KGC Kestrel Gold Inc

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Kestrel Gold Inc. ("Kestrel" or the "Corporation") (TSX VENTURE:KGC) is pleased
to announce that, further to its press releases dated September 12, 2012 and
October 29, 2012, it has completed the first tranche of its non-brokered private
placement (the "Private Placement").


Pursuant to the first tranche of the Private Placement, the Corporation issued
2,550,000 units ("Units") of the Corporation at a purchase price of $0.10 per
Unit for gross proceeds of $255,000. Each Unit consists of one (1) common share
in the capital of the Corporation ("Common Share") and one half of one (1/2)
Common Share purchase warrant of the Corporation ("Warrant"). Each full Warrant
entitles the holder to purchase one (1) Common Share at a purchase price of
$0.20 per Common Share exercisable on or before one (1) year from October 31,
2012, (the "Closing Date"), subject to earlier expiry in certain circumstances. 


If at any time prior to the expiry of the Warrants the trading price of the
Common Shares on the TSX Venture Exchange (the "Exchange") exceeds $0.35 for a
period of 20 consecutive trading days, the Corporation may, in its sole
discretion, within five (5) days after such an event, provide notice (a
"Notice") to the warrant holders of early expiry of the Warrants. The Notice
would provide that the Warrants would expire at 3:30 p.m. (Calgary time) on the
date which is twenty one (21) days after the date of the Notice. 


The Offering was conducted on a non-brokered basis. However, the Corporation
paid $17,200 and issued 172,000 finder's warrants ("Finder's Warrants") to
certain arms length finders in connection with the Private Placement. Each
Finder's Warrant entitles the holder to purchase one (1) Unit at a purchase
price of $.20 and is exercisable on or before one (1) year from the Closing
Date.  


The Corporation intends to use the net proceeds of the Private Placement to fund
a portion of its exploration activities with respect to its mining properties in
the Yukon Territory and for other general working capital requirements. The
second and final tranche of the Private Placement is anticipated to close on or
around November 14, 2012. The Private Placement is subject to final approval by
the TSX Venture Exchange (the "Exchange"). 


About Kestrel Gold Inc. 

Kestrel is a gold exploration corporation headquartered in Canada. Its principal
project is the King Solomon Dome property in Canada's Yukon Territory. Kestrel
is listed on the TSX Venture Exchange.


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws. Readers are cautioned to not place undue reliance on
forward-looking statements. In particular, forward-looking statements in this
news release include, but are not limited to the use of proceeds from the
Private Placement, the completion of an additional tranche of the Private
Placement and the receipt of Exchange approval for the Private Placement.
Forward-looking statements are based on certain key assumptions made by the
Corporation, including assumptions regarding the receipt of all regulatory and
stock exchange approvals and that the proceeds will be used as currently
intended. Actual results and developments may differ materially from those
contemplated by these statements depending on, among other things, the risk of
delays in obtaining or failure to obtain regulatory approval and general
economic, market and business conditions. The forward-looking statements in this
press release are made as of the date of this release and the Corporation
undertakes no obligation to update publicly or revise any forward-looking
statements whether as a result of new information or otherwise, except as
required by applicable securities laws. The Corporation undertakes no obligation
to comment on analyses, expectations or statements made by third-parties in
respect of the Corporation or its financial or operating results or (as
applicable) their securities. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kestrel Gold Inc.
Kevin Nephin
President & CEO
Office (604) 824-6056
kvnephin@telus.net
www.kestrelgold.com


Macam Investor Relations
Cameron MacDonald
Office (403) 452-6600
cmacdonald@macamgroup.com

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