Key Gold Holding Inc.: Modifications to the Terms and Conditions of the Private Placement Announced on September 1st, 2010

   Key Gold Holding Inc. (the "Company")(TSX VENTURE: KGH) hereby announces some modifications to the terms and conditions of the proposed private placement announced in its press release dated September 1st, 2010. The general terms and conditions of the private placement remain the same except that the maximum number of common shares offered has been raised to 5,600,000 shares at a price of $0.125 per share. The closing will be held on or before December 20, 2010.

About Key Gold Holding Inc.

Key Gold Holding Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose mission, amongst others, is to invest in small-scale gold production projects and to provide expertise in financial and mining engineering with the objective of maximizing return on investments and shareholders' value.

Forward looking Statement:

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.

Shares outstanding: 11,740,434

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Key Gold Holding Inc. Robert Seguin, President and Chief Operating Officer 418-781-0272 [e-mail]