Kivalliq Receives CDN $1.78 Million from Early Warrant Exercises

VANCOUVER, BRITISH COLUMBIA, Apr 22 (MARKET WIRE) --
Kivalliq Energy Corporation (TSX VENTURE: KIV) (the "Company"
or "Kivalliq") today announced that the Company has received
proceeds of CDN $1,785,700 from the exercise of 5,819,000 common share
purchase warrants (the "Warrants") at C$0.30 per Warrant and
200,000 common share purchase warrants (the "Warrants") at
C$0.20 per Warrant. The accelerated Warrants expired on April 7th, 2010
and were issued in connection with the Company's financings completed in
May 2009.

Currently, Kivalliq has approximately CDN $3,950,000 in working capital
with no debt. The Company's current issued and outstanding share capital
is 57,411,369 common shares.

"We appreciate the support our warrant holders and shareholders have
demonstrated over the past month," stated John Robins, President &
CEO, Kivalliq Energy Corp. "The proceeds from the exercise of these
warrants will be applied towards Kivalliq's 2010 exploration
program."

Stock Options Granted

The Board of Directors has granted 1,315,000 stock options, under the
Company's stock option plan, to insiders and consultants of the Company,
subject to regulatory approval. The options are exercisable at a price of
$0.45 per common share, subject to a four-month hold period, and expire
on April 22, 2015.

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.

This landmark partnership with the Inuit gives Kivalliq a unique
opportunity to explore and develop the Lac Cinquante Deposit, Canada's
highest grade uranium deposit outside of the Athabasca Basin. Reported to
contain 20.4 million pounds of uranium oxide with grades in excess of 1%
U3O8 (not National Instrument 43-101 compliant)(i), the historic Lac
Cinquante uranium deposit and over 150 other uranium occurrences on the
property comprise Kivalliq's core asset, the 225,000 acre Angilak Project.

On behalf of the Board of Directors

John Robins, P.Geo, President and CEO

Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news
release, please visit our website at www.kivalliqenergy.com. Kivalliq
Energy Corporation is a member of the Discovery Group of companies, for
more information on the group visit www.discoveryexp.com.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption
from such registration is available.

(i) The quoted disclosure of historical resource estimates for the Lac
Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982,
Abermin Corporation in 1986, and referenced by other subsequent sources.
It was prepared prior to the implementation of National Instrument 43-101
(NI 43-101) and should not be relied upon since it does not comply with
NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified
Person has not classified the historical estimates as current mineral
resources or reserves, and therefore, Kivalliq is not treating them as
such. Kivalliq has not completed any work to verify these estimates, but
ongoing exploration programs are designed to evaluate the economic
potential of the deposit and environs. It is uncertain if further
exploration will result in the deposit being classified a mineral
resource or reserve. However, the historical uranium resource estimate is
relevant because: it is indicative of a mineralized zone worthy of
follow-up exploration as it is based on drilling and surface exploration
carried out by what is believed to be knowledgeable explorers in
accordance with acceptable industry practices at the time of the
estimate. Historic estimates were originally classified as
"indicated" and "inferred" reserves, plus a third
"possible" category; however, the equivalent categories
acceptable under NI 43-101 are not known at this time.

Certain disclosures in this release, including management's assessment of
plans and projects and intentions with respect to listings of securities,
use of proceeds and future exploration programs, constitute
forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Kivalliq's operations as a
mineral exploration company that may cause future results to differ
materially from those expressed or implied in such forward-looking
statements, including risks as to the completion of the plans and
projects. Readers are cautioned not to place undue reliance on
forward-looking statements. Kivalliq expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as
a result of new information, future events, or otherwise.

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.

Contacts:
Kivalliq Energy Corporation
Tony Reda
Investor Relations
Toll Free: 1.888.331.2269 or Direct: 604.646.4534
info@kivalliqenergy.com
www.kivalliqenergy.com

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