Kenai Resources Ltd.: Sao Chico, Brazil-Retraction

Kenai Resources Ltd. (TSX VENTURE:KAI) ("Kenai") retracts the portion of its
October 23rd, 2012 News Release content wherein the Company stated, "With a
grant of a trial mining concession, we plan to recover an initial 58,000 ounces
of gold over an 18 month period." The Company cautions that it "has not
completed a feasibility study to demonstrate that this proposed operation would
be economically viable, or that the proposed time frame for such production is
reasonable."


About Kenai Resources Ltd. 

Kenai is a Canadian company focused on precious mineral project exploration and
development, towards early significant gold production. Its principal current
activity is at the Sao Chico project in Brazil, with a corporate priority
towards the earliest possible cash flow generation from Sao Chico.


More information about the Company is available at www.kenairesources.ca. 

ON BEHALF OF THE BOARD OF DIRECTORS

Greg Starr, President and CEO

Forward-Looking Statements: Statements in this news 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. The economic viability of
the mineral resources estimates described herein has not been established and
may not be. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available. The
company does not assume the obligation to update any forward-looking statement.


Kenai's Vice President Technical Services, Neil Cole, is responsible for
technical information in this news release. Mr. Cole has sufficient experience
which is relevant to the style of mineralization under consideration and to the
activity which is being undertaken and planned to qualify as a Qualified Person
under NI 43-101. Mr. Cole has verified the technical data disclosed in this
release, including references to planned exploration and operational activities,
and the sampling of the gold-bearing vein structures. Mr. Cole has consented to
the inclusion in this release of such technical information in the form and
context in which it appears. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kenai Resources Ltd.
[phone]
[phone] (FAX)
[e-mail]
www.kenairesources.ca