Key Gold Holdings Inc. Announces the Closing of a Non-Brokered Private Placement of Flow-Through Shares

Key Gold Holding Inc. (the "Company") (TSX VENTURE:KGH) hereby announces that it
has received on December 31st, 2010, the conditional acceptance from the TSX
Venture Exchange (the "TSX-V") regarding its non-brokered private placement of
Flow-Through Shares.


The Company is happy to disclose that it closed as of December 31st, 2010 an
amount of $525,000 which consists in the issuance from treasury of 2,916,000
common shares at a price per share of $0.18.


As disclosed in its press release dated December 30th, 2010, the Company intends
to pay an intermediary fee of 10% on the proceeds of the financing to limited
market dealers.


The common shares which will be issued from the present private placement will
have a four month hold as of the date of issuance of said common shares.


About Key Gold Holding Inc.

Key Gold Holding Inc. is a junior mining exploration company listed on the TSX
Venture Exchange whose mission, among 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.