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Kivalliq Receives Additional High Grade Uranium Assay Results from Lac Cinquante; New Management Appointments

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November 3, 2010

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) 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.”

New Assay Highlights

Drill Hole ID 
%U3O8
True Width (estimate)
10-LC-046 
2.92%
0.86m 
10-LC-048
4.26%
0.88m
10-LC-063
2.35%
0.59m
10-LC-081
3.80%
0.76m
10-LC-082
5.70%
0.64m

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

2010 Phase 2 Lac Cinquante Drilling Program - Assay Results*
Drill Hole
From (m)
To (m)
Interval (m)
Est True Width**
U3O8 %
Description
10-LC-041
60.00
61.30
1.30
1.30
0.31
Main Zone
10-LC-043
63.62
65.32
1.70
1.26
0.59
Main Zone
10-LC-044
114.95
120.60
5.65
2.30
0.33
Main Zone
10-LC-045
55.90
57.55
1.65
1.51
0.20
Main Zone
10-LC-046
88.30
89.65
1.35
0.86
2.92
Main Zone
10-LC-047
120.90
121.36
0.46
0.21
0.38
Main Zone
10-LC-048
45.70
46.60
0.90
0.88
4.26
Main Zone
10-LC-049
84.60
85.30
0.70
0.40
0.16
Main Zone
10-LC-058
117.63
117.99
0.36
0.28
0.42
Main Zone
10-LC-059
161.95
164.66
2.71
2.40
0.11
Main Zone
10-LC-063
61.66
62.58
0.92
0.59
2.35
Main Zone
10-LC-064
85.50
87.30
1.80
0.93
0.11
Main Zone
10-LC-065
78.83
79.23
0.40
0.57
0.34
Main Zone
10-LC-067
120.85
121.40
0.55
0.26
0.40
Main Zone
10-LC-070
96.24
96.54
0.30
0.28
0.14
Main Zone
10-LC-081
52.20
53.00
0.80
0.76
3.80
Main Zone
10-LC-082
77.20
78.20
1.00
0.64
5.70
Main Zone
10-LC-083
48.60
49.40
0.80
0.74
0.06
Main Zone
10-LC-084
81.30
86.30
5.00
2.65
0.44
Main Zone
10-LC-085
62.20
62.90
0.70
0.68
0.03
Main Zone
10-LC-086
48.50
52.50
4.00
2.73
0.10
Qtz, carb bx vein
10-LC-087
80.80
81.25
0.45
0.44
1.22
Main Zone
10-LC-088
102.50
102.87
0.37
0.28
1.56
Main Zone

*All samples subject to ICP 1 Analysis by SRC in Saskatoon, SK. ICP1 results >1000 ppm Uranium subject to SRC U3O8 Assay Full mineralized intervals may include ICP U analysis in ppm converted to U3O8%.  Conversion to U3O8% = ppm x 0.01179%

**  Estimates for true widths of mineralized zones based on measured core angles and attitude of Main Zone geology

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.

About Kivalliq Energy Corporation

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

The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.   Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $11.7 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping, prospecting and 18,350 meters of drilling.

On behalf of the Board of Directors

“Jim Paterson”

Jim Paterson, CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at info@kivalliqenergy.com

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com (m.discoveryexp.com).

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