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Corporate Developments

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced the following additions to the leadership team: Dale Wallster has joined the board of directors; Andrew Berry has been appointed Chief Operating Officer; and Bill Cronk appointed Exploration Manager. The Company’s board and executive are focused on advancing the Lac Cinquante Uranium Deposit and demonstrating the mineral potential of the Angilak Property in Nunavut, Canada.

“Kivalliq’s board is constantly seeking ways to enhance shareholder value through exploration, team building and corporate development opportunities. We are excited to have added such depth to our team with these appointments, and we see these individuals playing a very big role in Kivalliq’s future success,” stated Jim Paterson, CEO. “Dale has many decades of experience in mineral exploration, most recently in the uranium sector as a key player in the success of Hathor Exploration. Andrew and Bill both have considerable expertise in the management of large scale exploration and logistical projects in Canada’s north.”

New Board Addition

Dale Wallster is a geologist and a prospector with over 30 years experience in North American mineral deposit exploration, with a focus on the targeting and discovery of unconformity-related uranium deposits since 2002. He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited in 2006 for its 1,000,000 acres of strategically located uranium properties in the Athabasca Basin. Dale and his team are widely credited in the mineral exploration sector for the discovery of the Hathor’s Roughrider deposit. In January 2012, Hathor became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition. Kivalliq will benefit greatly from Dale’s guidance at a board level.

Stronger Operational Team

Andrew Berry joined Kivalliq Energy Corp. in April 2009 as Project Manager and most recently held the position of VP, Operations where he was responsible for overseeing, on budget, Kivalliq’s $17M exploration program at Angilak. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 25 years of global experience in all aspects of mineral exploration and development; including surface and underground precious metal, base metal and diamond deposits. He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada Inc. and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments. Andrew is well suited for his expanded role as Chief Operating Officer.

Bill Cronk, P.Geo., has over 23 years of experience as a geologist and manager of exploration programs for precious metals, base metals, and uranium deposits. Bill has worked in Africa, Europe, North and South America; with more than 9 years of combined exploration experience in Alaska and the Canadian Arctic. Bill’s level of expertise ranges from grass roots reconnaissance right up to advanced stage and pre-feasibility work. While working for companies such as Dundee Precious Metals, Placer Dome, BHP and Noranda Inc., Bill’s gained management experience with business development, project generation, program design, budget implementation, project management, and corporate and government compliance. In a previous role as an exploration manager for Homeland Uranium, Bill’s primary goals centered on uranium exploration in Niger’s “Tim Mersoi Basin”, and project development of rhyolite hosted uranium in Peru’s “Macusani Plateau”.

Stock Options Grant

Stock options have been granted to directors and officers of Kivalliq, in accordance with the terms and conditions of the stock option plan of the Company, entitling them to purchase 3,350,000 shares at the price of $0.50 per common share expiring January 19, 2017

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

Kivalliq’s 225,000 acre Angilak Property in Nunavut hosts the high-grade Lac Cinquante deposit, along with multiple highly mineralized target areas. With an NI 43-101 Inferred Mineral Resource of 1,779,000 tonnes grading 0.69% U3O8, totalling 27.13 million pounds U3O8, (15.2 pounds U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.

Since acquiring the Angilak Property in 2008, Kivalliq has invested approximately $30 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and approximately 48,000 meters of RC and diamond drilling.

On behalf of the Board of Directors

“Jim Paterson”

James R. Paterson, CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

Kivalliq Energy Corporation is a member of the Aurora Resource Group of companies, for more information please visit www.auroraresource.com.

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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today provided a corporate update with respect to management changes. Kivalliq’s board of directors has named Mr. Jonathan Singh as the Company’s interim chief financial officer (“CFO”).

Mr. Singh is a member of the Association of Certified General Accountants of BC and Canada and has over 17 years of experience in the various areas of tax, financial reporting, internal audit and treasury, for both publicly traded resource companies and public practice accounting firms.  Previously, Mr. Singh held various financial roles in the mineral resource industry, including serving as corporate controller for Magma Energy Corp. (a predecessor to Alterra Power Corp. AXY:TSX) and Silver Standard Resources Inc. (SSO:TSX), as well as working in the tax group for KPMG.   Mr. Singh holds a Bachelor of Accounting Science degree from the University of Calgary.

Effective immediately, Mr. Singh will replace Mr. Chris Twells as Kivalliq’s CFO. The Company wishes Mr. Twells great success in his future endeavours.

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

With an NI 43-101 compliant Inferred Mineral Resource of 810,000 tonnes grading 0.79% U3O8, totaling 14.15 million lbs U3O8 (17.5 lbs U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin. Kivalliq’s flagship project, the 225,000 acre Angilak Property in Nunavut, hosts the high-grade Lac Cinquante deposit, along with nine additional high priority target areas. Since acquiring the Angilak Property in 2008, the Company has invested approximately $25 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and approximately 48,000 meters of RC and diamond drilling.

