Kaminak Closes $258,500 Non-Brokered Private Placement

Vancouver, B.C. - Kaminak Gold Corporation (KAM:TSXV) today announces the closing of a non-brokered private placement offering ("Offering") of 517,000 units ("Units"), at a price of $0.50 per Unit, for total gross proceeds of $258,500.

On February 22, 2006, Kaminak announced a non-brokered private placement offering ("Offering") of up to 500,000 units ("Units"), at a price of $0.50 per Unit, for total gross proceeds of up to $250,000.

Each Unit consists of one common share and one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.60 per share.

The securities issued will be subject to a four month plus one day hold period from the closing date and will be free trading on July 23, 2006. Insider and Pro Group participants purchased an aggregate of 21,000 units. Proceeds from the Units will be used for general corporate purposes.

Kaminak Gold Corporation holds one of the largest land positions, covering several million acres, in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.

On behalf of the Board of Directors

"Rob Carpenter"

Rob Carpenter, Ph.D., P. Geo.
President and CEO
Kaminak Gold Corporation

For further information about Kaminak Gold Corporation, or this news release, please visit our website at www.kaminak.com or call us at 604.646.4521

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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