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October 02, 2014 --- Vol. 08, No. 40October 2014

Yukon Territory

GOLD – Kaminak Gold Corp. Sept. 30 provided an update on the feasibility program underway at its Coffee Gold Project located 130 kilometers (80 miles) south of Dawson City, YT. The feasibility study follows a positive preliminary economic assessment announced in June and a subsequent C$13.5 million private placement financing with Ross Beaty and Zebra Holdings. Feasibility programs now underway include infill drilling, metallurgical sampling, condemnation sampling and drilling, geotechnical studies, environmental baseline studies and further assessment of the potential all-weather access road to Coffee outlined in a preliminary economic assessment published earlier this year. Programs are progressing according to plan and within budget with all field related activities scheduled to conclude late November. A total of six drills are presently active on site, and Kaminak is anticipating steady news-flow through to year-end as results from many of these programs, including in-fill and condemnation drilling, are received. The metallurgical sampling program is nearing completion with first column leach results anticipated in early 2015. The program included roughly 1,400 meters of metallurgical core drilling together with the collection of bulk samples from six surface trenches. Planning for the 2015 feasibility field programs is now underway and scheduled to commence in March 2015. The targeted completion date for the final feasibility study remains late 2015 within a total budget of roughly C$30 million. Exploration drilling also continues at Kona North – a new gold discovery reported by Kaminak Sept. 2 that returned 3.55 grams per metric ton gold over 28 meters. Kona North is situated proximal to the site of the proposed heap leach facility in the PEA and has the potential to provide additional, near surface, oxide ounces that could positively impact the project economics. Additional results from Kona North are anticipated in the coming weeks. Kaminak CEO Eira Thomas said, “After ramping up from one to six drills in the third quarter, feasibility activities are now in full swing with steady news flow anticipated through to year end. Kona North, our new gold discovery of 2014, remains a priority for our phase II exploration drilling campaign, which continues to highlight the potential for significant resource upside at Coffee.”

SALE TERMINATION – Silver Range Resources Ltd. Sept. 29 said it and Strategic Metals Ltd. will not proceed with the mineral property purchase and sale transaction announced in June. Both companies have agreed to terminate the agreement as the current value of the properties does not support the costs required to obtain regulatory approval of this related party transaction. Silver Range is a junior mineral exploration company that is exploring for zinc, lead and silver at wholly-owned projects in Yukon Territory. Its main focus is the Silver Range project, where multiple bulk-tonnage and high-grade prospects are located within an area of exceptional infrastructure near the town of Faro and former mines in the Anvil district.

GOLD – Cantex Mine Development Corp. Sept. 29 released a progress report for its Yukon gold project. Rotary air blast drilling through shallow alpine glacial till overburden into bedrock is continuing at its North Rackla claim block in the Yukon. To date 169 holes have intersected bedrock and of these 43 have encountered bedrock, which is anomalous in arsenic as determined by x-ray fluorescence analysis conducted in the field. As arsenic, and other key pathfinder elements for Carlin-style mineralization, always accompanies anomalous gold in soil-talus samples from the North Rackla claims, it is anticipated that anomalous gold should be present in samples from the 43 holes which are anomalous in arsenic. Bedrock samples from all 43 holes anomalous in arsenic have been sent to the C.F. Mineral Research laboratory for crushing, splitting and pulverizing. The drill samples will then be sent to ALS Chemex for fire assay for gold as well as analysis for silver and other elements. Cantex said it is awaiting those results.


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