King's Bay Gold Corporation

King's Bay Gold Corporation

October 11, 2006 14:28 ET

King's Bay Gold Corporation: Drill Progress; Rowan Lake Mine, Red Lake

WINNIPEG, MANITOBA--(CCNMatthews - Oct. 11, 2006) - King's Bay Gold Corp. (TSX VENTURE:KBG) reports that drilling is progressing well on the Goldcorp Inc. (TSX:G) 117 claim Rowan Lake gold project, located in the prolific Red Lake mining camp, Red Lake, Ontario. A dozen holes have now been completed and more holes are underway. Samples from these first twelve holes have been prepared and shipped for assay to Accurassay Laboratories in Thunder Bay, with results expected very shortly.

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 December 12th, 2005 news release for details and information about this project).

A base camp has been set up with five fully equipped ATCO style trailers on site. The Company is also reporting that three diamond drills are at work on this project and that drilling is continuing.

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. Drill results will be released on a regular basis as they are received.

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) 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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