Kenai Completes Private Placement

Kenai Resources Ltd. (TSX VENTURE:KAI) ("Kenai") is pleased to announce that it
has closed the non-brokered private placement and has issued 33,500,000 Units at
a price of $0.10 per Unit, for gross proceeds of $3,350,000. Each unit consists
of one common share and one-half of one common share purchase warrant, of which
one whole warrant entitles the holder to purchase one common share of Kenai at a
price of $0.125 until May 22, 2013. 


Kenai paid cash finders' fees totaling $53,850 and issued 538,500 broker
warrants to various brokerage firms and arm's length parties as consideration
for their arranging a portion of the private placement. Each brokers warrant is
exercisable into one common share at a price of $0.10 until May 22, 2013.


The shares, and any shares to be issued on exercise of the warrants and the
broker warrants, are subject to a hold period expiring on September 23, 2012.


Net proceeds from the private placement will be used to further evaluate the
mining and milling alternatives available to Kenai on the Sao Chico gold project
in Brazil and for general working capital purposes.


As disclosed in Kenai's news release dated March 29, 2012, Eldorado Gold Corp.
("Eldorado"), a public company listed on the Toronto Stock Exchange, acquired
15,000,000 Units of the private placement. Accordingly, Eldorado has been issued
15,000,000 common shares, representing approximately 14.2% of the issued and
outstanding common shares of Kenai, plus warrants to acquire an additional
7,500,000 common shares of Kenai. Assuming the exercise of these warrants,
Eldorado would then hold 22,500,000, or approximately 19.8%, of the then issued
common shares of Kenai (assuming no other warrant or option exercises). The
securities were acquired by Eldorado for investment purposes only. 


In addition, Gold Anomaly Limited ("GOA"), a public company listed on the
Australian Stock Exchange, acquired 4,158,190 Units of the private placement.
Accordingly, GOA now holds 14,158,190 common shares, representing approximately
13.4% of the issued and outstanding common shares of Kenai, plus warrants to
acquire an additional 2,079,095 common shares of Kenai. Assuming the exercise of
these warrants, GOA would then hold 16,237,285, or approximately 15%, of the
then issued common shares of Kenai (assuming no other warrant or option
exercises). The securities were acquired by GOA for investment purposes only. 


About Kenai

Kenai is a Canadian company focused on precious mineral project exploration and
development, towards early significant gold production. Through a fully executed
Share Purchase Agreement dated in late March 2012, Kenai acquired 100% of the
issued and outstanding shares of Gold Aura do Brasil Mineracao Ltda. ("GOAB"), a
private Brazilian incorporated company previously owned by Gold Anomaly Limited.
GOAB owns the Sao Chico gold project in Brazil with exploration activities
located along a prominent NW-SE trend which is the most mineralized zone within
the Tapajos Mineral Field in central-northern Brazil. Kenai expects to continue
its exploration and development of the Sao Chico gold project in the coming
months.


In addition, Kenai has terminated its leasehold in the mineral interests known
as the Quartz Mountain and Hope Butte epithermal gold projects in Oregon.


On behalf of the Board of Directors of Kenai Resources Ltd.

Greg Starr, President and CEO

Forward-Looking Statements. Statements in this release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed and elsewhere in the company's periodic filings with
Canadian securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. Kenai does not assume the obligation to update any forward-looking
statement.


Shares Outstanding: 105,906,734