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KGC.V ·

Commission and the British Columbia Securities Commission.

Corporate Updates

NEWS RELEASE

KESTREL GOLD INC. Announces Re-filing of its September 30, 2015 MD&A and

Change of CFO

January 30, 2017 : Kestrel Gold Inc. ( the “ Corporation” or “Kestrel”) (TSX -V: KGC)

(currently suspended from trading) announces that it has re -filed its Management’s Discussion

and Analysis for the financial year ended September 30, 2015 (the “Amended Annual MD&A”),

which Amended Annual MD&A can be viewed under the Corpor ation’s profile at

www.sedar.com. The amendments to the MD&A include the following:

 adding corporate governance dis closure in accordance with NI 58 -101 and audit

committee disclosure in accordance with NI 52-110;

 providing further disclosure with regard to the Corporation’s liquidity;

 revising the disclosure in relation to current litigation;

 removing the section entitled “Internal Control”; and

 including information regarding the Cease Trade Orders issued by the Alber ta Securities

Commission and the British Columbia Securities Commission.

As well, Stuart W. Peterson has resigned as Chief Financial Officer of the Corporation and

Kevin V. Nephin has been appointed to the position of Chief Financial Officer of the

Corporation.

About Kestrel Gold Inc.

Kestrel Gold Inc. is a gold exploration corporation headquartered in Canada. Kestrel’s principal

property is the King Solomon Dome property, located in the Dawson Mining District, Yukon

Territory, Canada.

For further information contact:

Kevin Nephin, President, CEO and CFO

Office (604) 824-6056

[email protected]

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.