On behalf of the Board of Directors

"Jim Paterson"

James Paterson, CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected].

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) has been awarded the 2010 Environmental Excellence Award, presented by the Kivalliq Inuit Association (KIA). The Company has been acknowledged for outstanding environmental stewardship at Kivalliq Energy’s Angilak Property in the Kivalliq Region Nunavut.

Kivalliq would also like to congratulate Allison Rippin Armstrong, the Company’s permitting and environmental consultant, who was jointly awarded the Mike Hine Award, in recognition of an individual who has made significant contribution to the mining industry in Nunavut.

“The Kivalliq team is dedicated to adhering to high environmental and safety standards,” stated Kivalliq CEO, Jim Paterson. “It is a great honour to receive this award as public recognition by the KIA. We will remain focused on environmental stewardship in our exploration efforts at the Angilak Property.”

The awards were presented to both Jeff Ward, President of Kivalliq Energy Corporation and Allison Rippin Armstrong at the 2011 Nunavut Mining Symposium from April 5 -7, 2011 in Iqaluit, Nunavut.


From Left: Stanley Adjuk, Acting Vice President, KIA, and Jeff Ward, President Kivalliq Energy Corp.
at the 2011 Nunavut Mining Symposium, Iqaluit NU, April 5, 2011

About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

With an NI 43-101 compliant Inferred Mineral Resource of 810,000 tonnes grading 0.79% U3O8, totaling 14.15 million lbs U3O8 (17.5 lbs U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit, outside of the Athabasca Basin. Kivalliq’s flagship project, the 225,000 acre Angilak Property in Nunavut, hosts the high-grade Lac Cinquante deposit, along with nine additional high priority target areas. Since acquiring the Angilak Property in 2008, the Company has invested approximately $12 million conducting systematic exploration.

On behalf of the Board of Directors

“James Paterson”

James Paterson, CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com  or contact Investor Relations at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected].

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced new assay results from 33 holes drilled at the “Main Zone” of the Lac Cinquante Uranium Deposit, located within the 225,000 acre Angilak Property in Nunavut, Canada. The Company is also pleased to announce the appointment of Mr. Chris Twells as Chief Financial Officer and Mr. Andrew Berry as Vice President, Operations.

“We are impressed by the high grade nature of specific assay intervals received in this batch,” stated Kivalliq’s President Jeff Ward, P. Geo.,. “This year’s drill program continues to deliver excitement along with important data needed to build a NI 43-101 mineral resource at the Lac Cinquante Main Zone by the first quarter of 2011.”

New Assay Highlights

Drill Hole ID 
%U3O8
True Width (estimate)
10-LC-046 
2.92%
0.86m 
10-LC-048
4.26%
0.88m
10-LC-063
2.35%
0.59m
10-LC-081
3.80%
0.76m
10-LC-082
5.70%
0.64m

To date, Kivalliq has released assay results from 78 holes. Assay results from 27 additional holes, plus assay results from a property wide prospecting and sampling program, will be released prior to the end of the year.

All holes reported herein were inclined to the northeast with an azimuth of 26 degrees, intersecting the Lac Cinquante Main Zone between 32 and 113 metres depth. See the table of results below, and visit www.kivalliqenergy.com for an updated drill plan map, drill sections and drill collar information.

Table 1: 2010 Phase 2 Assay Results – Lac Cinquante Drill Program

2010 Phase 2 Lac Cinquante Drilling Program – Assay Results*
Drill Hole
From (m)
To (m)
Interval (m)
Est True Width**
U3O8 %
Description
10-LC-041
60.00
61.30
1.30
1.30
0.31
Main Zone
10-LC-043
63.62
65.32
1.70
1.26
0.59
Main Zone
10-LC-044
114.95
120.60
5.65
2.30
0.33
Main Zone
10-LC-045
55.90
57.55
1.65
1.51
0.20
Main Zone
10-LC-046
88.30
89.65
1.35
0.86
2.92
Main Zone
10-LC-047
120.90
121.36
0.46
0.21
0.38
Main Zone
10-LC-048
45.70
46.60
0.90
0.88
4.26
Main Zone
10-LC-049
84.60
85.30
0.70
0.40
0.16
Main Zone
10-LC-058
117.63
117.99
0.36
0.28
0.42
Main Zone
10-LC-059
161.95
164.66
2.71
2.40
0.11
Main Zone
10-LC-063
61.66
62.58
0.92
0.59
2.35
Main Zone
10-LC-064
85.50
87.30
1.80
0.93
0.11
Main Zone
10-LC-065
78.83
79.23
0.40
0.57
0.34
Main Zone
10-LC-067
120.85
121.40
0.55
0.26
0.40
Main Zone
10-LC-070
96.24
96.54
0.30
0.28
0.14
Main Zone
10-LC-081
52.20
53.00
0.80
0.76
3.80
Main Zone
10-LC-082
77.20
78.20
1.00
0.64
5.70
Main Zone
10-LC-083
48.60
49.40
0.80
0.74
0.06
Main Zone
10-LC-084
81.30
86.30
5.00
2.65
0.44
Main Zone
10-LC-085
62.20
62.90
0.70
0.68
0.03
Main Zone
10-LC-086
48.50
52.50
4.00
2.73
0.10
Qtz, carb bx vein
10-LC-087
80.80
81.25
0.45
0.44
1.22
Main Zone
10-LC-088
102.50
102.87
0.37
0.28
1.56
Main Zone

