Nitinat Completes Its Acquisition of Taman Petroleum Corporation

Further to its press release of July 3, August 22 and October 15, 2012, Nitinat
Minerals Corporation (TSX VENTURE:NZZ) ("Nitinat") is pleased to announce that
it has acquired all of the issued and outstanding securities of Taman Petroleum
Corporation ("Taman").


Taman is a private Alberta Canada company whose assets include:



(i)   an 8% ownership interest in the South Temryuk Oil & Gas Exploration-  
      Exploitation Licence located in the mature Azov-Kuban petroleum region
      of southwest Russia (the "Project"); and                              
                                                                            
(ii)  a USD $6.2 million receivable (the "Receivable") from Techniton LLC   
      ("Techniton").                                                        



Taman owns its interest in the Project through its 8% interest in Techniton, a
Russian private company, which owns 100% of the Project; covering an estimated
4,000 hectares. Taman, via its interest in Techniton, has a formal
participation, option and purchase agreement to govern the option and rights to
revenues from the production from the Project. Taman has a right to earn an
additional 20% of the Project by purchasing an additional 20% equity interest in
Techniton for an aggregate purchase price of $2 million or $1 million for each
10% allotment. To date, Taman has paid an aggregate of $250,000 to Techniton for
the purchase of the first additional 10% equity interest in Techniton. The
Receivable will be repaid from the revenues from the production from the
Project.


At a special meeting of Taman shareholders' held on November 6, 2012, Taman
received shareholder approval for the amalgamation agreement dated August 21,
2012 (the Amalgamation Agreement"). Pursuant to the terms of the Amalgamation
Agreement, the Corporation's wholly owned subsidiary, 1695211 Alberta Ltd. and
Taman amalgamated and formed a new company ("Amalco"). The Corporation acquired
all of the shares of Amalco it did not own from the shareholders of Taman in
exchange for the issuance of 10 million shares in the capital of the Corporation
at a deemed price of $0.15 per share. As a result of the three corned
amalgamation, Taman is a wholly-owned subsidiary of the Corporation.


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.


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
Herb Brugh
Director of the Corporation
416.216.0964
www.nitinatminerals.com


For Investor Relations call:
First Canadian Capital Corp.
Jason Monaco
416.742.5600 / 1.866.580.8891
jmonaco@firstcanadiancapital.com
Nitinat Minerals (TSXV:NZZ)
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