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Kestrel Gold Announces Issuance of Broker's Warrants

December 30, 2010

Kestrel Gold Inc. (the “Corporation”) (TSXV:KGC) announces that further to its press release dated November 3, 2010, it has issued an additional 100,000 brokers warrants (“Broker’s Warrants”) to an arms length finder in connection with the private placement which closed in two tranches on October 29, 2010 and November 3, 2010 (the “Private Placement”). Each Brokers Warrant entitles the holder to purchase one (1) unit of the Corporation (“Unit”) at a purchase price of $0.40 and is exercisable on or before one (1) year from October 29, 2010.

Each Unit consists of one (1) common share in the capital of the Corporation (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”) of the Corporation. Each Warrant entitles the holder to purchase one (1) Common Share at a purchase price of $0.60 per Common Share exercisable on or before one (1) year from October 29, 2010.

The Corporation issued an aggregate of 8,035,500 Units for gross proceeds of $3,214,200 pursuant to the Private Placement and the Corporation paid or issued to certain arms length finders an aggregate of $54,950, 474,800 Common Shares and 731,800 Broker’s Warrants as finder’s fees for the Private Placement.

About Kestrel Gold Inc.

Kestrel is listed on the TSX-V and is committed to the acquisition, exploration and development of 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. Technical aspects of this news release have been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.

On behalf of the Board of Directors


"Kevin Nephin"

President and CEO

For further information, please contact Kevin Nephin at 604-824-6056 or 604-799-2456
Email: [email protected] or visit our website at kestrelgold.com

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to planned exploration activities properties in the Yukon Territory. Readers are cautioned to not place undue reliance on forward-looking statements. Forward-looking statements are based on certain key assumptions made by the Corporation, including assumptions regarding the availability of equipment and funds to complete future exploration activities. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the Corporation will not proceed with exploration activities for any reason. 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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