KGL RESOURCES LIMITED — Capital/Financing Update 2008

Apr 21, 2008

ASX / MEDIA RELEASE

22 April 2008

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KENTOR GOLD LTD

ACN 082 658 080

Drilling Program Focus to Shift to Savoyardy

Kentor Gold Limited (ASX Code: KGL) today announced it is shifting drilling focus to its Savoyardy Prospect, in the Kyrgyz Republic, where it is expected to commence drilling by the end of the month.

The Company ’ s Managing Director Simon Milroy said preparations have been made at the site during the northern winter including rehabilitating the existing exploration adits, installing services and preparing drill cuddies.

The drilling contractor has now commenced mobilisation and will undertake a diamond drilling program with two rigs from underground consisting of 15 holes for 1,500 metres. The program is planned to test for high grade extensions to the mineralisation identified in the previous drilling program.

“ The results from this program combined with the surface program should enable the first JORC resource to be calculated for the Rudny prospect by the end of the year, ” Mr Milroy said.

This first drill-hole of the 2008 underground drilling program (Figures 1, 2 and 3) is designed to test the down-dip extension of the mineralisation encountered in the previously drilled hole SV_DD_09 (14m @ 15.1 gpt Au).

The full exploration program planned for the Savoyardy Propsect in 2008 consists of infill soil sampling, Induced Polarisation (IP) geophysics and a total 4,500m of diamond drilling.

“ Kentor Gold is also planning further exploration programs this summer on its Akbel tenement (Figure 4) which includes the Achik-Tash, Tarasai and Tarasu gold in soil anomalies ” Mr Milroy said.

“ Access to this anomalous prospect will be open once the winter snow has receded with entry expected in June 2008, ” he said. These areas do not have any moraine cover and hence any drilling will be straight into bedrock which will avoid the problems associated with drilling the moraine.

The Company ’ s Soviet Akbel tenement, on the Akbel Prospect (Figure 4), is situated to the west of rock units that host the Kumtor deposits owned by Centerra Gold Inc. The Centerra Gold exploration area, adjacent to the Kentor Gold licence area, comprises of a series of multi-million ounce gold resources along a 15 km NE – SW trace of the Kumtor fault.

The work conducted to date at Akbel, including field mapping, satellite mapping and imagery, soil geochemistry and IP geophysics, indicates that the Akbel tenement still remains prospective for possible extensions to the world class Kumtor deposit.

The Soviet Akbel tenement has been the only area on the Akbel Prospect licence to receive drilling in 2008. The glacial moraine cover, which is over 200m deep in places, has proven difficult to drill in the past and has necessitated winter drilling programs into frozen ground.

Registered Office Level 36 Riparian Plaza, 71 Eagle St Brisbane 4000 Phone: 61 (0) 7 3121 3206

Kyrgyz Republic Office 235/2 Erkindik Prospect, Bishkek Kyrgyz Republic 720739 Phone: +996 312 621 389

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www.kentorgold.com.au

Recent drilling has been directed over the Soviet Akbel tenement on the edge of the valley where the moraine cover was interpreted to be approximately 60 m deep. These drill holes have not been able to penetrate the moraine which contains free flowing water, fine gravels which collapse into the hole and large boulders that prevent casing of the hole. The current drilling program has ceased at the Akbel Prospect due to the difficult ground conditions encountered.

“ The exploration programmes at Akbel will now move to the Achik-Tash, Tarasai and Tarasu anomalies which are not covered by glacial moraines. ” Mr Milroy said.

For further information contact:

Simon Milroy Media: Managing Director Anna O ’ Gorman Kentor Gold Ltd Principal Consultant Phone: + 61 (0) 7 3121 3206 Three Plus Mobile: + 61 (0) 448 851 575 Phone: + 61 (0) 7 3503 5700

Competent Person Statement

The exploration results in this report are based on information compiled by Craig Irvine, who is a member of the Australasian Institute of Mining and Metallurgy and a full time employee of Kentor Gold Limited. Mr. Irvine has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Irvine has consented to the inclusion of this information in the form and context in which it appears in this report.

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Figure 1. Geology Plan of the Rudny prospect at Savoyardy

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Figure 2. Cross Section #1 of the Rudny Prospect at Savoyardy

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Figure 3. Cross Section #2 of the Rudny Prospect at Savoyardy

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Figure 4. Gold in soil anomalies at Akbel

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