SY Gold - Kaminak Gold Corporation

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Ontario

SY Gold Property, Nunavut

Kaminak Gold Corporation owns 100% of the non-diamond rights to the SY Gold Project which covers approximately 250,000 acres of the Archean Yathkyed Greenstone belt, Nunavut
The SY Gold Project is optioned to Corsa Capital Limited

Under the terms of the option agreement (see Kaminak Press Release July 18th, 2007), Corsa Capital Ltd. has the right to initially earn a 51% non-diamond project interest by making exploration expenditures totaling $1 million and staged share payments totaling 300,000 Units to Kaminak by December 31, 2010. Corsa will have the right to increase its project interest to 60% by spending an additional $1.0 million and issuing Kaminak an additional 100,000 Units prior to December 31, 2011. Year 1 (2007) exploration expenditures are set at a minimum of $100,000. Furthermore, The Hunter Exploration Group holds a 2% NSR/GOR on the “SY” Property.

The geology of this belt is similar to other gold-bearing greenstones in the Kivalliq Region of Nunavut, including the Woodburn Lake Belt which hosts the Meadowbank Gold Deposits and the Rankin Inlet Belt which hosts the Meliadine Gold Deposits. Each of these belts contains abundant gold-bearing banded-iron-formation host rocks which have undergone significant shearing and deformation. The “SY” greenstones have seen only minor exploration compared to these adjacent belts.
Limited historical exploration by Homestake Ltd. (now Barrick Gold Corp.) in this poorly exposed belt resulted in the discovery of at least 20 individual high grade gold occurrences over a strike length of 30 kilometres. Known mineralization is related to sheared and altered iron formation and approximately 3,000m of diamond drilling in 1986/87 confirmed mineralization at depth. However, only about 1% of the belt has been evaluated due to poor outcrop exposure.
Historical surface samples from the “SY-13 Grid” returned assays as high as 38.8 g/t Au. Historical drilling confirmed the continuity of gold mineralization and yielded intercepts of 3.38 g/t Au over 3.50m and 3.18 g/t Au over 7.00m. Visible gold was noted in both these holes and described in detail on drill logs.
Significantly anomalous, historical surface samples and historical drill intercepts (>5.0 g/t Au) were also reported from the “SY-4”, “KR-10”, and “WAD Grids”. Visible gold was also noted from each of these occurrences.