King's Bay Gold Corporation

King's Bay Gold Corporation

October 30, 2006 13:03 ET

King's Bay Gold Changes its Joint Venture Holdings

WINNIPEG, MANITOBA--(CCNMatthews - Oct. 30, 2006) - King's Bay Gold Corp. ("King's Bay") (TSX VENTURE:KBG) is pleased to announce that it has reached a mutual agreement with its joint venture partner Richview Resources Inc. ("Richview") to exchange interest's in the two properties Headway and the Pickle Crow that the two companies have been exploring under joint venture agreements.

The Headway Project, Red Lake

King's Bay increases its holding in Headway to from 45% to 75% and Richview reduces its holding to from 45% to 15%. The joint venture is now Kings Bay 75%, Richview 15% and Palomino Mining 10%.

This Headway property has the distinction of being one of the best-positioned exploration land package within the entire Red Lake gold mining camp. These patented claims are directly adjacent to the world's richest gold mine (Goldcorp's Red Lake Mine) and located southwest of their southwest dipping high grade zone.

The Pickle Crow Project, Pickle Lake

King's Bay reduces its holding from 49% to 25% and Richview increases it's holding from 49% to 75%. The joint venture is now Richview 75% and King's Bay 25% with Richview becoming the operator.

This large land package hosts numerous gold showings, high grade gold drill intersections and mine shafts. Large sections of this land package are contiguous to the Dona Lake Mine, which produced 212,000 ounces of gold, the Central Patricia, which produced 650,000 ounces and Pickle Crow Gold Mines, which produced 1,446,000 ounces.

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. Strategic locations include - (i) a property located directly adjacent to Canada's largest gold mine, (ii) two past producing gold mines, 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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