KGL RESOURCES LIMITED — Capital/Financing Update 2009

Jul 22, 2009

ASX / MEDIA RELEASE

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KENTOR GOLD LTD

ACN 082 658 080

23 July 2009

KENTOR GOLD COMMENCES DRILLING TO INCREASE RESOURCE AT SAVOYARDY GOLD PROJECT

 Production targeted for 2010 subject to late 2009 development decision

Kentor Gold Limited (ASX code: KGL) (Kentor or the Company) has commenced a drilling program to increase the gold Resource at the Savoyardy Gold Project in the Kyrgyz Republic.

The high grade, low cost project is targeted to commence production in 2010 subject to a final development decision late in 2009.

The drilling is part of current pre-development work that also includes metallurgical testing, negotiation of mining contracts, transport, processing and product sales, and government approvals.

Two diamond drill rigs have now commenced drilling from the surface along strike from the known Savoyardy Resource with the objective of increasing the Resource base. The surface rigs will follow up Soviet surface trenching results of 4m at 14.3g/t Au, and surface drilling in the Kentor 2008 campaign where DD-21 intersected 7m at 6.3g/t Au on the same section (Figure 1). The area being drilled is approximately 200 metres southwest of the existing Resource.

A third diamond drill rig will also commence drilling from underground in the next few days to upgrade the current JORC-compliant Inferred Resource Estimate. Extensive underground access is available from previous exploration work in the 1970’s.

Initial production is envisaged at the rate of 10,000 oz gold per year for a minimum of three years, to provide Kentor Gold with valuable early cash flow.

A second, larger Andash Gold-Copper Project, over which Kentor Gold has acquired an option to purchase, is targeted to commence production in 2011 at the rate of 60,000 oz gold and 5,000 tonnes copper a year for eight years.

Background on Savoyardy

The Savoyardy Gold Project is located approximately 145 kilometres southeast of the city of Osh in the Kyrgyz Republic. The Savoyardy project is also adjacent to and along strike from the Sawayerdun Project in the Xinjiang Province of China. Canadian-listed Majestic Gold Corporation announced a resource of 1.5Moz of gold from the results to date.

Exploration in the 270km[2] Savoyardy tenement has identified 10 gold occurrences other than the initial deposit.

Kentor Gold has Kentor Gold acquired an option to purchase 100% of the Savoyardy gold project for US$1.25M.

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

Fig 1 Planned Surface Drilling Program, Savoyardy

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About Kentor Gold

Kentor Gold Limited (ASX Code: KGL) is an Australian-based company formed in 1998 as a specialist gold explorer in Central Asia. The Company was listed on the Australian Securities Exchange in March 2005 and is now focused on bringing the Andash and Savoyardy gold projects into production.

For further information contact:

Mr Simon Milroy Managing Director Phone: +61 44 88 515 75 Email: info@kentorgold.com.au

Competent Persons Statement:

The exploration results in this report are based on information compiled by Simon Milroy, who is a member of the Australian Institute of Mining and Metallurgy and a full time employee of Kentor Gold Limited. Mr. Milroy 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. Milroy has consented to the inclusion of this information in the form and context in which it appears in this report.

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