Kaminak Gold Corporation Announces Closing of Bought Deal Equity Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, July 29 /CNW/ - Kaminak Gold Corporation (KAM: TSX-V) ("Kaminak" or the "Company") is pleased to announce that it has today closed the bought deal private placement financing announced July 12, 2010 (the "Offering"). The Company has issued 5,335,000 common shares at a price of $1.50 per common share and 3,824,300 flow-through common shares at a price of $1.70 per flow-through common share for gross proceeds of $14,503,810.

The Offering was co-led by Canaccord Genuity Corp. and Mackie Research Capital Corporation and included Fraser Mackenzie Limited (the "Underwriters"). The Underwriters received a cash commission of 6% of the gross proceeds raised through the Offering and warrants ("Broker Warrants") equal to 6% of the shares issued through the Offering. Each Broker Warrant shall be exercisable to acquire one common share of the Company at an exercise price of $1.62 for a period of 24 months from closing. Securities issued under the Offering are subject to a hold period which will expire four months and one day from the date of closing, being November 30, 2010.

The Company intends to use the net proceeds from the Offering to conduct exploration activities on its Coffee project located in the White Gold District, Yukon, and for general working capital purposes.

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.

    
    On behalf of the Board of Directors of Kaminak

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE KAMINAK GOLD CORPORATION

For further information: For further information: about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com or contact Tony Reda, Vice-President of Corporate Development, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at info@kaminak.com. Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

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KAMINAK GOLD CORPORATION

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