.5 million work program consisting of infill drilling at Latte, Double Double, Kona, and select areas of Supremo as well as site geotechnical studies and environmental baseline work. Total feasibility study costs, including forecasted expenditures of $21 million for 2015, are now estimated at approximately $36.5 million, up from original estimates of $30 million. The increase in overall costs relate in part to scope changes, but also include revised estimates based upon finalization of third party consulting contracts. Moreover, these costs include the completion of several trade off studies that have the potential to enhance overall project economics as reported in the PEA. These studies include:

Kaminak further announces that it has awarded the feasibility study contract to JDS Energy and Mining, established northern Canadian mine builders with direct Yukon experience. Additional contributions will be from third party consultants selected in consultation with Kaminak for their expertise in number of key areas such as heap leach design, geotechnical and geomechanical analysis as well as hydrology and hydrogeology.

The feasibility study will continue to benefit from the oversight of Fred Lightner, P.E., Kaminak's Director of Mining and will include contributions from:

The full year budget for 2015 is approximately $30 million with the feasibility study and permitting related work accounting for close to 70% (~$21 million) and 12% (~$3.6 million), respectively. The balance of the budget has been allocated to exploration, marketing and G&A. Exploration plans for 2015 remain modest and flexible and include continued work at Kona North with the aim of defining resources for inclusion in the final feasibility study as well as a continued evaluation of top priority exploration targets in the vicinity of the main resource. The Coffee camp is now fully operational for the 2015 season. Drilling at Supremo commenced with four drills currently operating, which are completing infill and condemnation drilling programs. Kaminak is anticipating strong news-flow over the next two quarters including:

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 Corp., 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, President and CEO

Kaminak Gold Corp.

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Caution Concerning Forward-Looking Statements

Certain disclosures in this release, including management's assessment of the future potential of the Coffee Project, costs and timings for completion of the Coffee Project feasibliity study and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise.

The Company has not made a production decision, and the Company's strategic plan to develop a stand-alone heap leach operation is subject to the results of its Feasibility Study. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").