Churchill Property, Nunavut

Kaminak Options Churchill Project Non-Diamond Rights to Shear Minerals Ltd.

October 14, 2009

Vancouver, B.C. – Kaminak Gold Corporation (KAM: TSX-V) today announced that the Company has signed an agreement whereby Shear Minerals Ltd. (“Shear”) can acquire the non-diamond rights from Kaminak’s Churchill Gold Project located in the Rankin Inlet area of Nunavut, Canada. Shear currently owns the diamond rights on the Churchill Property and this agreement will harmonize the mineral rights on the project.

Subject to regulatory approval, Kaminak has granted Shear the right to purchase a 100% interest in the non-diamond mineral rights of the Churchill property and related datasets in exchange for:

Kaminak receiving 3,000,000 common shares of Shear, payable within 15 business days of approval of the transaction by the TSX Venture Exchange
Kaminak will retain a 20% back-in-right of the non-diamond mineral rights of the Property exercisable anytime up to the completion of an independent bankable feasibility study completed in accordance with National Instrument 43-101. Kaminak will repay at cost, all non-diamond expenditures within 90 days of exercising the back-in right.
Kaminak will receive annual summary reports on all non-diamond exploration work on the Property which will include a detailed yearly accounting summary.

“Harmonizing the diamond and non-diamond rights of the Churchill Project makes sense for all parties involved,” stated Rob Carpenter, President and CEO of Kaminak. “The Kaminak shareholder has now gained exposure to the diamond potential of the Churchill Property through share ownership while retaining a non-diamond back-in-right.”

About the Churchill Project

The non-diamond rights to the Churchill Project were originally acquired by Kaminak from Shear in 2005 by plan of arrangement. The Churchill property is underlain by a number of Archean greenstone belts which are favourable hosts for high grade gold and nickel deposits. The most recent non-diamond exploration work done on the property was in June 2006 when Kaminak conducted a shallow five hole diamond drill program consisting of 457 metres testing three geophysical and geochemical targets. This was the first ever drill program designed to evaluate the gold potential of Churchill property, and Kaminak intersected 7.06 g/t Au over a core length of 0.69m. No gold exploration work has been completed on the property since 2006.

Updated News on Churchill Property

Oct 14, 2009:
Kaminak Options Churchill Project Non-Diamond Rights to Shear Minerals Ltd.

Jun 6, 2006:
Kaminak Reports Gold Results from Churchill Drill Program

Quartz vein with visible gold assays 7.06 g/t Au over 0.69m

May 3, 2006:
Kaminak Gold Corporation to Receive Up to $5,000,000 of Additional Geological Data Sets from Nunavut Diamond Explorers

Dec 19, 2005:
Kaminak Identifies Gold Targets on Churchill Property