King's Bay Gold Corporation
TSX VENTURE : KBG

King's Bay Gold Corporation

October 30, 2006 09:30 ET

King's Bay Gets Positive Results From Goldcorp's Rowan Lake Gold Project, Red Lake

WINNIPEG, MANITOBA--(CCNMatthews - Oct. 30, 2006) - King's Bay Gold Corp. (TSX VENTURE:KBG) is pleased to announce the results it obtained from the first twelve drill holes on Goldcorp Inc.'s (TSX:G)(NYSE:GG) 117-claim Rowan Lake gold project located in the prolific Red Lake mining camp, Red Lake, Ontario. Included in this news release are the initial results from the Corporation's ongoing 2006 Phase 1 diamond-drilling program.

King's Bay can earn a 50% interest in the Goldcorp Rowan Lake gold project by incurring expenditures of $3,500,000 on or before December 31, 2008 in accordance with the following schedule: a) $1,250,000 on or before December 31, 2006, b) $1,250,000 on or before December 31, 2007 and c) $1,000,000 on or before December 31, 2008. (See the December 12th, 2005 news release for details and information about this project).

Highlights of this Phase 1 diamond drilling program included: 17.00 gpt gold over 0.60m, 16.35 gpt over 0.45m, 13.89 gpt over 0.60, 10.90 gpt gold over 0.60m, 9.55 gpt gold over 0.50m, 8.42 gpt over 0.67m, 8.12 gpt over 0.45m, 6.66 gpt over 0.50m, 6.11 gpt gold over 0.50m, 3.79 gpt gold over 0.50m and others in the table below.



