Projects

Copper Joe

Property Status

Kiska Metals Corporation ("Kiska" or the "Company") has entered into a non-binding letter of intent with Kennecott Exploration Company ("Kennecott") to acquire a 100% interest in the Copper Joe Property (the "Property" or "Copper Joe"). Copper Joe is a copper-gold-molybdenum porphyry prospect located 50 km south-southwest of the Company's Whistler Project in Alaska.

Kiska can earn a 100% interest in the Copper Joe Property from Kennecott by incurring a total of US$5.0 million in exploration expenditures by December 31, 2015, including a commitment to US$170,000 in exploration by December 31, 2011 (completed). Kiska will pay Kennecott a one-time cash payment of US$10 million upon completion of a positive 43-101 compliant pre-feasibility study. In addition, before affecting a sale or assigning rights and interests to the property, Kiska will give Kennecott a 90 day period to acquire such rights and interests at 90% of the price and terms stated in the notice. Kiska is permitted to divest all or part of its interest, subject to the first right of refusal and the option period, provided at least US$2.5 million in expenditures have been completed. Prior to reaching the $2.5 million expenditure level, Kiska requires Kennecott's consent to divest its rights and interest. If Kennecott elects not to exercise its first right of refusal, Kennecott will retain a 2% NSR.

"Our option to acquire Copper Joe is a good, strategic fit with our plans to further the development of our flagship Whistler Property and gives us yet another porphyry copper-gold target in the belt. The target was only recently discovered by Kennecott and has yet to be tested by drilling," stated Jason Weber, President and CEO of Kiska. "Copper Joe is located within 15 km of a potential access route into the Whistler Property."

Kennecott staked 100 State mining claims in August 2006 after reconnaissance work at the headwaters of the Styx River located peripheral, porphyry-style alteration in monzodiorite porphyries. A follow up traverse discovered angular boulders containing copper mineralization that was traced to a small recessed exposure in a creek bed. The mineralized showing exhibits potassic alteration with quartz-magnetite stockwork veins which contain disseminated chalcopyrite. Potassic alteration occurs over a 3 km by 1 km area with moderate to intense phyllic alteration extending a further 2.5 km outward. As most of the target area is covered by a thin veneer of glacial till, Kennecott completed 70.4 line-km of ground magnetics, which highlighted an open-ended magnetic high feature measuring 1.0 km by 1.9 km, trending northeast from the mineralized showing. Kennecott collected 28 rock samples yielding peak values of 0.73% copper, 0.415 g/t gold, 7.9 g/t silver and 0.125% molybdenum.

Currently, Kiska is conducting early stage work which includes surface geophysics, geological mapping, and surface geochemical sampling and prospecting to develop drill targets. Kiska hopes to develop this project area to be an additional asset that may be added to the Whistler project area portfolio.

Maps

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