Kivalliq Energy Announces Assay Results from Lac Cinquante Uranium Deposit

Kivalliq Energy Corporation (TSX VENTURE:KIV) today announced new assay results from 33 holes drilled at the "Main Zone" of the Lac Cinquante Uranium Deposit, located within the 225,000 acre Angilak Property in Nunavut, Canada.

The Company is also pleased to announce the appointment of Mr. Chris Twells as Chief Financial Officer and Mr. Andrew Berry as Vice President, Operations.

"We are impressed by the high grade nature of specific assay intervals received in this batch," stated Kivalliq's President Jeff Ward, P. Geo. "This year's drill program continues to deliver excitement along with important data needed to build a NI 43-101 mineral resource at the Lac Cinquante Main Zone by the first quarter of 2011."

To date, Kivalliq has released assay results from 78 holes. Assay results from 27 additional holes, plus assay results from a property wide prospecting and sampling program, will be released prior to the end of the year.

All holes reported herein were inclined to the northeast with an azimuth of 26 degrees, intersecting the Lac Cinquante Main Zone between 32 and 113 metres depth. See the table of results below, and visit www.kivalliqenergy.com for an updated drill plan map, drill sections and drill collar information.

Table 1: 2010 Phase 2 Assay Results – Lac Cinquante Drill Program

Ten drill holes; 10-LC-040, 042, 057, 060 to 062, 066, 068, 069 and 071 intersected the altered tuff host unit with no uranium mineralization. These infill holes helped delineate high-grade ore shoots within the Lac Cinquante Main Zone.

Overview of 2010 Exploration Program at Angilak

Phases 1 & 2 of the 2010 program consisted of new camp construction, property-wide prospecting, environmental baseline studies, and a total of 16,600 metres of resource definition and exploratory drilling. The fourth quarter of 2010 will be dedicated to technical and resource modeling analysis with the goal of establishing a NI 43-101 mineral resource by early 2011.

The prime objective of drilling at the Lac Cinquante "Main Zone" was to generate data necessary for completing a mineral resource calculation. Drilling tested the Main Zone down to a depth of 275 metres, and along 1,350 metres of east–west strike length for this historic deposit. Lac Cinquante remains open in both directions and at depth based on the current drilling.

New Management Appointments

Kivalliq Energy Corporation would like to announce the appointment of Mr. Chris Twells as Chief Financial Officer and Mr. Andrew Berry as Vice President, Operations. The Company would also like to sincerely thank Mr. Charles Chebry, who performed the role of CFO since Kivalliq's inception, as he pursues other ventures.

Chris Twells, Chief Financial Officer. Mr. Twells is a member of the Association of the Certified General Accountants of British Columbia and Canada. An accountant for the past 16 years, Mr. Twells has held positions of increasing responsibility with a number of private and publicly traded companies. In various roles with publicly traded companies, he was integrally involved with activitives such as executing joint venture and purchase agreements; equity and debt financings; and administrative, accounting and regulatory compliance functions. He has specific expertise related to corporate finance, corporate reporting, financial processes, financing and risk management. Mr. Twells also currently serves as the CFO for Kaminak Gold Corporation (KAM: TSX-V), Corsa Capital Ltd. (CSO: TSX-V) and Laurentian Goldfields Ltd. (LGF: TSX-V).

Andrew Berry, VP Operations. Mr. Berry has been with Kivalliq Energy Corp. since April 2009 as Project Manager. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 25 years experience with surface and underground programs exploring and developing precious metal, base metal and diamond deposits in Canada, South America and Africa. He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada Inc. and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments.

QA/QC

Samples from the 2010 Phase 2 drilling program comprised half split NQ drill core. All samples were analyzed for U₃O₈ and a multi-element suite by Saskatchewan Research Council (SRC) Geoanalytical Laboratories. 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. ICP results U>1000 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 QC included the insertion of blanks into the sample inventory at the project site prior to shipment in sealed containers. All blank results were within expectations.

Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo. (President, Kivalliq) who is the Qualified Person for the purposes of National Instrument 43-101.