11/23/2009 (BAYSTREET NEWSWIRE)

Winnipeg, MB – November 23^rd, 2009. King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce the closing of a non-brokered private placement on November 23^rd, 2009. A total of 2,000,000 Units were purchased by subscribers resident in Ontario, at a purchase price of $0.10 per Unit for gross subscription proceeds of $200,000.00. The offering is subject to the approval of the TSX Venture Exchange.

Each Unit consisted of one Class "A" Common share of the Issuer, issued as a Flow-Through Share, and one Class "A" Common non-flow-through share purchase warrant (a “Warrant"). Each Warrant entitles the holder thereof to purchase one Class "A" Common share of the Issuer at an exercise price of $0.13 per Warrant for a period of twenty four months following the date of issuance. The shares issued in connection with this non-brokered private placement are subject to a minimum hold period of four months plus one day.

King's Bay Gold Corporation intends to utilize the flow-through proceeds from the subscription of this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine rare earths / gold project, incurred as Canadian Exploration Expenses.

About Kings Bay Gold

King’s Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. The Corporation is a very active Canadian mineral exploration company with mineral projects located in Canada’s main gold camp – Red Lake, ON. Strategic properties include - (1) The Headway, a property located in Red Lake, ON (exploring for gold); (2) The Bobjo Mine, a past producing gold mine (exploring for gold and rare earths elements); (3) The Fort Frances property (exploring for PGEs and diamonds); and (4) the newly acquired Raleigh Lake property (exploring for rare earth elements).

KBG Shares Outstanding: 54,756,903

King’s Bay Gold Corporation

John Archibald

President & CEO

(204) 253-4653

info@kingsbaygold.com

www.kingsbaygold.com

This news release includes certain forward-looking statements concerning the future performance of King’s Bay Gold Corporation’s business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as "may", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company’s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and readers are cautioned against placing undue reliance thereon.

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.

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