SRC Stakeholder Gold Corp

Kivalliq Energy Corporation ("Kivalliq") (TSX VENTURE:KIV) today announced the
successful completion of the field component of the 2012 exploration program at
the 252,830 acre Angilak Property in Nunavut, Canada.


2012 Exploration Program: Field Component Highlights



--  Discovery of the J4, Ray, Flare and Southwest Zones 
--  38,856 metres of core and reverse circulation ("RC") drilling focused on
    adding inferred resources and testing new mineralized target areas
    within the Lac 50 Trend 
--  930 line kilometres of ground magnetic, VLF electromagnetic, gravity and
    seismic surveys 
--  Prospecting, mapping and RC drilling to test new target areas property-
    wide 
--  Ongoing geological, metallurgical, environmental and archeological
    studies 
--  Emphasis on community consultation including property visits by
    community leaders



"2012 was another year of discovery on the Angilak Property, particularly within
the Lac 50 Trend, at zones like J4 and Ray. Kivalliq's exploration team
demonstrated great perseverance and skill to execute another successful program
on budget," stated CEO Jim Paterson. "We are confident that our pending drill
results will add significant value to this project."


To view cross sections, figures and maps from the 2012 exploration program
please visit: http://kivalliqenergy.com/projects/angilak/program_images/


A Season of Discovery

On February 22, 2012, Kivalliq announced an aggressive $20 million exploration
program, which proposed 35,000 metres of diamond and RC drilling. The completed
program exceeded total metres proposed by 11% and succeeded at converting
targets into significant discoveries within the Lac 50 Trend.


The Lac 50 Trend is a three kilometre wide by 15 kilometre long southeast
striking structural trend within Archean volcanic rocks adjacent to an
unconformity with Proterozoic sediments of the Angikuni sub-basin. In addition
to the Lac Cinquante Uranium Deposit, the Lac 50 Trend is host to nine
significant uranium occurrences discovered by Kivalliq since 2010.


From April 13 to September 15, 2012, Kivalliq drilled 33,583 metres of NQ core
in 173 holes with three diamond drill rigs. Drilling in 2012 tested the extent
of uranium mineralization at the Lac Cinquante Deposit down-dip and along the
Lac 50 Trend. On July 1, 2012, Kivalliq discovered the J4 Zone, approximately
2.5 kilometres east of the Lac Cinquante Deposit, and since then, drilling has
extended the strike length of the J4 zone to 800 metres. Mineralization at J4
was intersected at a vertical depth of 383 metres, the deepest intercept on the
Angilak Property to-date. At season's end, the J4 Zone still remains open along
strike and at depth.


To date in 2012, Kivalliq has released assay results from 80 holes, including
three holes from drilling at the J4 Zone (See news release August 27, 2012).
Assay results from an additional 93 drill holes will be released, pending
receipt and review, prior to the end of the year. Kivalliq aims to incorporate
results from this new drilling within the Lac 50 Trend, specifically the J4 and
Ray zones, into a 43-101 inferred resource estimate by the end of Q1, 2013.


Kivalliq also undertook an aggressive RC drilling campaign this season,
completing 5,273 metres in 38 exploratory holes. 22 of these RC holes generated
samples having anomalous radioactivity greater than 500 counts per second
("cps"). These holes served to prioritize target areas for subsequent diamond
drilling and resulted in the discovery of the Flare zone. Additional targets
advanced by the RC rig will be tested by diamond drilling in 2013.


Results and interpretation are also pending from 930 line kilometres of ground
magnetic, VLF electromagnetic, gravity and seismic geophysical surveys combined
with prospecting and mapping programs.


The fourth quarter of 2012 will be dedicated to initial metallurgical and
engineering studies, technical analysis and resource modeling with the goal of
identifying new target areas and updating the NI 43-101 mineral resource by the
end of Q1, 2013.


QA/QC

Natural gamma radiation in drill core and RC chips was measured in cps using a
hand-held Radiation Solutions Inc. RS-121 scintillometer or RS-230 spectrometer.
Kivalliq cautions that scintillometer readings are not directly related to
uranium grade and are only used to indicate zones of radioactive material.


Half-spilt NQ core samples from Angilak Property drill holes, having anomalous
radioactivity levels above 200 cps were sent to the Saskatchewan Research
Council Geoanalytical Laboratories ("SRC") for analysis. All samples were
analyzed for U3O8 and a multi-element suite. 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 greater than 1,000 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 quality assurance and quality control
procedures include the systematic insertion of blanks and standards into the
drill core sample string. All QA/QC results were within expectations.


Jeff Ward, P.Geo. and President of Kivalliq is a Qualified Person as defined
under National Instrument 43-101 and has reviewed and approved the scientific
and technical information contained in this news release.


About Kivalliq Energy Corporation

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


Since acquiring the 252,830 acre Angilak Property in 2008, Kivalliq has invested
approximately CDN$50 million conducting systematic exploration, including ground
and airborne geophysics, geological mapping, prospecting and approximately
87,500 metres of RC and diamond drilling. This aggressive exploration has
resulted in the expansion of the high-grade Lac Cinquante Deposit, along with
the discovery of multiple highly-prospective target areas. Having a 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 Saskatchewan's Athabasca Basin.


On behalf of the Board of Directors

James R. Paterson, CEO

Kivalliq Energy Corporation

Kivalliq Energy Corporation is a member of the Aurora Mineral Resource Group of
companies. For further information about Kivalliq Energy Corporation or this
news release, please visit our websites at www.kivalliqenergy.com and
www.auroraresource.com.


Certain disclosures in this release, including the timing of assay results and
an updated NI 43-101 resource estimate, 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 market price of Kivalliq's
securities and the market for securities of resource exploration companies in
general; commodity prices and, in particular, the price of uranium and the
completion of Kivalliq's 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.

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