King's Bay Gold Corporation

King's Bay Gold Corporation

March 02, 2005 08:00 ET

King's Bay Gold Partners Up With Rubicon Minerals On Slate Bay Project, Red Lake, Ontario


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: KING'S BAY GOLD CORPORATION

TSX VENTURE SYMBOL: KBG

MARCH 2, 2005 - 08:00 ET

King's Bay Gold Partners Up With Rubicon Minerals On
Slate Bay Project, Red Lake, Ontario

WINNIPEG, MANITOBA--(CCNMatthews - March 2, 2005) - King's Bay Gold
Corporation (TSX VENTURE:KBG) -

Richard R. Rivet, President and CEO of King's Bay Gold Corporation (TSX
VENTURE:KBG) is pleased to announce that the company has signed an
option agreement with Rubicon Minerals Corporation. (TSX:RMX)(AMEX:RBY)
to earn a 51% interest in Rubicon's Slate Bay gold project in Red Lake,
Ontario. King's Bay and Rubicon are currently formulating an initial
diamond drill program of approximately 1000 metres (3300 feet) for the
project.

The Slate Bay project comprises 146 claim units and is located to in the
heart of the prolific Red Lake gold camp in northwestern Ontario.
Previous work by Rubicon on the property has led to the development of a
number of drill-ready targets on the property. The Slate Bay gold
project displays the following features:

- An extensive (minimum 5 km strike length) and previously unknown
ultramafic body, the Slate Bay Ultramafic (SUM), the existence of which
has been confirmed through limited diamond drilling.

- The SUM is developed beneath a major regional unconformity marked by
mineralized conglomerates which, on the Slate Bay property, have
returned up to 3.44 g/t gold over 21 metres, including 5.60 g/t Au over
6.1 metres from surface channel sampling. Elsewhere in the belt,
high-grade gold deposits show a close spatial relationship with similar
ultramafic bodies in close association with major regional
unconformities.

- Broad gold zones in underlying mafic volcanics near the SUM include
1.19g/t gold over 15.59 metres attesting to the presence of a
significant size mineralizing system.

- The entire sequence is intruded by the Slate Bay intrusive body which
contains local tourmaline breccias and which has been age dated by
Rubicon to be similar age to other intrusives in the camp (Dome,
McKenzie stocks) which have hosted over 1.35MM ounces of past gold
production. Broad zones with anomalous copper and gold mineralization
have been documented from limited drilling at the margin of this
intrusive. (e.g., 0.21% Cu, 1.1 g/t Ag, and 0.14 g/t Au over 72.9 m).

"Rubicon has documented an environment at Slate Bay which is permissive
for Red Lake style gold mineralization. We are pleased to be a partner
with Rubicon on this project and look forward to diamond drilling of the
numerous targets generated to date on the property " stated Richard
Rivet.

Assaying was conducted ALS Chemex Labs using the fire assay and
multi-element ICP procedures. Terry Bursey, P.Geol., is the project
Qualified Person under the definition of NI 43-101.

Subject to applicable regulatory approvals, King's Bay can earn a 51%
interest in the Slate Bay property by spending $2.75 million over four
years, commencing March 1, 2005, including a firm commitment to spend
$250,000 in the first year of the agreement. In addition, King's Bay
must make initial payments of $10,000 and issue 25,000 shares to Rubicon
followed by $90,000 in cash payments and shares equal in value to
$90,000 over the term of the agreement. Rubicon has granted King's Bay
an option to earn an additional 9% interest by electing, within 60 days
of vesting at 51%, to spend an additional $4 million over two years.

Red Lake Drilling Underway

Drilling and a ground magnetic and VLF-EM survey is also underway at the
King's Bay Headway property located immediately adjacent to the world's
richest gold mine, (The Goldcorp Red Lake Mine) located in Red Lake,
Ontario.

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. It is situated in very close proximity
to two high-grade world-class gold mines, the Campbell (Placer Dome Inc)
and the Red Lake (Goldcorp Inc). The Red Lake Camp has a combined past
production and current reserves of over 27.2 million ounces of gold, the
majority of which was produced at these two mines.

Geologist Gerald Colborne is 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
exploration Coordinator Ron Rivet are supervising drill hole planning,
implementation and quality control programs.

About King's Bay Gold

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. This
very active Canadian mineral exploration Company is debt free, well
financed and has assembled a very impressive portfolio of precious metal
prospects, including strategic locations in the Red Lake, Bissett and
Pickle Lake gold camps. The Company also has a strong joint venture
partner on two properties so far. Most of the company's projects are
located in close proximity to producing and past producing mines.

Outstanding Shares: 18,623,623

Cash on hand: $2,000,000.00

The statements contained in this news release that are not historical
facts are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ materially from
targeted results. Mineral resources which are not mineral reserves do
not have demonstrated economic viability. The Company relies upon
litigation protection for forward looking statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    King's Bay Gold Corporation
    Richard Rivet
    President & CEO
    (204) 253-4653
    Email: 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.