Mining News: Northern Neighbors: Kaminak starts 2016 program, sets special buyout meeting

Kaminak Gold Corp. June 9 reported the start of a C$2.6 million initial phase of the 2016 exploration program at the Coffee Gold project in the Yukon Territory. The program is designed to test resource expansion potential proximal to the proposed mine site as well as to further investigate priority gold-in-soil anomalies identified during past exploration. Priority targets for phase 1 include: expansion drilling at Supremo T3 and Latte, two mineralized structures that jointly contribute significant gold ounces in the current mine plan; systematic testing of early stage drill discoveries and over gold-in-soil anomalies proximal to the proposed Coffee Gold mine plan; and the testing of priority gold-in-soil anomalies with trenching or drilling. A roughly C$2.4 million second phase of exploration is planned for later this summer, contingent upon results of phase I. Additionally, Kaminak has called a special meeting of shareholders and option holders to be held on July 12 to consider and approve a plan of arrangement by which Goldcorp Inc. would acquire all of Kaminak’s issued and outstanding shares in an all shares transaction valued at about C$520 million. Kaminak’s board of directors has unanimously recommended that shareholders vote in favor of the arrangement.

-Shane Lasley