*All samples subject to ICP 1 Analysis by SRC in Saskatoon, SK. ICP1 results >1000 ppm Uranium subject to SRC U3O8 Assay Full mineralized intervals may include ICP U analysis in ppm converted to U3O8%.  Conversion to U3O8% = ppm x 0.01179%

**  Estimates for true widths of mineralized zones based on measured core angles and attitude of Main Zone geology

Ten drill holes; 10-LC-040, 042, 057, 060 to 062, 066, 068, 069 and 071 intersected the altered tuff host unit with no uranium mineralization. These infill holes helped delineate high-grade ore shoots within the Lac Cinquante Main Zone.

Overview of 2010 Exploration Program at Angilak

Phases 1 & 2 of the 2010 program consisted of new camp construction, property-wide prospecting, environmental baseline studies, and a total of 16,600 metres of resource definition and exploratory drilling. The fourth quarter of 2010 will be dedicated to technical and resource modeling analysis with the goal of establishing a NI 43-101 mineral resource by early 2011.

The prime objective of drilling at the Lac Cinquante “Main Zone” was to generate data necessary for completing a mineral resource calculation. Drilling tested the Main Zone down to a depth of 275 metres, and along 1,350 metres of east–west strike length for this historic deposit.  Lac Cinquante remains open in both directions and at depth based on the current drilling.

New Management Appointments

Kivalliq Energy Corporation would like to announce the appointment of Mr. Chris Twells as Chief Financial Officer and Mr. Andrew Berry as Vice President, Operations. The Company would also like to sincerely thank Mr. Charles Chebry, who performed the role of CFO since Kivalliq’s inception, as he pursues other ventures.

Chris Twells, Chief Financial Officer. Mr. Twells is a member of the Association of the Certified General Accountants of British Columbia and Canada.  An accountant for the past 16 years, Mr. Twells has held positions of increasing responsibility with a number of private and publicly traded companies. In various roles with publicly traded companies, he was integrally involved with activitives such as executing joint venture and purchase agreements; equity and debt financings; and administrative, accounting and regulatory compliance functions. He has specific expertise related to corporate finance, corporate reporting, financial processes, financing and risk management. Mr. Twells also currently serves as the CFO for Kaminak Gold Corporation (KAM: TSX-V), Corsa Capital Ltd. (CSO: TSX-V) and Laurentian Goldfields Ltd. (LGF: TSX-V).

Andrew Berry, VP Operations. Mr. Berry has been with Kivalliq Energy Corp. since April 2009 as Project Manager. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 25 years experience with surface and underground programs exploring and developing precious metal, base metal and diamond deposits in Canada, South America and Africa. He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada Inc. and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments.

QA/QC

Samples from the 2010 Phase 2 drilling program comprised half split NQ drill core. All samples were analyzed for U3O8 and a multi-element suite by Saskatchewan Research Council (SRC) Geoanalytical Laboratories. The SRC facility operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for the Competence of Mineral Testing and Calibration laboratories and is accredited by the Standards Council of Canada. The samples are first analyzed by SRC’s ICP-OES multi-element Uranium exploration ICP1 method. ICP results U>1000 parts per million (ppm) are analyzed using SRC’s ISO/IEC 17025:2005-accredited U3O8 Assay method. Laboratory quality control (QC) includes a repeat analysis on every 20th sample. Repeat samples had good reproducibility. Kivalliq’s QC included the insertion of blanks into the sample inventory at the project site prior to shipment in sealed containers. All blank results were within expectations.

Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo. (President, Kivalliq) who is the Qualified Person for the purposes of National Instrument 43-101.

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.   Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $11.7 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping, prospecting and 18,350 meters of drilling.

On behalf of the Board of Directors

“Jim Paterson”

Jim Paterson, CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected]. 

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com (m.discoveryexp.com).

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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced the appointment of current team members to key management and board roles. The Company’s board and executive is focused on establishing a 43-101 compliant mineral resource at the Lac Cinquante Uranium Deposit by Q1, 2011, and demonstrating the potential for the Angilak Property to host additional U3O8 resources through an aggressive exploration program in 2011.

John Robins has been appointed to Chairman of the Company’s board of directors, and Dr. Robert Carpenter will remain a director. Jim Paterson will continue to serve on the board of directors and immediately assume the role of Chief Executive Officer. Jeff Ward, has been promoted to President after successfully serving as the Company’s Vice-President, Exploration, for the past 2 years.

