Nitinat Minerals Corporation (the "Corporation") (TSX
VENTURE:NZZ)(FRANKFURT:04U) is pleased to announce that it has entered into a
letter of intent dated May 7, 2013 ("Letter of Intent") with Arax Energy Inc.
("Arax"). Pursuant to the Letter of Intent, the Corporation will acquire all of
the issued and outstanding of Arax in exchange for common shares (the
"Consideration Shares") in the capital of the Corporation. The Consideration
Shares shall have an aggregate value of CAD $8,812,500 and the price per
Consideration Share shall be determined in the context of the market.


Arax is a private company which presently owns 47%of Techniton LLC
("Techniton"). Arax is majority owned by Firebird Management LLC, a private
American company that manages four private funds dedicated to investment in
publicly traded equities of companies operating in the former Soviet Union and
early-stage Eastern European countries, as well as two global portfolio equity
funds and a limited life fund dedicated to local Mongolian securities. Techniton
is a Russian private company, owns a 100% interest in the South Temryuk Oil &
Gas Exploration-Exploitation Licence located in the mature Azov-Kuban petroleum
region of southwest Russia (the "Project"). 


Closing is subject to the execution of a definite agreement between the
Corporation and Arax and the receipt of all shareholder and/or regulatory
approvals, including that of the TSX Venture Exchange.


"We are excited about increasing the Corporation's ownership interest in the
Project," said Herb Brugh, the President of the Corporation. "We are looking
forward to working with Firebird Management LLC in the continued development of
the Project. Firebird Management LLC has extensive knowledge and experience with
Russian companies and the Corporation is excited at having them as its partner
going forward. With the acquisition of Arax, the Corporation will have a 55%
ownership interest in the Techniton and the Project with the option of
increasing its interest to 85%. The Corporation feels that the Project
represents an excellent opportunity for the Corporation and its shareholders."


FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE TEMRYUK OIL & GAS
EXPLORATION-EXPLOITATION LICENCE, THE CORPORATION IS RELYING ON HISTORICAL
INFORMATION. ALL INFORMATION PERTAINING TO THE TEMRYUK OIL & GAS
EXPLORATION-EXPLOITATION LICENCE WAS DERIVED FROM HISTORICAL GEOLOGICAL REPORTS
AND HAS NOT BEEN VERIFIED.


About the Project South Temryuk Oil & Gas Exploration-Exploitation Licence

The Project is situated four kilometres south of the community of Temryuk
(Krasnodar Krai Russia), located between the Black Sea and the Sea of Azov. The
Azov-Kuban petroleum basin region is a mature oil and gas producing region with
ready access to both pipelines and ocean tankers. The South Temryuk license is
sandwiched between two mature producing oilfields, the Kurchanskoye and the
Strelchanskoye; controlled by the major petroleum company Rosneft. Reports
indicate that estimated historical production from Kurchanskoye is 80 million
barrels (mmb) of oil and 170 billion cubic feet (bcf) of natural gas, while
Strelchanskoye production estimates are 30 mmb oil and 30 bcf natural gas.


In March 2008, well 'ST-1' was drilled on the Project to a depth of 3,840
metres, targeting priority geophysical anomalies which are the projected
equivalents to regional production horizons. The well confirmed the presence of
the main Sarmat oil horizon and also discovered the deeper Chokrak gas
condensate horizon. Proposed near term work will re-evaluate well ST-1.
Additionally, the Project has a number of other untested geological-geophysical
targets which offer future exploration targets.


Azov-Kuban Petroleum Basin

The Azov-Kuban Petroleum Basin encompasses about 161,000 square kilometers
northeast of the Black Sea, in both southeast Ukraine and southwest Russia. In
June 2011, the U.S. Geological Survey, using a geology-based assessment
methodology, estimated mean volumes of technically recoverable, conventional,
undiscovered petroleum resources at 218 million barrels of crude oil, 4.1
trillion cubic feet of natural gas, and 94 million barrels of natural gas
liquids for the Azov-Kuban Basin (USGS Fact Sheet 2011-3052). Note that this
estimate is for the basin as a whole and does not address the economic
recoverability of these estimated resources.


The Corporation would also like to announce that, further to its press release
of February 5, 2013, the terms of the proposed private placement have been
amended. The units will be issued at a price of $0.20 per unit. Each unit will
consist of one (1) common share and one-half (1/2) of a common share purchase
warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one
common share at a price of $0.25 for a period of two (2) years from date of
issuance. 


This update contains "forward looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation. Generally, these forward looking statements can
be identified by the use of forward looking terminology such as "plans",
"anticipated", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Nitinat is subject to significant
risks and uncertainties which may cause the actual results, performance or
achievements to be materially different from any future results, performance, or
achievements expressed or implied by the forward looking statements contained in
this release. Nitinat cannot assure investors that actual results will be
consistent with these forward looking statements and Nitinat assumes no
obligation to update or revise the forward looking statements contained in this
release to reflect actual events or new circumstances.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Nitinat Minerals Corporation
Robert Maddigan
Director of the Corporation
416.216.0964
www.nitinatminerals.com
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