VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) -

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

Kaminak Gold Corporation ("Kaminak" or the "Company") is pleased to announce that it has closed the bought deal private placement financing (the "Offering") announced on May 11th, 2012 and that the over-allotment option was fully exercised. The Company has issued 3,000,000 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$2.10 per Share for aggregate gross proceeds of C$6,300,000. The Company intends to use the gross proceeds of the Offering to conduct exploration activities, including adding a fifth drill, on its Coffee project located in the White Gold District, Yukon.

The Offering was led by Canaccord Genuity Corp. (the "Underwriter"), who received a cash commission on the sale of the Shares, representing 6% of the aggregate gross proceeds raised, and broker warrants (the "Broker Warrants") equal to 5% of the Offering. Each Broker Warrant shall be exercisable for one common share of the Company at a price of C$2.10 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 October 1st, 2012. The Offering is subject to receipt of all regulatory approvals.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.

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. 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.