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From To Length Length Gold Zone
Hole (ft) (ft) (ft) (m) (gpt)
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RW06-101 20.0 21.5 1.5 0.45 0.380 P.H.
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89.0 96.0 7.0 2.10 0.310
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Incl. 93.0 94.0 1.0 0.30 1.180
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171.5 177.5 6.0 1.80 0.223
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213.0 226.0 13.0 3.90 0.230
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Incl. 222.0 224.0 2.0 0.60 1.560
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RW06-102 11.0 14.0 3.0 0.90 0.170 P.H.
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15.0 17.0 2.0 0.60 0.240
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42.5 46.5 4.0 1.20 0.375
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48.5 50.5 2.0 0.60 0.190
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63.0 65.0 2.0 0.60 0.190
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75.0 77.0 2.0 0.60 0.660
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77.0 79.0 2.0 0.60 0.160
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87.0 89.5 2.5 0.75 0.470
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92.0 94.5 2.5 0.75 0.320
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97.0 99.0 2.0 0.60 0.390
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161.0 163.0 2.0 0.60 0.200
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167.0 169.0 2.0 0.60 3.790
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285.0 287.0 2.0 0.60 0.290
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301.0 305.0 4.0 1.20 6.650
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Incl. 301.0 303.0 2.0 0.60 2.400
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and 303.0 305.0 2.0 0.60 10.900
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RW06-103 97.5 100.0 2.5 0.75 0.330 P.H.
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173.5 176.0 2.5 0.75 0.120
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416.0 418.0 2.0 0.60 0.250
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422.0 425.0 3.0 0.90 0.340
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431.0 433.0 2.0 0.60 17.000
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501.5 503.5 2.0 0.60 0.670
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506.0 508.0 2.0 0.60 1.970
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RW06-104 97.0 99.0 2.0 0.60 0.170 P.H.
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147.0 149.0 2.0 0.60 0.700
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237.0 239.0 2.0 0.60 0.180
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364.0 365.5 1.5 0.45 0.340
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RW06-105 341.0 343.0 2.0 0.60 0.100 P.H.
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RW06-106 347.7 351.0 3.3 1.00 0.240 R.S.
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610.2 612.2 2.0 0.60 0.444
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870.7 872.7 2.0 0.60 0.357
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892.3 894.3 2.0 0.60 0.216
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1067.5 1069.5 2.0 0.60 2.010
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RW06-106A 209.3 212.5 3.2 1.00 8.110 R.S.
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Incl. 209.3 210.9 1.6 0.50 9.550
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and 210.9 212.5 1.6 0.50 6.660
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212.5 215.8 3.3 1.00 0.197
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242.7 244.7 2.0 0.60 0.419
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300.2 301.8 1.6 0.50 1.930
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363.5 367.5 4.0 1.20 0.160
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474.1 475.7 1.6 0.50 0.919
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488.8 490.8 2.0 0.60 0.432
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544.6 546.2 1.6 0.50 6.110
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546.2 547.8 1.6 0.50 0.890
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680.4 686.4 6.0 1.80 0.290
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770.3 772.3 2.0 0.60 1.394
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778.5 780.5 2.0 0.60 13.891
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780.5 782.5 2.0 0.60 0.129
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789.2 790.7 1.5 0.45 16.356
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1028.5 1030.1 1.6 0.50 0.587
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RW06-109 105.0 107.0 2.0 0.60 0.265 R.S.
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267.0 268.5 1.5 0.45 0.175
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304.0 306.0 2.0 0.60 0.340
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853.5 855.5 2.0 0.60 0.193
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RW06-120 351.0 353.0 2.0 0.60 0.177 P.H.
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377.0 381.0 4.0 1.20 0.570
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382.0 387.5 5.5 1.60 0.280
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393.0 399.0 6.0 1.80 0.180
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401.0 405.0 4.0 1.20 0.150
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407.0 417.0 10.0 3.00 1.420
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Incl. 407.0 409.0 2.0 0.60 1.760
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and 409.0 411.0 2.0 0.60 2.940
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and 411.0 412.5 1.5 0.45 0.839
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and 412.5 415.0 2.5 0.75 0.952
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and 415.0 417.0 2.0 0.60 0.602
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419.0 422.0 3.0 0.90 0.152
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422.0 424.0 2.0 0.60 0.839
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424.0 430.0 6.0 1.80 0.264
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433.0 435.0 2.0 0.60 0.503
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467.0 469.0 2.0 0.60 0.217
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505.0 513.0 8.0 2.40 0.175
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RW06-122 105.0 107.0 2.0 0.60 0.209 P.H.
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197.0 199.0 2.0 0.60 0.473
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209.0 217.5 8.5 2.60 1.710
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Incl 210.5 212.0 1.5 0.45 8.124
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225.0 231.0 6.0 1.80 0.120
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242.0 244.0 2.0 0.60 0.459
----------------------------------------------------------------
247.0 249.0 2.0 0.60 0.250
----------------------------------------------------------------
253.0 255.0 2.0 0.60 1.896
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255.0 257.0 2.0 0.60 1.462
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267.0 269.0 2.0 0.60 0.507
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274.0 276.0 2.0 0.60 0.438
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276.0 278.0 2.0 0.60 2.944
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280.0 282.0 2.0 0.60 2.142
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309.0 310.5 1.5 0.45 0.233
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314.0 317.0 3.0 0.90 1.300
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331.0 333.0 2.0 0.60 0.707
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337.0 339.0 2.0 0.60 0.381
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407.0 409.0 2.0 0.60 3.132
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409.0 411.0 2.0 0.60 0.306
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414.0 416.0 2.0 0.60 0.324
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417.0 419.0 2.0 0.60 2.226
----------------------------------------------------------------
419.0 421.0 2.0 0.60 2.426
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421.0 423.0 2.0 0.60 1.017
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RW06-123 227.0 229.0 2.0 0.60 0.383 P.H.
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229.0 231.0 2.0 0.60 1.690
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231.0 233.5 2.5 0.75 0.295
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RW06-125 145.8 148.0 2.2 0.67 8.425 P.H.
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158.0 162.5 4.5 1.37 0.210
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255.0 261.0 6.0 1.80 0.540
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Zone Definitions: P.H. -- Porphyry Hill; R.S. -- Rowan Shaft Area

This news release was verified by Geologist John Archibald and Gerald Colborne, B.Sc., M.Sc., P.Eng., P.Geol., F.G.A.C., M.C.I.M.

King's Bay is very pleased with these initial results and with the many gold intersections so far in these holes. Phase 1 drilling is ongoing using three diamond drills and more assay results will be announced when they are received.

The samples were analyzed by Accurassay Laboratories in Thunder Bay, Ontario and SGS Canada Inc. in Red Lake, Ontario. Geologist John Archibald (the 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 Ron Rivet, Exploration Coordinator are supervising drill hole planning, implementation and quality control programs with Goldcorp overseeing.

About King's Bay Gold

King's Bay Gold Corporation is a very active and well financed Canadian mineral exploration company with nine mineral projects strategically located in Canada's gold camps. The Company also owns its own diamond drill rigs and other equipment. Strategic locations include - (i) a property located directly adjacent to Canada's largest gold mine, (ii) a past producing gold mine, and (iii) other locations that are in very close proximity to either past producers and / or recent discoveries.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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