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Kivalliq Closes CDN$5.0 Million Private Placement

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December 20, 2010

Kivalliq Energy Corporation (TSX-V: KIV) ("Kivalliq" or the "Company") today announced that it has closed the CDN$5.0 million non brokered private placement with Lumina Capital Limited Partnership ("Lumina Capital") and other strategic investors previously announced on December 3, 2010. 

The financing consisted of 7.1 million common shares, at a price of $0.70 per share.  Commissions of $120,000 were payable on portions of the Placement.  All securities issued as part of the Placement will be subject to a four month resale restriction ending on April 18, 2011.

The proceeds from this financing will be used to explore and develop Kivalliq’s high-grade Lac Cinquante uranium deposit, located within the Angilak Property within Nunavut, Canada, and for general working capital purposes.  

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 $11.9 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.