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Kestrel Gold Private Placement Use of Proceeds

October 7, 2010

Kestrel Gold Inc.(the "Corporation") (TSX VENTURE:KGC) announces that, further to the news release of the Corporation dated September 21, 2010 regarding the non-brokered private placement of the Corporation, proceeds from the private placement shall be used only for general working capital purposes until such time as the Corporation has received TSX Venture Exchange approval regarding the previously announced loan arrangement and Option and Purchase Agreement relating to Rio Diablillos (S.R.L.).

About Kestrel Gold Inc.

Listed on the TSX Venture Exchange, Kestrel is committed to acquiring, exploring and development precious metal projects in North and South America. It has an experienced and committed board of directors and the financial ability to aggressively meet its objectives.

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