“We are excited to have the complementary skill-sets of Jim Paterson and Jeff Ward working in unison to advance Lac Cinquante and increase the Company’s value,” stated John Robins, P.Geo, Kivalliq’s new Chairman. “Jim’s corporate experience and proven ability to build market awareness for companies in the resource sector, combined with Jeff’s expertise in managing large scale exploration and logistical projects in Canada’s north, are exactly what Kivalliq needs to take the Company through the next stage of its development.”

Newly appointed CEO, Jim Paterson, B.Comm., has been an active member of the Board of Directors of Kivalliq Energy Corp. since the Company’s inception. He has over 13 years of corporate experience with several North American mineral exploration and development companies. Mr. Paterson founded, was President & CEO, and currently serves as a Director of Corsa Capital Ltd. (CSO: TSX-V) – a company which recently announced its intention to acquire and capitalize coal assets in the USA. Jim is also a Director of Kaminak Gold Corporation and Niblack Development Corporation, both resource companies listed on the TSX Venture Exchange.

Kivalliq’s new President, Jeff Ward, BSc, P.Geo, obtained a Bachelors of Science degree in Geology from the University of Western Ontario and is a registered professional geologist in British Columbia and Alberta. He has over 25 years experience exploring for base metals, precious metals and diamonds with companies such as Corona Corporation, Ashton Mining of Canada Inc., and Stornoway Diamond Corporation. Mr. Ward’s experience ranges from reconnaissance to advanced-stage projects throughout Canada’s north. As Regional Project Manager, he directed exploration programs in the Northwest Territories, Nunavut and Alberta for over ten years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.

Stock Options Grant

Stock options have been granted to directors, officers and key employees of Kivalliq, in accordance with the terms and conditions of the stock option plan of the Company, entitling them to purchase 2,870,000 shares at the price of $0.50 per common share expiring October 19, 2015.

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.   Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $9 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping /sampling and over 15,000 meters of drilling since 2009.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected]. 

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources.  It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration  carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.  

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced new assay results of 19 holes from the ongoing drill program at the Lac Cinquante Uranium Deposit, located within the 225,000 acre Angilak Property in Nunavut, Canada.

“The addition of a second rig in August  significantly reduced program  costs, on a per metre basis, while doubling our drilling production rate,” stated Jeff Ward, P. Geo., Kivalliq’s Vice President, Exploration. “The drilling hit rate and assay results continue to demonstrate the robust nature of uranium mineralization at Lac Cinquante.”

New  Assay Highlights from Lac Cinquante Main Zone:

Drill Hole ID %U3O8 True Width (Estimate)
10-LC-039 1.05 3.2
10-LC-050 1.1 1.68
10-LC-051 2.23 1.08
10-LC-053 1.23 0.84
10-LC-055 1.55 1.98

Since commencing the 2010 drill programs, Kivalliq has received, reviewed and released assay results from 45 holes. Assay results from more than 50 additional holes will be released, pending receipt and review, prior to the end of the year.

Phases 1 & 2 of the 2010 program have consisted of new camp construction, property-wide prospecting, environmental baseline studies, and aggressive resource definition and exploratory drilling. The fourth quarter of 2010 will be dedicated to technical and resource modeling analysis with the goal of establishing a NI 43-101 mineral resource by early 2011.

All Phase 2 drill holes reported herein were inclined to the northeast with an azimuth of 26 degrees (with the exception of 10-LC-029 drilled at 36 degrees), intersecting the Lac Cinquante main zone between 30 and 160 metres depth. See table of results below, and visit www.kivalliqenergy.com for an updated drill plan map, drill sections and drill collar information.

Table 1: 2010 Phase 2 Assay Results – Lac Cinquante Drill Program

DDH From (m) To (m) Interval (m) %U3O8* Est True Width** Description
 10-LC-028 129.48 129.78 0.30 1.72 0.21 Main Zone
 10-LC-029 96.63 96.97 0.34 0.19 0.33 Main Zone
 10-LC-030 71.33 71.64 0.31 0.09 0.28 Main Zone
 10-LC-031 100.80 101.35 0.55 1.89 0.35 Main Zone
 10-LC-032 133.75 134.15 0.40 0.01 0.19 Main Zone
 10-LC-033 160.25 162.10 1.85 0.14 0.75 Main Zone
 10-LC-034 85.80 86.20 0.40 0.53 0.37 Main Zone
 10-LC-035 44.80 46.54 1.74 2.11 1.23 Qtz/cb bx vein
 10-LC-035 110.20 111.40 1.20 0.12 0.85 Main Zone
 10-LC-036 144.20 145.25 1.05 0.06 0.57 Main Zone
 10-LC-037 74.94 76.80 1.86 0.10 1.70 Main Zone
 10-LC-038 107.75 110.65 2.90 0.32 1.70 Main Zone
 10-LC-039 139.58 146.42 6.84 1.05 3.20 Main Zone
 10-LC-050 51.10 52.95 1.85 1.10 1.68 Main Zone
 10-LC-051 86.66 88.70 2.04 2.23 1.08 Main Zone
 10-LC-052 39.00 40.30 1.30 0.23 1.21 Main Zone
 10-LC-053 66.25 67.77 1.52 1.23 0.84 Main Zone
 10-LC-054 55.90 57.10 1.20 1.16 0.60 Main Zone
 10-LC-055 74.10 76.80 2.70 1.55 1.98 Main Zone
 10-LC-056 164.3 164.92 0.62 0.26 0.52 Main Zone
*All samples subject to ICP 1 Analysis by SRC in Saskatoon, SK. ICP1 results >1000 ppm uranium subject to SRC U3O8 Assay. Full mineralized intervals may include ICP U analysis in ppm converted to U3O8%.  Conversion to U3O8% = ppm x 0.01179%
**  Estimates for true widths of mineralized zones based on  the attitude of Main Zone geology and the angle of hole intercepts

