Mr. Kevin Bottomley reports

KING'S BAY ACQUIRES 100% INTEREST IN THREE ADDITIONAL COBALT PROPERTIES IN QUEBEC

King's Bay Gold Corp. has acquired 100 per cent of three cobalt-bearing properties in Quebec.

Kevin Bottomley stated: "The price for cobalt continues to rise and thus we feel having a greater portfolio of cobalt-bearing projects provides the best value for our shareholders. Quebec has a strong history of successful mining ventures and King's Bay is pleased to build on the exploration work that was done by Falconbridge Ltd. in early 2000."

Ninuk Lake cobalt property

The Ninuk Lake project is located approximately 175 kilometres northeast of Umiujag, Que., and consists of 19 mineral claims encompassing 2,164 acres. A deep-sea port is located 125 kilometres from the property.

In 2001 Falconbridge Ltd. completed an exploration program consisting of surface sampling, mapping and electromagnetics. Surface sampling of massive sulphide in outcrop yielded anomalous values of up to 2.6 per cent nickel (Ni), 1.8 per cent copper (Cu) and 0.27 per cent cobalt (Co). Mapping of the area exposed several lenticular ultramafic bodies containing pods massive sulphide. A small-scale electromagnetics program yielded several subsurface conductors in the area. Due to several other discoveries that year, the exploration work by Falconbridge Ltd. was not followed up. The compilation of these results encourages further work to be completed on the property.

Regional geology

The area is Neoarchean in age and located within the superior province with ultramafic-felsic rocks including granodiorite, tonalite, paragneiss, amphibolite, peridotite, pyroxenite and gabbronorite. Structurally the area of interest is bounded to the east and west by two regional fault systems.

Broadback River cobalt property

The Broadback River project is located only 24 kilometres northwest of the Nuinsco Discovery zone and consists of nine mineral claims encompassing 1,035 acres. The property can be easily accessed by the James Bay Road north from Matagami and then by logging roads to the property approximately 75 kilometres inland.

In 1985 a magnetic and electromagnetics survey was flown by the Quebec Ministry of Natural Resources that uncovered several large conductors. In 1999/2000 Falconbridge Ltd. took 152 samples and uncovered semi-massive sulphide assaying 0.7 per cent Ni, 0.3 per cent Cu and 0.09 per cent Co but only drill tested the northwestern portion of the property. All southeastern conductors remain untested.

Regional geology

The area is Archean in age and dominated by intrusive gabbro, which cuts felsic and mafic volcanics and iron formation of the Frotet-Evans belt.

Roberge cobalt property

The Roberge project is located 2.1 kilometres southeast of Chesterville, Que., and consists of three mineral claims encompassing 443 acres. The property is easily assessable by a paved road, which runs through the property. Soil sampling on the property revealed several anomalous sediment samples assaying up to 1.06 per cent cobalt. The work was done by the Quebec government through a regional soil sampling program and can be found in open report DV 84-16.

Exploration program

King's Bay has commenced data compilation along with the initiation of an exploration plan consisting of sampling, local-scale mapping and channel sampling which will be completed this spring to reconfirm historical results.

National Instrument 43-101 disclosure

Edward Lyons, PGeo, supervised the preparation of the technical information in this news release and is a qualified person as defined by National Instrument 43-101.

About King's Bay

King's Bay is focused on the exploration of cobalt and other high-tech metals in North America. The company believes in this emerging fast-growth sector and will continue to seek out and evaluate properties that show promise for development.

We seek Safe Harbor.