Karmin Announces Delay in Filing Annual Financial Statements and Related Documents

TORONTO, Sept. 2 /CNW/ -- 
      TORONTO, Sept. 2 /CNW/ - Karmin Exploration Inc. (TSX VENTURE: KAR) ("Karmin"
      or the "Company") announced today that it did not meet the
      filing deadline of August 30, 2010 for the filing of its annual audited
      financial statements, management's discussion and analysis and CEO and
      CFO certifications (collectively, the "Required Documents")
      for the year ended April 30, 2010.
    

      The delay in filing the Required Documents was caused by unexpected
      difficulty in determining the treatment of the costs and expenses
      associated with the previously announced reverse-takeover transaction
      (the "Transaction") involving Karmin and Ignite Energy
      Resources Pty Ltd and the related private placement and the disclosure
      to be included in the notes to the annual audited financial statements.
      Karmin is working diligently with its auditors to complete the analysis
      and the disclosure and expects to file the Required Documents by
      September 10, 2010.
    

      In light of the foregoing, Karmin has applied to the applicable
      securities regulatory authorities for a management cease trade order
      relating to the Company's securities to be imposed against some or all
      of the persons who are or have been directors, officers or insiders of
      the Company for so long as the Required Documents are not filed. If
      granted, a management cease trade order would not generally affect the
      ability of persons who have not been directors, officers or insiders of
      Karmin to trade the securities of the Company. However, the applicable
      securities regulatory authorities, in their discretion, may determine
      that it would be appropriate to issue a general cease trade order which
      would affect all of the Company's securities. In addition, in connection
      with the Transaction, trading in the Company's securities was halted on
      the TSX Venture Exchange on March 15, 2010; the trading halt has not
      been lifted as of the date of this news release.
    

      Until the Required Documents are filed, Karmin intends to satisfy the
      provisions of the alternative information guidelines described in
      Sections 4.3 and 4.4 of National Policy 12-203 - Cease Trade Orders
      for Continuous Disclosure Defaults.
    

      Karmin is not subject to any insolvency proceeding and there is no other
      material information concerning the affairs of the Company that has not
      been generally disclosed.
    

      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 Aripuanã,
      Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest
      undeveloped zinc projects in Brazil. Aripuanã covers a complete
      mineralized massive sulphide district, with five areas of mineralization
      (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre
      strike length.
    

      This news release contains forward-looking statements relating to, among
      other things, the filing of the Required Documents and Karmin's
      application for a management cease trade order. Forward-looking
      statements include, but are not limited to, possible events and
      statements. The words "plans," "expects," "is expected," "scheduled,"
      "estimates," "forecasts," "projects," "intends," "anticipates," or
      "believes," or variations of such words and phrases or statements that
      certain actions, events or results "may," "could," "would," "might," or
      "will be taken," "occur," and similar expressions identify
      forward-looking statements.
    

      Such statements are not historical facts. Readers are cautioned not to
      place undue reliance on forward-looking statements, as there can be no
      assurance that the plans, intentions or expectations upon which they are
      based will occur. By their nature, forward-looking statements involve
      numerous assumptions, known and unknown risks and uncertainties, both
      general and specific, that contribute to the possibility that the
      predictions, forecasts, projections in the forward-looking statements
      will not occur, and that actual performance and results in future
      periods may differ materially from any estimates or projections of
      future performance or results expressed or implied by such
      forward-looking statements.
    

      The forward-looking statements contained in this news release are made
      as of the date of this news release. Except as required by law, Karmin
      disclaims any intention and assumes no obligation to update or revise
      any forward-looking statements, whether as a result of new information,
      future events or otherwise. Additionally, Karmin undertakes no
      obligation to comment on the expectations of, or statements made by,
      third parties in respect of the matters discussed above. The TSX Venture
      Exchange has not reviewed and does not accept responsibility for the
      adequacy or accuracy of this news release.
    




table valign="top" border="0"trtd align="left"William Fisher   br/CEO       br/Email:           a href="mailto:[e-mail]"[e-mail]/a         br/Tel:           [phone]     /td td align="right" or                  br/br/   br/ /td td valign="top" align="left"John Iannozzibr/CFObr/Email: a href="mailto:[e-mail]"[e-mail]//aTel:           [phone]/td/tr/table

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