Amseco Sells Yasinski Lake Properties

KANOSAK VENTURE CAPITAL CORPORATION (TSX VENTURE:KKV.P) (the "Corporation" or
"Kanosak"), a capital pool company, is pleased to announce that it has entered
into an agreement in principle (the "Agreement") dated March 12, 2012 regarding
the acquisition of all rights, title and interests held by Amseco Exploration
Ltd. in copper, gold and silver prospects at Yasinski Lake, Quebec (the
"Property"). The acquisition of the Property will be Kanosak's qualifying
transaction (the "Qualifying Transaction") pursuant to the policies of the TSX
Venture Exchange (the "Exchange"). The vendor of the Property is Amseco
Exploration Ltd. (the "Vendor") (TSX VENTURE:AEL), a publicly traded
Montreal-based corporation incorporated under the Canada Business Corporations
Act.


Under the Agreement, as consideration for the acquisition of the Property, the
Corporation will issue 500,000 common shares to the Vendor at a deemed price of
$0.30 per share, pay $60,000 in cash consideration to the Vendor and grant the
Vendor a 1% Net Smelter Royalty. Kanosak currently anticipates completing a
brokered private placement concurrently with the closing of the Qualifying
Transaction by the issuance of a minimum of 2,000,000 common shares and a
maximum of 3,333,333 common shares at a price per share of $0.30 for minimum
gross proceeds of $600,000 and maximum gross proceeds of $1,000,000 (the
"Private Placement"), in order to have sufficient capital to complete the first
phase of its expected exploration plan (which is described further below). A
broker has not yet been retained in connection with the Private Placement.
Kanosak's current cash on hand is approximately $445,000.


Kanosak currently has an aggregate of 5,239,213 common shares issued and
outstanding, together with 471,528 stock options and 297,255 agent's options
(issued in connection with its initial public offering).


The proposed Qualifying Transaction is not a "Non-Arm's Length Qualifying
Transaction" within the meaning of Policy 2.4 of the Exchange and, as such,
shareholder approval is not required, unless otherwise determined by the
Exchange.


A Filing Statement in respect of the proposed Qualifying Transaction will be
prepared and filed in accordance with Policy 2.4 of the Exchange on SEDAR at
www.sedar.com no less than 7 business days prior to the closing of the proposed
Qualifying Transaction. A press release will be issued once the filing statement
has been filed as required pursuant to Exchange policies.


Completion of the Qualifying Transaction is subject to a number of conditions,
including, but not limited to: the satisfaction of the initial listing
requirements of the Exchange; Exchange approval of the Qualifying Transaction; a
satisfactory due diligence review by Kanosak; receipt of a report completed in
accordance with National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101"); completion or waiver of sponsorship; and the approval of
the board of directors of Kanosak.


The common shares of the Corporation will remain halted pending receipt by the
Exchange of certain required materials from the Corporation. The Corporation
will issue a further press release upon finalization and filing of the
aforementioned report pursuant to NI 43-101.


The Property

The Yasinski Lake Property is located in the Northern Mining District of Quebec,
approximately 75 kilometres by air south of the town of Radisson, Bay James. The
Vendor currently holds a 100% interest in 63 mining claims on the Property.


It consists of two claim blocks located in the northeast corner of the 33F/04
sheet. The North block comprises of 11 contiguous designated cells covering an
area of 568.31 ha. The South block comprises of 52 contiguous designated cells
covering an area of 2689.91 ha.


Exploration work on the property began in 1958 with the discovery of numerous
mineralized showings. Sporadic exploration work occurred on the property until
1980 when Les Mines J.A.G. performed systematic exploration until 1984. Since
1984 and until 2008, only sporadic exploration was done on the property. Over 40
Au-Ag-Cu-Zn-Pb surface occurrences were found on the Patica property and 24
diamond drill holes were completed on the property for approximately 2500 m. On
the North block, exploration work started in 1989 when Noranda Explorations
performed general reconnaissance exploration in the area. From 1998 to 2004,
Dianor Resources executed geological and geophysical surveys leading to the
discovery of 8 surface mineralized occurrences, mainly Au-Ag showings.


The geology of the Yasinski Lake area comprises two large Archeandomains and
Proterozoic dykes. The two Archean domains are the plutonic Bienville
sub-Province, in the north, and the plutonic and volcanic La Grande
sub-Province, in the south. The La Grande sub-Province is a volcano-plutonic
domain. In the area, it comprises a large variety of rock types represented by
an ancient tonalitic gneiss, a volcano-sedimentary sequence and multiple
intrusions of tonalite, granite, ultramafic, gabbro and lamprophyre. Late
Proterozoic dykes are present throughout the area.


The North block is underlain by a volcanic and sedimentary pile intruded in the
south by a tonalite intrusion. The South block is underlain by a 400-800 m thick
volcano-sedimentary sequence within tonalite intrusions.


