Karmin Terminates Share Exchange Agreement with Ignite Energy

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THE UNITED STATES 


Karmin Exploration Inc. ("Karmin") (TSX VENTURE:KAR) announced today that it has
terminated the share exchange agreement dated March 15, 2010 (the "Share
Exchange Agreement") between Karmin and Ignite Energy Resources Pty Ltd
("Ignite"), due to the failure by Ignite to complete a private placement of its
ordinary shares in the timeframe contemplated in the Share Exchange Agreement.
Consequently, Karmin will not complete the reverse take-over transaction with
Ignite contemplated in the Share Exchange Agreement (as previously announced on
March 19, 2010) (the "Transaction"). In addition, none of the resolutions
approved by Karmin shareholders at the meeting of Karmin shareholders held on
June 14, 2010, including, the consolidation of the common shares of Karmin on a
6:1 basis, the continuation of Karmin under the Canada Business Corporations
Act, the election of directors and the change of Karmin's name to Licella Energy
Resources Inc., will be carried out.


Trading in Karmin's shares was halted on March 16, 2010 in accordance with the
policies of TSX Venture Exchange ("TSXV") pending completion of the Transaction.
Given the termination of the Share Exchange Agreement, Karmin has requested that
trading of its common shares be resumed on the TSXV. Subject to TSXV approval,
Karmin expects that trading of its common shares will resume on or about October
4, 2010. 


About Karmin 

The common shares of Karmin are listed on the TSXV and trade under the symbol
"KAR". The principal business of Karmin is to acquire and explore resource
properties. Karmin's main project is located at Aripuana, Brazil. Karmin owns
30% of the Aripuana zinc project, one of the largest undeveloped zinc projects
in Brazil. Aripuana covers a complete mineralized massive sulphide district,
with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and
Mocoto) over a 25 kilometre strike length.