QA/QC
Samples from the 2010 Phase 2 drilling program comprised half split NQ drill core. All samples were analyzed for U3O8 and a multi-element suite by Saskatchewan Research Council (SRC) Geoanalytical Laboratories. The SRC facility operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for the Competence of Mineral Testing and Calibration laboratories and is accredited by the Standards Council of Canada. The samples are first analyzed by SRC’s ICP-OES multi-element Uranium exploration ICP1 method. The method analyzes for multi-elements including Ag, Mo, Cu, Pb, Zn and a suite of rare earth elements. ICP results U>1000 parts per million (ppm) are analyzed using SRC’s ISO/IEC 17025:2005-accredited U3O8 Assay method. Laboratory quality control (QC) includes a repeat analysis on every 20th sample. Repeat samples had good reproducibility. Kivalliq’s QC included the insertion of blanks into the sample inventory at the project site prior to shipment in sealed containers. All blank results were within expectations.

Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo., Kivalliq’s Vice President Exploration, the Qualified Person for the purposes of National Instrument 43-101.

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.   Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $9 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping /sampling and over 15,000 meters of drilling since 2009.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected]. 

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources.  It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration  carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.  

Kivalliq Energy Corporation wishes to congratulate Director Garth Kirkham P.Geo., P.Geoph. (left) on being awarded the Canadian Institute of Mining’s 2010 JC Sproule Memorial Plaque.

Director Garth Kirkham P.Geo., P.Geoph. (left) on being awarded the Canadian Institute of Mining’s 2010 JC Sproule Memorial Plaque

The Canadian Institute of Mining, Metallurgy, and Petroleum presented the prestigious "2010 JC Sproule Memorial Plaque" award to Mr. Kirkham on May 10th in recognition of his long standing dedication to the development and practical utilization of 3D geological and geostatistical modeling for northern mining projects.

"This award is intended for someone who demonstrates visionary zeal and professional dedication, and has greatly contributed to the early widespread appreciation of Canada's Arctic resource potential," stated John Robins, President & CEO, Kivalliq Energy Corp. "Garth is certainly a very deserving recipient."

In addition to being a key board or management team member of a number of companies, Mr. Kirkham is a very active member of the mineral exploration community. He is a member of both AME-BC and PDAC, holds the position of VP, Industry Liaison, for Geoscience BC, and is the in-coming VP for CIM Geological Society. He holds several professional designations in provinces such as BC (P.Geo. – APEGBC), Alberta (P.Geoph. – APEGGA) and in the Northwest Territories and Nunavut (P.Geoph. – NAPEGG)

Kivalliq's entire board and management team wishes to congratulate Mr. Kirkham on this public recognition of his professional achievements and contributions to our industry.

Board of Directors
Kivalliq Energy Corporation

For further information about Kivalliq Energy please visit our website at www.kivalliqenergy.com or contact Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604-646-4527 or by email at [email protected]. Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

 

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (“Kivalliq”) today announced final assay results from surface samples collected during the 2008 field program on the Angilak Project, Nunavut. Results from this last segment of the 2008 program confirmed that additional high-grade uranium surface showings are located near the Lac Cinquante deposit. These showings share many of the same geological attributes as Lac Cinquante, suggesting high potential for the discovery look-alike deposits on the property.

2008 Surface Sampling Highlights

  • Separate outcrop grab samples located four and six kilometres east of Lac Cinquante (at historic occurrences 77-9 and 77-5) yielded 0.82%U3O8, 0.71% Cu, 0.96 oz/T Ag and 0.62% U3O8, 0.20% Cu, 1.31 oz/T Ag respectively.
  • Grab samples from showings located 11.5 kilometres west and 8 kilometres north of Lac Cinquante assayed: 1.14%U3O8, 0.11% Cu, 0.58 oz/T Ag and 0.86%U3O8, 0.44% Cu, 0.65 oz/t Ag, respectively.
  • Surface samples collected from the BOG trend located 16 kilometres west of Lac Cinquante suggest similarities with iron-oxide-copper-gold (“IOCG”) deposits. The best two assays from BOG trend in 2008 were: 0.98% Cu, 0.14%U3O8, 0.15 oz/T Ag and 0.23%U3O8, 0.01% Cu, 0.18 oz/T Ag, 0.03% Mo.

