KAI Kenai Resources Ltd.

Kenai Resources Ltd. (TSX VENTURE:KAI) ("Kenai") announces that it has
negotiated, subject to the acceptance by the TSX Venture Exchange, a
non-brokered private placement of up to 35,000,000 units (the "Units") at a
price of $0.10 per Unit. Each Unit will be comprised of one common share and
one-half of one common share purchase warrant, of which one whole warrant will
entitle the holder to purchase one additional common share at a price of $0.125
for a period a twelve months from the closing of the private placement. Eldorado
Gold Corp. has committed to subscribing for 15,000,000 Units of the private
placement which, upon exercise of the attached warrants, would represent
approximately19.6% of the then issued capital of Kenai. Finder's fees may be
payable on a portion of the private placement, in accordance with the policies
of the TSX Venture Exchange. 


The net proceeds will be used to prepare the Sao Chico project for trial mining
and processing of 50,000 tons of high grade gold bearing material over an
initial 12 month period. Kenai is applying for and expects to be granted a trial
mining licence from appropriate Brazilian authorities. Kenai is also preparing a
NI 43-101 compliant Mineral Resources estimate, assembling various reports
associated with the trial mining licence grant and in discussions regarding the
required development finance. Additional infill drilling may be undertaken
during the development stage. Further details associated with on-going drilling
and production commencement will be provided in separate news releases.


Under a recently entered into letter agreement (the "Agreement") with ASX-listed
Gold Anomaly Ltd ("GOA"), Kenai is acquiring 100% of GOA's wholly-owned
subsidiary, Gold Aura do Brasil Mineracao Ltda ("GOAB"), which holds 100% of the
Sao Chico gold project mineral rights located along a prominent NW-SE trend
which is the most mineralized zone within the Tapajos Mineral Field in
central-northern Brazil. The consideration payable by Kenai includes: a)
forgiveness of an existing loan of AUD$3,500,000 due to Kenai from GOA which is
part of cash advances made by Kenai for the Sao Chico gold project; b) issuance
of 10 million common shares of Kenai following regulatory and related approvals,
with such shares subject to a 12 month non-trading hold period; and, c) the
issuance of an additional 6 million Kenai common shares when one of several
development milestones are achieved for the Sao Chico project such as completion
of a bankable feasibility study. Under the terms of the Agreement, Kenai has no
other obligations to GOA. 


About the Sao Chico, Brazil project

The Sao Chico gold project is located along a prominent NW-SE trend which is the
most mineralized zone within the Tapajos Mineral Field in central-northern
Brazil. The Tapajos field was the site of the biggest gold rush in Brazilian
history in the late 1970's and 1980s when approximately 500,000 garimpeiros
(artisanal miners) rushed to the area to exploit extensive areas of newly
discovered alluvial gold. Approximately 20 to 30 million ounces of gold
(unofficial government figures) were produced from these operations before the
easily won alluvial gold deposits were largely depleted. The garimpeiros have
little expertise in underground mining and environmental considerations and were
thus urged by the government to consolidate their small claims and form joint
ventures with established mining companies. The area has had little exploration
by modern exploration methods compared to other equivalent gold fields in the
world. Kenai has recently completed an initial 3,268 meters, 22 hole diamond
drilling program, confirming a 530 meter strike length high grade gold zone at
the Sao Chico project which is held by GOAB. 


About Kenai Resources Ltd.

Kenai is a Canadian company focused on precious mineral project exploration and
development, towards early significant gold production. In addition to the Sao
Chico gold project in Brazil, Kenai is also involved in exploration of the
wholly-owned Quartz Mountain and Hope Butte gold epithermal gold projects in
South-Eastern Oregon, both located in Malheur County, close to the Oregon border
with Idaho. 


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. Specifically, completion
of the private placement of up to $3,500,000 is subject to a number of
conditions, including but not limited to, TSX Venture Exchange acceptance. There
can be no assurance that the private placement will be completed as proposed or
at all. The economic viabilities of the resources estimates discussed in the
news release have 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 reef structures. Mr Cole has consented to
the inclusion in this release of such technical information in the form and
context in which it appears. 


Shares Outstanding: 62,406,734

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