King's Bay Gold Corporation

King's Bay Gold Corporation

January 06, 2005 14:19 ET

King's Bay Gold To Commence Drilling Beside Goldcorp's Red Lake Mine


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: KING'S BAY GOLD CORPORATION

TSX VENTURE SYMBOL: KBG

JANUARY 6, 2005 - 14:19 ET

King's Bay Gold To Commence Drilling Beside Goldcorp's
Red Lake Mine

WINNIPEG, MANITOBA--(CCNMatthews - Jan. 6, 2005) - King's Bay Gold Corp
(TSX VENTURE:KBG) is pleased to announce that a $500,000 drilling
program is scheduled to commence in the next few weeks at their Headway
property located immediately adjacent to the world's richest gold mine
(Goldcorp's Red Lake Mine). This joint venture property is 45% King's
Bay Gold, 45% Richview Resources and 10% Palomino Mining.

Referred to as the Headway Project, this property has the distinction of
being one of the best-positioned exploration land package within the
entire Red Lake gold mining camp. The patented claim group is directly
adjacent to the Red Lake Mine of Goldcorp and approximately 600 metres
southwest of their high-grade resources recently identified more than
152 metres below the currently planned base of their new shaft that is
presently under construction.

Prior exploration on the Headway property intersected high-grade gold
values, including 2.74 oz/ton gold over 2.0 ft and 0.61 oz/ton gold over
3.08 ft in drill core (H-13), surface chip samples of up to 1.35 oz/ton
gold over 6.6 ft and several grab samples exceeding 1 oz/ton. Source:
Ministry of Northern Development and Mines Assessment Files (Watkins,
1999 Report) and verified by Gerald L. Colborne, B.Sc., M.Sc., P.Eng.,
P.Geol., F.G.A.C., M.C.I.M.

King's Bay Gold 2003 Headway drilling program also intersected
high-grade gold at near surface, drilling highlights included 4.15 g/t
Au over 10.80 metres, 6.33 g/t Au over 1.2 metres, 8.25 g/t Au over 0.50
metres, 6.62 g/t Au over 0.50 metres, 7.48 g/t Au over 0.50 metres, 5.85
g/t Au over 0.60 metres, and 63.52 g/t Au over 0.50 metres.

Source: King's Bay Gold July 23 news release.

Pickle Lake Drilling

King's Bay Gold and Richview Resources are also presently waiting for
drill results of holes 30 to 35 from their Pickle Lake joint venture
project where a large section of the claims are contiguous to the Dona
Lake Mine, which produced 212,000 ounces of gold, the Central Patricia,
which produced 650,000 ounces and the Pickle Crow Gold Mines, which
produced 1,446,000 ounces. This large land package hosts numerous gold
showings; significant historical drill intercepts and mine shafts.

The cores have been logged, split and sent to the Accurassay
Laboratories in Thunder Bay for preparation and analyses. Geologist John
Archibald (qualified person under NI 43-101), Mr. Gerald L. Colborne,
B.Sc., M.Sc., P.Eng., P.Geol., F.G.A.C., M.C.I.M and exploration
coordinator Ron Rivet are supervising drill hole planning,
implementation and quality control programs. Assay results will be
released when available.

2004 Pickle Lake Joint Venture Project Gold Assays Received To Date:



Drill holes Zone Intersections Thickness Au
(ft) (ft) (g/t)
---------------------------------------------------------------------
PL04-01 New 14.5 to 15.5 1.0 5.906
---------------------------------------------------------------------
PL04-02 to 03 NSV(i)
---------------------------------------------------------------------
PL04-04 New 70.0 to 75.0 5.0 4.021
Incl. 73.0 to 74.0 1.0 4.847
and 74.0 to 75.0 1.0 5.455
New 75.0 to 77.0 2.0 1.779
New 154.0 to 156.0 2.0 4.276
---------------------------------------------------------------------
PL04-05 New 287.0 to 288.0 1.0 2.578
New 345.0 to 350.0 5.0 5.778
Incl 345.0 to 347.0 2.0 10.287
and 347.0 to 349.0 2.0 3.245
---------------------------------------------------------------------
PL04-06 New 105.0 to 110.0 5.0 1.684
New 111.0 to 113.5 2.5 2.885
New 113.5 to 115.0 1.5 22.373
New 115.0 to 120.0 5.0 4.023
Incl 115.0 to 115.5 0.5 6.970
and 115.5 to 117.5 2.0 6.337
New 140.0 to 145.0 5.0 2.376
New 155.0 to 160.0 5.0 1.181
New 197.0 to 200.0 3.0 1.799
New 200.0 to 205.0 5.0 1.256
---------------------------------------------------------------------
PL04-07 to 09 NSV(i)
---------------------------------------------------------------------
PL04-10 New 102.0 to 105.0 3.0 1.133
---------------------------------------------------------------------