“These results continue to demonstrate that Kivalliq Energy’s Angilak Project hosts northern Canada
 ’s most promising high-grade historic uranium deposit” stated John Robins, President and CEO of Kivalliq Energy Corporation. “Significant results from surface showings clearly confirm the potential for extending the Lac Cinquante deposit along strike, identifying similar zones nearby”.

Lac Cinquante Deposit Area                               

Lac Cinquante is reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8**, remaining open at depth and along strike. Trench sampling four kilometres east of Lac Cinquante by Urangesellschaft Canada Ltd in 1977, yielded results of 17.3% U3O8 over 0.4 metres and 5.06% U3O8 over 1.1 metres at showing 77-5. The overall geological setting of these occurrences is very similar to Lac Cinquante, suggesting the property has potential for additional discoveries. Little diamond drilling was completed on these occurrences in the mid 1970’s and Kivalliq’s technical team is currently compiling this data.

In order to verify these uranium occurrences, Kivalliq collected 46 samples from 13 historic showings in the vicinity of Lac Cinquante. The best results yielded 0.82%U3O8, 0.71% Cu, 0.96 oz/T Ag  and 0.62% U3O8, 0.20% Cu, 1.31 oz/T Ag from two outcrop grab samples located four and six kilometres east of Lac Cinquante respectively (at historic occurrences 77-9 and 77-5). Uranium mineralization at these sites occurs in altered structures of varying orientation within mafic volcanic rock.

In all, 12 grab samples taken from six surface showings assayed greater than 0.10% U3O8. These showings were in Archean basement rocks, along a nine kilometre east–west trend centered on Lac Cinquante and near the Proterozoic Angikuni Basin unconformity.  

Other Significant Mineral Occurrences

The Angilak Property is host to over 150 historic mineral occurrences, mostly discovered between 1975 and 1981, and only a few were drill tested. These showings have variable metal contents and can include significant uranium, silver, gold or copper. In 2008, Kivalliq collected 48 grab samples from 28 documented showings across the entire property. The highest uranium assay in 2008 returned 1.14%U3O8, 0.11% Cu, 0.58 oz/T Ag in brecciated granite from showing MP-24, 11.5 kilometres west of Lac Cinquante and central to the property. Other significant results were:  0.86%U3O8, 0.44% Cu, 0.65 oz/T Ag, 0.04% Mo (sheared mafic volcanic rocks at SC-13) and 0.63%U3O8, 0.71% Cu, 0.74 oz/T Ag (altered, red conglomerate at MM-64); located 8 kilometres north and 9 kilometres southwest of Lac Cinquante respectively.

Seventeen kilometres west of Lac Cinquante is the BOG/BA trend where intermittent Cu-U-Ag mineralization discovered by Noranda in the late 1970’s occurs in showings that trend north-easterly over 10 kilometres. Mapping by Kaminak Gold Corporation (“Kaminak”) geologists in 2007 recognized key features at BOG similar to IOCG deposits, including the presence of brecciated and silicified felsic intrusive rocks with strong hematite and carbonate alteration. Two types of mineralization have also been identified: “Type 1” elevated in copper and silver; and “Type 2” with elevated uranium. The highest assay from Kaminak’s 2007 sampling program was 2.45% Cu, 0.06%U3O8, 1.34 oz/T Ag (Type 1) and 0.03% Cu, 0.22%U3O8, 0.06 oz/T Ag  (Type 2).

Follow-up work by Kivalliq in 2008 collected 19 samples from 10 showings along the BOG/BA trend. Results verified most of the showings and confirmed the two styles of mineralization. The three best assays reported from the BOG/BA area in 2008 were: 0.98% Cu, 0.14%U3O8, 0.15 oz/T Ag (Type 1), 0.75% Cu, 0.10%U3O8, 0.55 oz/T Ag (Type 1) and 0.23%U3O8, 0.01% Cu, 0.18 oz/T Ag, 0.03% Mo (Type 2).

Sixteen kilometres to the southwest along the BOG trend is the YME showing. Here, a sample of granite cut by numerous quartz veins assayed  0.64% Cu, 0.07%U3O8,  and 0.29 oz/T Ag, suggesting significant strike length of the Type 1 mineralization noted at BOG. 

QA/QC

A total of 94 surface rock samples and 36 historic core samples were collected during the 2008 summer program and shipped to Activation Laboratories Ltd. (Actlabs) in Ancaster
,
Ontario
 for geochemical analysis. Rock and core samples were dried, crushed/pulverized, split and analyzed using both total digestion ICP and INAA techniques. Samples with uranium and copper values exceeding initial detection limits (10,000 ppm) were re-assayed using fusion-XRF and ICP-OES methods respectively.  QA/QC was assured by the systematic use of blanks, reference samples and pulp splits. Actlabs is one of only two laboratories in North America with both ISO/IEC 17025 and CAN-P-1579 accreditation.