Three types of mineralization are found on the North block. The first type is a
low grade Au- Ag- Cu-Pb-Zn mineralization found in syngenetic Algoma type,
sulphide faciesiron formation. The second type of syngenetic mineralization is
present in lenses of disseminated and thinly bedded sulphides in quartz
arenites. Theses lenses are preferentially mineralized in Pb-Zn-Ag and, locally,
with gold. These lenses can reach up to 10 m in thickness. The third type of
mineralization is an epigenetic mineralization represented by late polymetallic
veins and is found in disseminated sulphides or concordant quartz veins
containing sulphides in shear zones in sedimentary wackes, volcanic rocks or
iron formations. They are characterized by important Cu- Ag-Au mineralization
and they can reach up to 5 m in thickness.


Two types of mineralization are found on the South block. The first type is a
late polymetallic vein type mineralization similar to the third type found on
the North block. The second type is a gold mineralization found within
longitudinal shear zones and regional deformation. It is particularly found
within the North Deformation Zone ("NDZ"), which can be followed for at least
3.5 km. The mineralization is found in quartz veins or in shear zones within
atonalite intrusive. The veins have a maximum thickness of 1.5 m and the shear
zone can reach up to 10 m.


During the past 36 months, the Vendor incurred expenditures totalling
approximately $250,000 on the Property, including a 2011 exploration program of
approximately $103,000.


Under the Agreement, the Vendor will promptly engage an independent geological
service provider to complete a report in accordance with NI 43-101. That report
will include a proposed budget for the exploration and development of the
Property. Based on the Vendor's preliminary assessments of the Property, it is
anticipated that the first exploration phase will consist of a drill program to
test known geophysical targets and that the budget for completion of this phase
will be approximately $250,000. It is expected that the Corporation will be able
to cover the costs of this program with its existing resources, but should the
phase one budget be greater than this amount, the Corporation may need to obtain
further financing.


The technical information contained in this press release is taken from the
technical report titled "43-101 Technical Evaluation Report on the Patica
Property Yasinski Lake Area, James Bay", dated October 2008 and prepared by
Pierre O'Dowd and Gilles Laverdiere, geologists. Yves Rougerie, geo, is the
Qualified Person, as defined in National Instrument 43-101, who has reviewed and
approved of the disclosure of that information.


Proposed Management

Kanosak's current board and management will continue with the Corporation upon
completion of the Qualifying Transaction. Accordingly, the directors of the
Corporation upon closing of the Qualifying Transaction will be Francois Ruel,
Yves Grou, Rene Lopez, Yves Rougerie and Jean- Francois Lalonde. Mr. Ruel will
continue to serve as President, Chief Executive Officer and Chief Financial
Officer and Mr. Lopez will serve as Corporate Secretary.


Upon completion of the Qualifying Transaction, the Vendor's President, Mr. Jean
Desmarais, will be appointed as director of the Corporation. Furthermore, the
Corporation will issue to Mr. Desmarais, upon his appointment, 200,000 stock
options at a strike price of $0.30 per share. Since 2008, Mr. Desmarais has been
President, Chief Executive Officer and director of the Vendor. Previously, he
was Vice-President, Branch Manager and Investment Advisor at Desjardins
Securities.


Biographies

Francois Ruel

Francois Ruel was the founding President and CEO of Central Uranium Corporation
from May 2007 until its acquisition by Abitex in September 2008 at which time he
became a Director and Co-chairman of the Corporation. Prior to that, he was
Executive Vice-President of Equity Capital Markets for Desjardins Securities
from March 2002 to May 2007. Mr. Ruel has a B.Sc. in Economics and over twenty
years experience in the financial industry and is now the President and CEO of
Tundra Finance Inc.


Jean-Francois Lalonde

Mr. Jean-Francois Lalonde is an engineer (BSc. Civil Engineering from Concordia
University) and an international relations consultant. Mr. Lalonde has been a
member of the Quebec Order of Engineers since 1984. He has worked on behalf of
multinational engineering and construction firms such as SNC-Lavalin (Canadian
firm based in Montreal) and Bouygues Travaux Publics (a French firm based in
Saint-Quentin-en-Yvelines). Mr. Lalonde also participated in the commercial
development of the Quebec-based firm POMERLEAU Construction on the international
scene. Mr. Lalonde is a director of Stellar Pacific Ventures Inc. (TSXV: SPX),
Corporation Capital Quinto Real (TSXV: QIT), Corporation Rutel Networks (TSXV:
RTX) and Corporation Carbon2Green (TSXV: CGN).


