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- Disclosure -

Kivalliq Energy Corporation (KIV: TSX-V):
A Kaminak Uranium Spin-out

Rob Carpenter, President & CEO of Kaminak, shaking hands with Carson Gillis,
Department of Lands and Resources for Nunavut Tunngavik Incorporated,
after signing landmark agreement.

Kivalliq Energy Corporation is a new, uranium, exploration and development company. A ground-breaking partnership with the Inuit of Nunavut and the combination of Kaminak Gold Corporation’s uranium assets spawned the creation of Kivalliq.

This unique partnership between Kaminak and the Inuit awarded Kivalliq the right to explore and advance the historic, high-grade, and near surface Lac Cinquante Uranium Deposit, an 11.6 million pound historical uranium deposit (non compliant with National Instrument 43-101)** with grades averaging 1.03% U₃O₈. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut.

Angilak Project, Nunavut - Kivalliq’s Core Project

Unexplored for over 25 years, the Angilak Project offers Kivalliq an exciting opportunity to apply modern day technology and deposit models to this exciting property. Its 250,000 acres is host to numerous high-grade uranium ± copper ± silver ± gold occurrences including the historical, high-grade and near surface Lac Cinquante Uranium Depost:

Reported to contain 11.6 million pounds of uranium (non Compliant National Instrument 43-101)**
High grades averaging 1.03% U₃O₈
Open along strike and at depth

In addition to its uranium potential, the Angilak project has strong gold and base metal potential. A recent grab sample from the Angilak property returned 31.9 g/t Au, 1,170 g/t Ag, 1.18% Cu and 0.24% U₃O₈. In addition, several new uranium, base and precious metal surface occurrences were found during the 2007 field season further validating the property’s potential.

Disclaimer:

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd. This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. However, it is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq'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. Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Updated News on Angilak Project

Jul 4, 2008:
Kaminak Closes Spin-out of Kivalliq Energy Corporation and Shareholders to Receive Kivalliq Units

Jun 27, 2008:
Kaminak Receives Shareholder and Court approval for spin-out of Kivalliq Energy Corporation: Announces Closing Schedule

Jun 23, 2008:
Kaminak Proposes Timetable for Closing of Spin-out Transaction and Announces Completion of Kivalliq Energy Corporation Financings

May 8, 2008:
Kaminak Formalizes Agreement on Angilak Property with Nunavut Tunngavik Incorporated and Sets Meeting Date of June 25 for Approval of Spinout of Kivalliq Energy Corp.

Feb 21, 2008:
Kaminak Shareholders to Receive Shares in New Uranium Spin-out called Kivalliq Energy Corp

Jan 31, 2008:
Kaminak Signs Landmark Agreement with Nunavut Tunngavik Incorporated and Acquires Historic Deposit Reported to contain 11.6 Million Pounds of Uranium (non NI 43-101 compliant)

Nov 22, 2007:
Kaminak confirms copper-uranium-silver mineralization along the BOG trend: Geologic evidence validates “IOCG” model on the Yathkyed Property

Nov 5, 2007:
Kaminak Reports New Gold-Rich Surface Samples from Its YAT Copper-Uranium-Silver Prospect

Jul 18, 2007:
Kaminak Options SY Gold Property to Corsa Capital Ltd. and Signs Exploration Agreement with Nunavut Tunngavik Incorporated

Jul 5, 2007:
Kaminak Begins Exploration Programs on Washburn and Yathkyed Projects

May 2, 2007:
Kaminak Stakes Uranium-Copper-Molybdenum Prospects, Yathkyed Lake area, Nunavut

Mar 5, 2007:
Kaminak Generates Two New Canadian Uranium Projects; Appoints Chief Geologist