Activation Laboratories reported most uranium results in ppm.  The calculation used to convert ppm U to % U3O8 is: 10,000 ppm = 1% U = 1.179% U3O8. Silver results were also reported in ppm. To compare to the historic results, the calculation used to covert ppm Ag to oz/T Ag is: 1ppm Ag = 1gm/t Ag x 0.029 = troy ounces per short Ton Ag.

GeoVector Management Ltd. of Ottawa
,
Ontario
 was contracted to oversee technical aspects of the Angilak Project.  Joe Campbell, P.Geo is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. Disclosure of a technical nature contained in this release has also been reviewed and approved by Jeff Ward , P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter Ph.D., P.Geo (Chairman of Kivalliq) who are also Qualified Persons for the purposes of National Instrument 43-101.

About Kivalliq Energy

Kivalliq Energy Corporation is the new uranium exploration and development company, and the first company in
Canada
to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in
Nunavut .

This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the historic Lac Cinquante deposit, one of Canada
 ’s most attractive, high-grade, historic uranium deposits. Initially reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03%, recently recovered documents now show historic estimates totalling 20.4 million pounds of uranium oxide**. The Lac Cinquante Uranium Deposit and 75 other uranium occurrences on the property comprise Kivalliq’s core asset, the 270,000 acre Angilak Project.

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Tony Reda , Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at [email protected].

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd, Abermin Corporation and referenced by subsequent sources.  It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does not comply with standards of disclosure required for reserves and resources stated therein. However, it is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration  carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.        

Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced that Rob Carpenter, Chairman of Kivalliq and President and CEO of Kaminak Gold Corporation (KAM: TSX-V), is the recipient of the 2008 Robert R. Hedley Award which is given out by the Association for Mineral Exploration British Columbia (AME BC).  The award honours individuals or companies based in British Columbia that have made significant contributions or advances in the realm of social or environmental responsibility.

“Dr. Carpenter has shown tremendous leadership by developing a partnership with the Inuit to explore for uranium on their land,” stated Brian Butterworth, chair of the AME BC Awards Committee.

Mr. Carpenter was selected for this award because he fostered Canada’s first Inuit uranium partnership between Nunavut Tunngavik Inc. (NTI), which manages Inuit Owned Lands (IOL) on behalf and for the benefit of the Inuit of Nunavut, and Kaminak Gold Corporation. In the transaction, Kaminak acquired the Angilak property and through a corporate spin-out formed Kivalliq Energy. Angilak is host to the historic Lac Cinquante Uranium Deposit, which is reported to contain 11.6 million pounds of uranium oxide at an average grade of 1.03% U3O8**. The deal is also the first of its kind to extend royalty and a participation interest to the Inuit on Crown administered land. 

About Kivalliq Energy

Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium. Through this landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring and developing the historic Lac Cinquante Uranium Deposit, one of Canada’s most attractive, high-grade, historical uranium deposits. Reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03% U3O8 (non compliant with National Instrument 43-101) **, the historic Lac Cinquante Deposit and 75 other uranium occurrences on the property comprise Kivalliq’s core asset, the 270,000 acre Angilak Project.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at [email protected].

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd and referenced by subsequent sources.  It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does comply with standards of disclosure required for reserves and resources stated therein. However, it is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration  carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.        

Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) is pleased to report further results of an initial exploration program on the near-surface, historical 11.6 million pound** uranium deposit at Lac Cinquante, Nunavut. Results from logging and assaying of historical drill core as well as new computerized modeling of the deposit are reported here and results from the regional exploration of the greater Angilak property are being compiled and will be released when ready.

2008 Lac Cinquante Highlights

  • Results from re-sampled historic drill core returned:  2.24% U3O8,  0.78 oz/T Ag and 0.17% Mo over 1.5 metres, including a 0.5 metre zone of  4.16% U3O8,  1.38 oz/T Ag and 0.27% Mo

  • 106 drill collars were positively identified and most of the corresponding core was recovered on site and in good condition. Main Zone mineralization at Lac Cinquante was easily observed by re-logging and radiometric testing on core.

  • Modeling using information from historical data and drill core re-sampling revealed significant near surface mineralization over a minimum of 0.5 metres, up to 5.0 metres in width, over 1.2 kilometres of strike length and to a depth of at least 160 metres.

  • All regulatory and drill permits for a possible drilling program in 2009 are in place

“These results represent some of the highest uranium assays ever reported from the region, demonstrating that Lac Cinquante is one  of  the most exciting, undeveloped, historical uranium deposits in Canada,” stated John Robins, Kivalliq’s President and CEO.  “Kivalliq now has all the tools needed to begin a drilling program in order to bring the deposit compliant with NI 43-101 as well as expand the size of the deposit.”

