MONTREAL, Jan. 29, 2013 /CNW Telbec/ – Kanosak Capital Venture
Corporation (TSXV: KKV) (the “Corporation” or “Kanosak”) is pleased to
announce an acquisition of a property in Mauritania, as well as key
board and management appointments.

Purchase Agreement
The Corporation has acquire a 90% interest in the Soci t Mauritanienne
d’Exploration (“SEM”) from Wafa Mining and Petroleum S.A., a
Mauritanian company. SEM has the right to prospect and develop the
Kneivissat 2 license, an 830-square-kilometer property in close
proximity to the Tasiast mine in north-western Mauritania.

In exchange for this interest in SEM, Kanosak issued 100,000 common
shares and paid US$100,000 in cash. Additional contingent consideration
of 200,000 common shares and US$200,000 will be paid on each of the
first and second anniversaries of the closing date, in 2014 and 2015.
Upon a completion of a satisfactory feasibility study, a further
US$2,000,000 will be paid to Wafa Mining and Petroleum S.A.

Kanosak has further committed to incur US$3 million in exploration
expenditures as follows: US$1 million within 18 months of closing, and
then US$1 million per year for the two following years. The payments in
cash, common shares issue and exploration expenses are contingent upon
ongoing exploration results.

Dr. Michel J brak, geologist, professor and participant in the original
Tasiast gold deposit discovery, said of the Wafa property: “the
geological context of the permit shows strong similarities to the
Tasiast gold deposit. Considering that it is located immediately
adjacent to a known gold belt at the northern extension of Tasiast
West, we believe that its potential is very favorable. Moreover some
highly prospective structures seen on the Tasiast property extend onto
the Kneivissat property”, as demonstrated (blue dashed line) on Figure
1.

Board and Management Appointments
In other news, Kanosak announces that Jean-François Ruel and Jean
Desmarais have resigned from their positions with the Corporation and
that François Auclair and Benoit La Salle have been appointed to
replace them as directors. Ren Lopez has been appointed interim
President and Chief Executive Officer and Dejan Ristic has been
appointed Chief Financial Officer. The Corporation thanks Mr. Ruel and
Mr. Desmarais for their contributions and wishes them well in their
future endeavours.

Mr. Benoit La Salle, FCPA, FCA is founder and Executive Vice Chairman of
SEMAFO (a TSX listed company), and a well-known mining entrepreneur in
Canada and Africa. Mr. La Salle was instrumental in growing SEMAFO from
a junior explorer into a gold producer, with 3 producing mines in West
Africa, generating annual revenues of over CAD$400 million and a market
capitalisation of close to CAD$1 billion. In addition, M. La Salle is
currently acting as Chairman of Canadian Council on Africa.

Mr. François Auclair, M.Sc., PGeo, is a geologist with over 25 years of
experience, including 20 years in Africa. Mr Auclair was involved at
the early stage of development of the Tasiast Mine while being GM of
Tasiast. Mr Auclair was formerly CEO of Nimini Gold and currently one
of its directors. Nimini Gold is a 90% subsidiary of Polo Resources
developing the Komahum gold deposit in Sierra Leone.

Mr. Dejan Ristic is a Quebec CPA CA and a Certified Public Accountant in
the US. His experience includes having been manager in the high
technology practice at Ernst & Young LLP. In 2004, Mr. Ristic founded
its accounting practice, Exceleris, and provides consulting, accounting
and CFO services to numerous public and private companies in technology
and mining sectors.

Wafa Mining and Petroleum S.A. is owned and operated by Wafa Group S.A.,
an influential industrial and professional family enterprise in
Mauritania whose business interests include activities in the areas of
import, processing and distribution of food products, public works,
real estate, construction and natural resources. All amounts are in US
dollars unless otherwise stated.

This news release discusses items that may constitute forward-looking
statements within the meaning of securities laws and that involve risks
and uncertainties. Such statements include those with respect to the
future cash payments and share issuances to be made and exploration
expenditures to be incurred. Although Kanosak believes in light of the
experience of its officers and directors, current conditions and
expected future developments and other factors that have been
considered appropriate that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, they
can give no assurances that those expectations will be achieved and
actual results may differ materially from those contemplated in the
forward-looking statements and information. Such assumptions, which may
prove incorrect, include that the acquisition of the Property will
obtain all required regulatory approvals, that Kanosak will have the
cash on hand to make the payments when due and that the results of its
initial exploration of the Property will justify incurring a total of
US$3 million. Factors that could cause actual results to differ
materially from expectations include Kanosak’s inability to access the
funds required to make the cash payments when due and unsatisfactory
results of its preliminary work on the Property. These factors and
others are more fully discussed in Kanosak’s filings with Canadian
securities regulatory authorities available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

SOURCE Kanosak Capital Venture Corporation

PDF available at: http://stream1.newswire.ca/media/2013/01/29/20130129_C9437_DOC_EN_23100.pdf