PL04-11 New 374.0 to 376.0 2.0 3.514
New 379.0 to 393.0 15.0 1.582
Incl 379.0 to 382.0 3.0 2.078
and 385.0 to 387.0 2.0 1.558
and 387.0 to 389.0 2.0 2.472
and 389.0 to 391.0 3.0 2.053
New 402.0 to 407.0 5.0 4.257
Incl 402.0 to 405.0 3.0 1.554
and 405.0 to 407.0 2.0 6.961
New 430.0 to 442.5 12.5 1.452
Incl 430.0 to 432.5 2.5 1.006
and 432.5 to 435.0 2.5 1.393
and 437.5 to 440.0 2.5 3.099
and 440.0 to 442.5 2.5 1.050
New 497.5 to 500.0 2.5 3.075
---------------------------------------------------------------------
PL04-12 to 14 NSV(i)
---------------------------------------------------------------------
PL04-15 New 234.0 to 237.0 3.0 0.430
---------------------------------------------------------------------
PL04-16 to 17 NSV(i)
---------------------------------------------------------------------
PL04-18 New 245.0 to 247.0 2.0 0.348
New 247.0 to 249.0 2.0 9.385
New 251.0 to 253.0 2.0 1.079
New 253.0 to 255.0 2.0 0.538
---------------------------------------------------------------------
PL04-19 New 15.0 to 16.0 1.0 1.737
New 44.0 to 45.0 1.0 0.804
New 85.5 to 86.0 0.5 0.292
New 88.0 to 90.0 2.0 0.710
New 111.0 to 112.0 1.0 0.765
New 117.0 to 118.0 1.0 1.474
New 118.0 to 119.0 1.0 1.055
New 123.0 to 124.0 1.0 0.682
New 124.0 to 125.0 1.0 0.521
New 125.0 to 130.0 5.0 2.678
Incl 125.0 to 126.0 1.0 5.873
and 126.0 to 127.0 1.0 1.164
and 127.0 to 128.0 1.0 1.208
and 128.0 to 129.0 1.0 4.120
and 129.0 to 130.0 1.0 1.029
New 130.0 to 131.0 1.0 0.218
New 131.0 to 132.0 1.0 1.510
New 132.0 to 133.0 1.0 0.241
New 133.o to 134.5 1.5 1.044
New 136.0 to 137.0 1.0 0.453
New 139.0 to 140.0 1.0 0.530
New 140.0 to 141.0 1.0 0.413
New 168.0 to 176.0 8.0 4.075
Incl 168.0 to 170.0 2.0 0.869
and 170.0 to 171.0 1.0 1.444
and 171.0 to 173.0 2.0 6.018
and 173.0 to 175.0 2.0 10.295
and 175.0 to 176.0 1.0 0.261
New 177.0 to 178.5 1.5 0.261
New 182.0 to 183.0 1.0 0.329
New 186.0 to 188.0 2.0 0.459
New 190.0 to 191.0 1.0 0.268
New 191.0 to 193.0 1.0 0.301
New 227.0 to 228.0 1.0 2.197
New 239.0 to 240.0 1.0 0.310
New 241.0 to 242.0 1.0 0.230
New 243.0 to 245.0 1.0 0.231
New 245.0 to 246.0 1.0 1.238
New 255.0 to 257.0 2.0 3.345
New 257.0 to 259.0 2.0 0.356
New 259.0 to 260.0 1.0 0.729
New 260.0 to 262.0 2.0 0.564
New 262.0 to 263.0 2.0 0.978
New 278.0 to 279.0 1.0 0.451
New 324.0 to 330.0 7.0 1.485
New 337.0 to 339.0 2.0 0.610
New 340.0 to 342.0 2.0 0.516
New 345.0 to 350.0 5.0 0.310
New 351.0 to 353.0 2.0 0.317
New 353.0 to 355.0 2.0 0.280
New 411.0 to 413.0 2.0 3.627
---------------------------------------------------------------------
PL04-20 NSV(i)
---------------------------------------------------------------------
PL04-21 NSV(i)
---------------------------------------------------------------------
PL04-22 140.0 to 147.5 7.5 3.571
incl 142.5 to 145.0 2.5 3.943
160.0 to 162.0 2.0 2.343
165.0 to 175.0 10.0 7.007
incl 165.0 to 172.0 7.0 9.011
sub-incl 167.0 to 172.0 5.0 10.113
sub-incl 167.0 to 170.0 3.0 10.467
also 170.0 to 172.0 2.0 9.759
313.0 to 317.0 4.0 1.896
incl 315.0 to 315.0 2.0 2.706
---------------------------------------------------------------------
PL04-23 to 25 NSV(i)
---------------------------------------------------------------------
PL04-26 108.0 to 110.0 2.0 1.952
118.5 to 122.5 4.0 1.410
132.5 to 137.5 5.0 2.720
incl 132.5 to 135.0 2.5 4.512
143.0 to 145.0 2.0 1.919
255.0 to 259.0 4.0 9.634
incl 255.0 to 257.0 2.0 12.255
285.0 to 305.0 20.0 7.311
incl 285.0 to 300.0 15.0 8.894
sub-incl 290.0 to 300.0 10.0 11.970
sub-incl 290.0 to 295.0 5.0 14.220
---------------------------------------------------------------------
PL04-27 135.0 to 137.5 2.5 1.952
162.5 to 185.0 22.5 2.199
incl 162.5 to 165.0 2.5 2.646
and 165.0 to 167.5 2.5 4.602
and 177.5 to 185.0 7.5 3.058
sub-incl 182.5 to 185.0 2.5 4.923
297.5 to 302.5 5.0 1.862
327.0 to 330.0 3.0 1.787
332.5 to 335.0 2.5 1.254
---------------------------------------------------------------------