New 3-D Model

The main objectives of the 2008 field program were to reconstruct previous drilling, confirm reported uranium mineralization and prepare a conceptual 3-D model for the Lac Cinquante Deposit. By re-establishing the original ground grid and locating a number of labelled drill collars, Kivalliq was able to confidently identify 106 of 123 drill collars located in the field. Core for the majority of these holes was found preserved, legible and in good condition at the east end of the grid. Select core was catalogued, logged and the Main Zone was identified by testing previously sampled or mineralized intervals with a GR-135 gamma-ray spectrometer or RS-121 gamma-ray scintillometer.  In order to verify readings and corroborate uranium grades reported for Lac Cinquante, eight samples were selected from six drill holes that intersected the Main Zone.

By combining new ground geophysical data, historical drill information, relocating drill collars and new testing on core, Kivalliq has been able to construct a preliminary 3-D model for the Lac Cinquante uranium deposit.  Core photos, a drill plan, VLF data and the conceptual 3-D model for Lac Cinquante can be viewed at www.kivalliqenergy.com. The model shows the possible extent of uranium mineralization at the Main Zone with mineralization open in all directions.  This model is conceptual in nature and will only be used as a visualization tool to guide future exploration. It is not intended for NI 43-101 reporting, resource calculations or estimates. 

Historical Drill Core 

Historical drill core from the early 1980’s drilling was located in the field and a number of holes were re-logged and sampled. Kivalliq’s team successfully located drill collars and core that were previously assayed and later reported by the Geological Survey of Canada (GSC) in 1986 (CIMM Special Paper #33, p. 263 to 285). Re-assay of these same intervals by Kivalliq corroborated or improved on the previously published GSC results. Table 1 outlines Kivalliq’s 2008 assay results.

Table 1.  2008 Assay Results: Re-Sampling of Historic Lac Cinquante Drill Core

DDH

From (m)

To (m)

Length (m)

*%U3O8

**oz/T Ag

%Mo

%Cu

YUC24

73.0

74.5

1.5

2.24

0.78

0.17

0.03

Including

73.0

73.5

0.5

2.51

0.90

0.22

0.04

and

73.5

74.0

0.5

4.16

1.38

0.27

0.03

and

74.0

74.5

0.5

0.06

0.06

0.03

0.01

YUA50

60.5

61.5

1.0

1.90

1.18

0.33

0.15

YUA104

125.4

126.7

1.3

0.60

0.51

0.07

0.11

YUB17

147.5

148.0

0.5

0.20

0.14

0.03

0.02

YUB23

183.2

184.2

1.0

0.30

0.09

0.06

0.02

YUB55

97.6

98.6

1.0

0.14

0.06

0.00

0.01

*Uranium results reported in ppm.  Calculation used to convert ppm U to % U3O8 is: 10,000 ppm = 1% U = 1.179% U3O8
**Silver results reported in ppm. Calculation used to covert ppm Ag to oz/T Ag is: 1ppm Ag = 1gm/t Ag x 0.029 = troy ounces per short Ton Ag

QA/QC

A total of eight core samples were collected in 0.5 to 1.3 metre intervals from labelled historic split BQ sized core and shipped to Activation Laboratories Ltd. (Actlabs) in Ancaster, Ontario for geochemical analysis. Rock samples were dried, crushed/pulverized, split and analyzed using both total digestion ICP and INAA techniques. Samples with uranium and copper values exceeding initial detection limits (10,000 ppm) were re-assayed using fusion-XRF and ICP-OES methods respectively.  QA/QC was assured by the systematic use of blanks, reference samples and pulp splits. Actlabs is one of only two laboratories in North America with both ISO/IEC 17025 and CAN-P-1579 accreditation.

GeoVector Management Ltd. of Ottawa, Ontario was contracted to oversee technical aspects of the Angilak Project.  Joe Campbell, P.Geo is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. Disclosure of a technical nature contained in this release has also been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter Ph.D., P.Geo (Chairman of Kivalliq) who are also Qualified Persons for the purposes of National Instrument 43-101.

As stated in the November 12, 2008 press release, Kivalliq confirms it has issued 250,000 common shares to Canaccord Capital Corporation in consideration of certain services provided.  The shares have a deemed value of $0.25 per share and are subject to a four month hold period.

About Kivalliq Energy

Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium. Through this landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring and developing the historic Lac Cinquante Uranium Deposit, one of Canada’s most attractive, high-grade, historical uranium deposits. Reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03% U3O8 (non compliant with National Instrument 43-101) **, the historic Lac Cinquante Deposit and 75 other uranium occurrences on the property comprise Kivalliq’s core asset, the 270,000 acre Angilak Project.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at [email protected].

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd and referenced by subsequent sources.  It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does comply with standards of disclosure required for reserves and resources stated therein. However, it is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration  carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.        

Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.