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NTI Grants Uranium Rights to Kaminak Gold

NR 08-06 URA ENG NTI Grants Uranium Rights.doc

(February 7, 2008 – Cambridge Bay, Nunavut) Nunavut Tunngavik Inc. Acting President James Eetoolook today announced that NTI signed a memorandum of understanding with Kaminak Gold Corporation that includes the rights to explore for uranium on Inuit Owned Lands parcel RI-30. This parcel, 300 kilometres west of Rankin Inlet, was selected by Inuit during Nunavut Land Claims Agreement negotiations specifically because of its outstanding potential to host a high grade and sizable uranium deposit. NTI hopes to sign the final agreement next month.

The NTI Board of Directors passed a uranium policy in September, 2007, and our employees have worked hard to implement that policy. I am happy that we have now signed our first MOU for uranium exploration, said Eetoolook. The MOU allows Inuit to benefit from this industry while ensuring the protection of our people, the wildlife and the environment.

Under the terms of the MOU:

Kaminak Gold Corporation (KAM – TSX.V) is to spin-out all of its uranium interests in Nunavut, including its interest in two other Nunavut uranium properties (Washburn and Baker Lake) into a new company under a plan of arrangement (Newco). Newco will then issue NTI 1,000,000 shares over 36 months.

Upon signing of the MOU, Kaminak paid NTI C$50,000 and starting December 31, 2008, Newco will pay an advanced royalty of C$50,000 to NTI every year until a mine commences production on the IOL parcel.

Upon completion of a feasibility study on any portion of the property, which includes Newco’s adjacent 230,000 acre Yathkyed property, NTI has the option of taking either a 25% participating interest or a 7.5% net profits royalty in any mine that is developed subject to the study.

Newco shall perform a minimum of 6,000 metres of drilling on IOL parcel RI-30 before the fourth anniversary of the agreement, including at least 3,000 metres to be completed on the Lac Cinquante uranium deposit.
Upon completion of a National Instrument 43-101-compliant report that outlines a measured resource of at least 12 million pounds of uranium oxide, Newco will pay NTI a cash sum of C$1,000,000.

The property is subject to an underlying 12% net profits royalty payable on all minerals to NTI. During periods of positive operating revenue, gross uranium revenue shall be calculated as 130% of the actual value of the product. This royalty is in addition to the 7.5% net profits royalty that NTI has the option of receiving as described above.

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