TSX-V: VO Last: 0.07 Change: 0.00 | OTCQB: KVLQF Last: 0.05 Change: 0.00
TSX-V: VO     Last: 0.07     Change: 0.00
OTCQB: KVLQF     Last: 0.05     Change: 0.00

Corporate Developments

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced the appointments of Jeff Ward,  BSc, P.Geo as Vice President, Exploration and Garth Kirkham, BSc, P.Geo, P.Geoph to the Board of Directors of Kivalliq, effective immediately. 

“As 25 year veterans of the exploration and mining industry, mssrs Ward and Kirkham bring a wealth of experience and knowledge to our growing team,” stated John Robins, President & CEO of Kivalliq.

Mr. Ward 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 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, where he worked on reconnaissance to advanced-stage projects throughout Canada’s north. As regional Project Manager, Mr. Ward directed exploration programs in the Northwest Territories and Nunavut for over eight years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.

Mr. Kirkham obtained a Bachelor’s degree in Science from the University of Alberta in 1983, completing his degree with majors in Geophysics, Geology and Mathematics.  He is the principal of Kirkham Geosystems which specializes in 3D computer modeling and resource / reserve estimations at the preliminary assessment, pre-feasibility and feasibility study stages of mining projects.  In addition, he is the past-Chair of the Mineral Deposits Division of the Geological Association of Canada and is currently serving on national council.

The Board has approved the grant of 2,655,000 incentive stock options, exercisable at CDN$0.15 per share over a five-year period. Of the 2,655,000, 1,950,000 are issued to Directors and Officers. The options vest in equal installments over the next four quarters.

In addition, Kivalliq has agreed, subject to regulatory approval, to issue 250,000 shares to Canaccord Capital Corporation for Fiscal Advisory services.

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 the highly prospective, 250,000 acre Angilak property in the Nunavut Territory, Canada. Kivalliq’s core asset is the Lac Cinquante Uranium Deposit, reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03% U3O8 (non compliant with National Instrument 43-101)**. This historic, high grade deposit, which remains untested at depth and along strike, and 75 other uranium occurrences on the property, comprise Kivalliq’s 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 or directly at 604.646.4534.

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.  This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. 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 the amendment of the Baker Lake Uranium Project agreement with Pacific Ridge Exploration Ltd. (PEX: TSX-V) to include Aurora Energy Resources Inc. (AUX: TSX).  The Baker Lake project is located in Nunavut and is approximately 225 kilometres northeast of Kivalliq’s flagship “Angilak” project. Kivalliq acquired the Baker Lake and Angilak projects through the recently completed spin-out of the uranium assets from Kaminak Gold Corporation (KAM: TSX-V).  The amendment to the Baker Lake Project agreement is subject to TSX Venture Exchange and regulatory approval.

New Baker Lake Agreement – Key Points

  • Pacific Ridge exercises the option to acquire a 100% project interest in the Baker Lake Uranium Project in exchange for issuing and delivering 2,000,000 shares of Pacific Ridge to Kivalliq
     
  • Aurora can earn a 51% interest in the Baker Lake Uranium Project by incurring staged exploration expenditures totalling $15 million over a 36 month period
     
  • Kivalliq retains a back-in right to acquire a 20% project interest upon the delivery of a pre-feasibility study by Aurora and Pacific Ridge

About the Baker Lake Project
Host to several uranium prospects, the Baker Lake project is situated within the Baker Lake Basin, a geological environment that is highly favourable for the discovery of high-grade uranium deposits.  The Baker Lake project covers over 96,000 hectares and is located 40 kilometres south of the community of Baker Lake in Nunavut.  80 kilometres to the west of Baker Lake, AREVA Resources Canada is conducting a feasibility study on the Kiggavik uranium deposit.  To date, Pacific Ridge has spent over $7,300,000 exploring the Baker Lake project since 2006.

With the amendment of the Baker Lake agreement, Pacific Ridge has now exercised the option to acquire a 100% project interest in the Baker Lake Uranium Project in exchange for issuing and delivering 2,000,000 shares of Pacific Ridge to Kivalliq.

During a 36 month initial option period, Aurora has the option to earn a 51% interest in the Baker Lake Uranium Project by incurring staged exploration expenditures totalling $15 million.  Upon earning a 51% interest, Aurora may elect to either:

  • earn an additional 14% by funding 100% of on-going costs and commit to producing a preliminary feasibility study no later than December 31, 2013
     
  • enter into a joint venture with Pacific Ridge (51% Aurora, 49% Pacific Ridge). 

If Aurora terminates the option agreement, then Kivalliq can elect to re-establish the terms of the original option, joint venture and back-in agreement with Pacific Ridge by returning the shares to Pacific Ridge.

The amendment to the Baker Lake Project agreement is subject to TSX Venture Exchange and regulatory approval. Complete details about the agreement can be found on SEDAR, www.sedar.com.

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 the formation of a landmark partnership with the Inuit of Nunavut, Kivalliq is exploring the historic, high-grade Lac Cinquante Uranium Deposit.   Reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U3O8, the near surface Lac Cinquante deposit remains untested at depth and along strike.  Kivalliq’s core asset, the 250,000 acre Angilak Project, is host to the historic Lac Cinquante deposit and 75 other uranium occurrences.

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 or directly at 604.646.4534.

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.

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.  This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. 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 the company will begin trading on the TSX Venture Exchange at market open on Monday, July 7th, 2008, under the ticker symbol “KIV”.  Further information about Kivalliq can be obtained on the company’s website, www.kivalliqenergy.com.

“It gives us great pleasure to present Kivalliq to the investment community,” stated John Robins, President & CEO of Kivalliq.  “Kivalliq offers investors an exciting and unique opportunity to participate in a compelling uranium project that is host to a high grade, near surface historical resource with exploration potential.”

Angilak Project

This unique Inuit partnership between Kivalliq and Nunavut Tunngavik Incorporated (“NTI”) awarded Kivalliq the right to explore and advance the near surface, historic Lac Cinquante Occurrence, reported to contain 11.6 million pounds of uranium oxide (non National Instrument 43-101 compliant)** with grades averaging 1.03% U3O8. In addition to Lac Cinquante, the 250,000 acre Angilak property also boasts numerous other untested prospects of uranium ± copper ± silver and gold. Kivalliq is the first company to be awarded the right to explore for uranium on privately-held Inuit Owned Lands in Nunavut.

Kivalliq’s Management Team

The Kivalliq team has a proven track record of discovery and over 75 years of combined geological and management expertise.  The team has been involved in all aspects of exploration ranging from grass roots exploration through to resource delineation and production.  Complementing their geological experience, the Kivalliq team brings a solid understanding of capital markets.

Rob Carpenter, Ph.D., P.Geo.  – Chairman & Director

John Robins, P.Geo. – President, CEO & Director

Jim Dawson, M.Sc., P.Eng. – Director

James R. Paterson – Director

Charles Chebry, B.Sc., CMA – CFO

Disclosure of a technical nature contained in this release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P. Geo., Chairman of Kivalliq, who is a Qualified Person for the purposes of National Instrument 43-101.

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 or directly at 604.646.4534.

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.

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  Occurrence was prepared by Aberford Resources Ltd.  This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. However, it is relevant because: it is indicative of a mineralized zone worthy of follow up exploration as it is based on drilling exploration and development 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.