Yves Grou

Yves Grou is a Chartered Accountant, who received his Bachelor in Commerce
degree from McGill University. He is a member of the Quebec Institute of
Chartered Accountants. He was co- founder in 1980 and a partner until 2004 of
Grou, La Salle & Associates CA, an accounting firm. Prior to 1980, Mr. Grou
worked with Ernst & Young for 3 years. He sat on the board of directors of
several public natural resources companies.


Yves Rougerie

Yves Rougerie, P.Geo. is a graduate of the University of Quebec in Earth
Sciences and brings over 30 years of experience in the mining exploration and
development business. Mr. Rougerie was named President and CEO of the Company in
March 2007 and became Co-Chairman in September 2008. He has since negotiated an
option and joint venture agreement with AREVA and SOQUEM as well as the
acquisitions of privately-owned explorer Central Uranium Corporation and the
Epsilon U-Au property. Throughout his career, Mr. Rougerie has worked for
several companies, including AREVA and AUR Resources, and has spent the last 14
years with Abitex. He played a significant role in the exploration and
development phases of Aur Resources' Louvicourt Cu-Zn-Ag-Au Mine near Val-d'Or,
and participated in the discovery and definition of the "L" uranium-gold deposit
in the Otish Mountains, Quebec. Mr. Rougerie has acquired a wide range of
experience in exploration techniques and project management pertaining to
Uranium, narrow-vein Gold and VMS Cu-Zn deposits. Mr. Rougerie was also a
founding Director of Scorpio Mining Corporation.


Rene Lopez

Rene Lopez is trained as an electrical and electronic engineer as well in
marketing and business from McGill and HEC Jouy-en-Josas. He has more than 40
years experience in this sector, as well in as the manufacturing and finance
sectors at an international level. Mr. Lopez was the President and Director
General in Canada of Alcaltel-Alsthom and GEC Alsthom. Mr. Lopez was also a
director of MittalSteel Corporation. He is currently Chair of the board of
directors of ArcelorMittal Montreal and a member of the board of directors of
ArcelorMittal Kazakhstan.


Jean Desmarais

Mr. Jean Desmarais is president and Director of Amseco Exploration ltd. He
previously was Vice-president at Desjardins Securities and investment advisor at
BMO Nesbitt Burns. After attending HEC in business management, he acted as a
consultant in the financial sector. Mr. Desmarais was also on the board of Aston
Hill Financial in Calgary and Bikini Village in Longueuil.


Other Information

Completion of the Qualifying Transaction is subject to a number of conditions,
including but not limited to, Exchange acceptance and if applicable pursuant to
Exchange Requirements, majority of the minority shareholder approval. Where
applicable, the Qualifying Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that the Qualifying
Transaction will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular or filing statement to be prepared in connection with the Qualifying
Transaction, any information released or received with respect to the Qualifying
Transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered highly
speculative.


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 completion of the Qualifying
Transaction, the composition of Kanosak's management following the Qualifying
Transaction, the preparation of the geological report regarding the Property,
the funds to be raised in connection with the Private Placement and Kanosak's
business plans and operations following the Qualifying Transaction. 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 the following:


(i) the Qualifying Transaction will obtain all required regulatory approvals and
any applicable shareholder approvals, (ii) the Vendor's management will not
identify and pursue other business objectives following the Qualifying
Transaction, (iii) Kanosak will succeed in obtaining any necessary future
financing to fund its ongoing operations and work plans, (iv) no material
obstacles, technical or otherwise, will hinder Kanosak's operations following
the Qualifying Transaction and (v) the price of metals will remain sufficiently
high and the costs of advancing Kanosak's projects sufficiently low so as to
permit those corporations to implement their business plans in a profitable
manner. Factors that could cause actual results to differ materially from
expectations include (i) Kanosak's failure to make effective use of its
available funds following the Qualifying Transaction, (ii) the failure of
Kanosak's drilling projects for technical, logistical, labour- relations or
other reasons, (iii) the inability of the Vendor and Kanosak to obtain the
necessary approvals for the Qualifying Transaction, (iv)a decrease in the price
of metals below what is necessary to sustain Kanosak's operations, (v) an
increase in Kanosak's operating costs above what is necessary to sustain its
operations, (vi) accidents, labour disputes or the materialization of similar
risks, (vii) a deterioration in capital market conditions that prevents Kanosak
from raising the funds that it requires on a timely basis, (viii) an inability
or unwillingness of the Vendor or Kanosak to complete the Qualifying Transaction
for whatever reason, (ix) an inability or unwillingness of the individuals named
above to serve as directors or officers of Kanosak following the Qualifying
Transaction, (x) an inability to secure subscribers or obtain funds under the
Private Placement and (xi) generally, an inability of Kanosak to develop and
implement a successful business plan for any reason. These factors and others
are more fully discussed in the filings of the Vendor and of Kanosak with
Canadian securities regulatory authorities available at www.sedar.com.
(TSXV:AEL)
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