Mr. Kevin Bottomley reports

KING'S BAY IDENTIFIES VTEM TARGET AT LYNX LAKE COPPER-COBALT PROJECT, SOUTHEASTERN LABRADOR

After an in-depth analysis of Geotech Ltd.'s VTEM (versatile time domain electromagnetic) geophysical survey, a high-priority electromagnetic target has been located at King's Bay Gold Corp.'s 100-per-cent-owned Lynx Lake copper-cobalt project in southeastern Labrador.

After the data compilation and analysis of Geotech Ltd.'s. helicopter-borne versatile time domain electromagnetic system (VTEM), King's Bay's technical team has identified a shallow anomaly of high resistivity in what is known as the west pit which is directly adjacent to the Trans-Labrador Highway. The size of the anomaly is anticipated to be ranging in depth from 50 to 300 metres and estimated to be approximately 400 metres in diameter. The west pit has been historically sampled yielding assays of up to 1.03 per cent copper, 0.56 per cent cobalt, 0.23 per cent vanadium, 0.10 per cent nickel and five grams per tonne silver.

Exploration program

King's Bay plans to assemble a technical field team immediately to investigate the VTEM anomaly. This summer's program will be completed by executing a more local, higher-resolution ground geophysical survey followed by potential stripping of overburden to the south of the pit so bedrock can be exposed. In addition to this, a reconnaissance team will begin to investigate the southeastern portion of the property to follow up on the anomalous historical soil samples. Detailed mapping and sampling in the two pits will aid in understanding of mineralization controls.

Kevin Bottomley stated: "The positive identification of an anomaly in the west pit will allow King's Bay to initiate a highly focused exploration program at Lynx Lake with a relatively low cost. This is exactly what we were hoping for when we initiated the VTEM program with Geotech."

About VTEM

The helicopter-borne versatile time domain electromagnetic system has a penetration depth of over 800 m, with a low base frequency (30 hertz) for penetration through conductive overburden cover, coupled with a two-to-three-metre high-spatial resolution. This system is advertised to be able to delineate potential drill hole targets from the airborne results. In addition, it also has excellent resistivity discrimination to enable the detection of weak anomalies.

Lynx Lake project

The Lynx Lake copper-cobalt property consists of 959 mineral claims encompassing a land area of approximately 240 square kilometres, located 100 kilometres southeast of Happy Valley-Goose Bay, Nfld. Historic grab sampling on the property has returned samples assaying up to 1.39 per cent Cu, 0.94 per cent Co, 0.21 per cent Ni and 6.5 g/t Ag. Government regional low-resolution residual magnetic surveys and preliminary hand-held electromagnetic surveys done by local prospectors have shown strong conductors beneath the overburden and provide incentive to explore the area further for additional subsurface mineralization. The project is located directly adjacent to a three-phase power line and the Trans-Labrador Highway.

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 Gold Corp.

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.