New surface channel samples from “KZ Zone” yield 0.38% U3O8 over 5.4m and 0.14% U3O8 over 2.8m

August 31, 2006 Vancouver, B.C. - Kaminak Gold Corporation (KAM:TSXV), and partner Pacific Ridge Exploration Ltd. (PEX:TSXV), today announced all regulatory permits have been approved and drilling has commenced on Kaminak’s 100% owned Baker Lake uranium property located in central Nunavut. Three initial priority drill targets have now been defined (694, KZ and Lucky-7) within the 510,000 acre property with the first drill holes planned to target the “KZ Zone”.

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Discovery Group is launching its first seminar of an Educational Series meant to simplify the technical aspects of Mineral Exploration, which will give you the tools to read news releases, understand maps and fully evaluate what’s happening in this exciting sector. (more…)

Reaching new people through education.

Discovery Group’s Educational Series is a program that translates the technical aspects of Mineral Exploration by giving you the tools to read news releases, understand maps and fully evaluate the market.

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Kaminak Gold Corporation (KAM: TSXV) today announced that Fugro Ltd. has completed a 1,156 line kilometer airborne magnetic and electromagnetic survey over Kaminak’s 100% owned Sy Gold Property, located in the Kivalliq Region of Nunavut Territory, Canada. Gold targets have now been outlined along a thirty kilometer segment of the Yathkyed Lake Greenstone Belt.

-Kaminak Gold Corporation -www.kaminak.com

Highlights
*Sourced from the Weekly Gold Monitor

• The spot gold price closed at $613/oz last Friday, a 5%increase from the previous week. Gold strengthened on expectations that the U.S. Federal Reserve may curb further interest rate increases.
• The sector is currently discounting a gold price that is equal to the spot gold price. The two-year average is $55/oz.
• Valuations continue at historical lows, with the North American seniors and intermediate equities trading at parto our 0% NAV compared to the two-year average premium of 25%.

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