PL04-28 NSV(i)
---------------------------------------------------------------------
PL04-29 393.5 to 403.5 10.0 11.059
incl 393.5 to 401.0 7.5 14.195
sub-incl 393.5 to 398.5 5.0 19.097
sub-incl 396.0 to 398.5 2.5 25.736
411.0 to 413.5 5.0 1.195
441.0 to 451.0 10.0 3.789
incl 441.0 to 443.5 2.5 2.594
and 443.5 to 451.0 7.5 4.188
sub-incl 446.0 to 448.5 2.5 6.431
461.0 to 463.5 2.5 1.001
466.0 to 468.5 2.5 1.255


The diamond drill holes have cut numerous gold bearing structures at or
near surface that may be amenable to open pit mining.

(i) Note: "NSV" means No Significant Values.

King's Bay is unique in the industry in that it owns most of the
equipment required to carry out the various phases of exploration. This
includes diamond drills, bulldozers and other exploration equipment,
which gives the company the ability to quickly adjust work programs as
exploration results are realized and company strategies change.

About King's Bay Gold

King's Bay Gold is a Canadian mineral exploration company with a
specific focus on prospective gold properties in Ontario and Manitoba,
Canada. The company is well financed and has assembled a portfolio of
precious metal prospects, including strategic locations in the Red Lake,
Pickle Lake gold camps. Most of the company's projects are located in
close proximity to present and past producing mines.

Outstanding Shares: 18,623,623

Cash on hand $2,100,000.00

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. Some
of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe King's Bay
Gold future plans, objectives or goals, including words to the effect
that King's Bay Gold or management expects a stated condition or result
to occur. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    King's Bay Gold Corporation
    Richard Rivet
    President & CEO
    (204) 253-4653
    (204) 224-0306 (FAX)
    info@kingsbaygold.com
    Website: www.kingsbaygold.com
    The TSX Venture Exchange has not reviewed and does not accept,
    responsibility for the adequacy or accuracy of this release.