Kaminak Announces Closing of $12 Million Bought Deal Private Placement

Over-Allotment Option Fully Exercised

VANCOUVER, October 11, 2012 - Kaminak Gold Corporation (TSX VENTURE:KAM) ("Kaminak" or the "Company") is pleased to announce that the Company has closed the bought deal private placement financing (the "Offering") announced on September 17th, 2012 and that the over-allotment option was fully exercised. The Company issued 4,810,000 Class A common shares, which qualify as "flow-through" shares for purposes of the Income Tax Act (Canada) (the "Shares") at a price of C$2.50 per Share for aggregate gross proceeds of C$12,025,000. The Company intends to use the gross proceeds of the Offering to conduct exploration activities on its Coffee project located in the White Gold District, Yukon.

The Offering was led by RBC Capital Markets and included Canaccord Genuity Corp., Fraser Mackenzie Limited, Mackie Research Capital Corporation, Paradigm Capital Inc. and Raymond James Ltd. (collectively the "Underwriters"). In connection with the Offering, the Underwriters received a cash commission on the sale of the shares, representing 6% of the aggregate gross proceeds raised, and brokers warrants ("Broker Warrants") equal to 3% of the Offering. Each Broker Warrant shall be exercisable for one common share of the Company at a price of C$2.50 at any time up to 24 months after closing. The Shares issued under the Offering are subject to a hold period which will expire four months and one day from the date of closing, being February 12th, 2013.


On behalf of the Board of Directors of Kaminak

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



This news release contains certain forward-looking statements including with respect to use of proceeds by the Company and exploration activities on its properties, and such statements involve risks and uncertainties. These forward-looking statements involve risks and uncertainties relating to, among other things, global economic conditions, changes in commodity prices and, particularly, gold prices, changes in exchange rates, access to skilled personnel, costs of labour, results of exploration and development activities, changes in exploration focus, uninsured risks, defects in title, availability and costs of materials and equipment, changes in applicable legislation or application thereof, and unanticipated environmental impacts on exploration. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence. Readers are cautioned not to place undue reliance on forward-looking statements.

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.

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



Contacts:

Kaminak Gold Corporation
Tony Reda, Vice President of Corporate Development
Directly at 604.646.4534 or Toll Free 1.888.331.2269
info@kaminak.com
www.kaminak.com