KGH Pangolin Diamonds Corporation

Key Gold Holding Inc. (TSX VENTURE:KGH) (the "Company" or "Key Gold") and
Pangolin Diamonds Corp. ("Pangolin") are pleased to announce that they have
jointly engaged Paradigm Capital Inc. ("Paradigm") to act as sponsor in
connection with the proposed transaction resulting in a reverse take-over of Key
Gold by the shareholders of Pangolin (the "Proposed Transaction") previously
announced on February 21, 2012. 


Subject to completion of satisfactory due diligence, Paradigm has agreed to act
as sponsor in connection with the Proposed Transaction in accordance with the
policies of the TSX Venture Exchange ("TSXV"). An agreement to sponsor should
not be construed as any assurance with respect to the merits of the Proposed
Transaction or the likelihood of completion.


Satisfaction of Financing Condition 

As previously announced by Key Gold and Pangolin, the completion of the Proposed
Transaction is subject to a number of conditions, including the completion by
Pangolin of a private placement financing (the "Offering") for minimum gross
proceeds of not less than $1,000,000 at an issue price of $0.10 per Pangolin
share and maximum gross proceeds of $1,500,000(the "Financing Condition"). 


Pangolin is pleased to announce that the Financing Condition has successfully
been met in excess of the $1,000,000 minimum under the terms of the Transaction.



Submission and acceptance of the NI 43-101 Technical Report 

Pangolin and Key Gold are also pleased to announce that a National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical
report in relation to Pangolin's Tsabong North property located in Botswana,
Africa (the "Technical Report") has been reviewed and accepted by the TSXV. The
Technical Report will be filed on SEDAR when Key Gold files its circular with
respect to the Proposed Transaction.


About Pangolin Diamonds Corp. 

Pangolin Diamonds Corp. is building a leading diamond exploration and
development company in the heart of diamond country in Botswana, Africa. Jwaneng
is the richest mine in the world, and Orapa is the second largest diamond mine
in the world. There are four non-De Beers mines in Botswana and the country
supplies 21% of global rough diamond production. 


Pangolin holds eleven prospecting licenses that cover an area of 5,307 square
kilometres and consist of five project areas namely: Tsabong North, Jwaneng
South, Lorolwane, Malatswae and Madinare. 


Of the prospecting licenses, the Tsabong North property is the priority target.
It covers an area of 1,546 square kilometres and is located 100 kilometres north
of Tsabong (located in the southwestern portion of Botswana). Tsabong North
property is situated on the western edge of the Archaean Kaapvaal craton,
immediately north of the diamondiferous Tsabong kimberlite field. Soil sampling
has produced highly anomalous concentrations of kimberlite indicators within the
project area. Microprobe analyses of garnets have confirmed the presence of G10
garnets, indicative of the presence of a mantle conducive to the crystallization
of diamonds. A detailed aeromagnetic survey has identified 50 targets. Soil
trace element results are consistent with orientation trace element results over
known kimberlites. The craton margin location of the project is similar to that
of kimberlites in Lesotho known to host large, high-value Type II diamonds. 


Dr. Leon Daniels, Ph.D, a director of Pangolin, is a "qualified person" under
National Instrument 43-101 and has reviewed the technical disclosure regarding
Pangolin in this press release. 


About Key Gold Holding Inc. 

Key Gold Holding Inc. is a mineral exploration company that is currently mainly
focused on the acquisition, exploration and development of gold and copper
properties. 


Key Gold has 28,252,790 common shares outstanding and is listed on the TSXV
under the symbol KGH and remains halted until such time the proposed transaction
has been completed and or canceled. 


Reader Advisory 

This press release contains forward-looking statements with respect to the
Proposed Transaction and matters concerning the business, operations, strategy,
and financial performance of Pangolin and Key Gold, and the resulting merged
entity should the Proposed Transaction be completed (the "Resulting Issuer").
These statements generally can be identified by use of forward looking word such
as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. The completion of the
Proposed Transaction and the future business, operations and performance of the
Resulting Issuer discussed herein could differ materially from those expressed
or implied by such statements. Such forward-looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding future
expectations, including that the Proposed Transaction contemplated herein is
completed. Forward-looking statements are based on a number of assumptions which
may prove to be incorrect, including, but not limited to: the ability of Key
Gold and Pangolin to obtain necessary shareholder approval to complete the
Proposed Transaction or to satisfy the requirements of the TSXV with respect to
the Proposed Transaction. The cautionary statements qualify all forward-looking
statements attributable to Key Gold and Pangolin and persons acting on their
behalves. Unless otherwise stated, all forward-looking statements speak only as
of the date of this press release and Key Gold and Pangolin have no obligation
to update such statements except as required by law. 


Completion of the Proposed Transaction is subject to a number of conditions,
including but not limited to, TSXV acceptance and disinterested shareholder
approval. The Proposed Transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the Proposed Transaction
will be completed as proposed or at all. 


Investors are cautioned that, except as disclosed in the management information
circular prepared in connection with the Proposed Transaction, any information
released or received with respect to the Proposed Transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of
Key Gold Holding Inc. should be considered highly speculative. 


The TSXV has in no way passed upon the merits of the Proposed Transaction and
has neither approved nor disapproved the contents of this press release.

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