KGH Pangolin Diamonds Corporation

Key Gold Holding Inc. (TSX VENTURE:KGH) ("Key Gold") is pleased to announce the
closing of the balance of the private placement disclosed in its press release
dated September 1st, 2010, pursuant to which 3,780,000, shares were issued at a
price of $0.125 per share for proceeds of $472,500.


The company has paid total intermediary fees of $23,968 in relation with the
closing of this second tranche of the private placement. One insider of the
company participated in the private placement.


All the securities issued pursuant to the private placements are subject to a
mandatory hold period of four months following the closing date.


Key Gold will use the proceeds of the private placements for working capital
purposes and for exploration expenditures.


Annual and Special Shareholders' Meeting

Key Gold also announces that its Annual and Special Meeting of Shareholders will
be held at 10:00 a.m. on January 19, 2010, at the Hotel Plaza, 3031 Laurier
Blvd., Quebec, Quebec.


Change of Auditor 

Key Gold would also like to announce that it has changed its auditor. Malette
LLP (the "Former Auditor") has resigned, at the request of the company,
effective as of December 13, 2010 and Brunet Roy Dube C.A. (the "Successor
Auditor") has been appointed. The change in auditor has been approved by Key
Gold's Audit Committee and Board of Directors. 


There were no reservations in the Former Auditor's reports in connection with
the two most recently completed fiscal years or for any period subsequent to the
most recently completed period for which an audit report was issued. There were
also no reportable events between Key Gold and the Former Auditor or the
Successor Auditor including disagreements, unresolved issues or consultations as
defined in National Instrument 51-102, Continuous Disclosure ("NI 51-102"). 


All procedures have been properly followed under NI 51-102 regarding the change
of auditor and, as required, a Notice of Change of Auditor together with the
required letters from the Former Auditor and the Successor Auditor will be filed
via SEDAR with each securities commission in each province or territory in
Canada in which Key Gold is a reporting issuer. 


PLEASE NOTE THAT THE FOLLOWING SECTIONS OF THE PRESS RELEASE DATED DECEMBER 9,
2010 SHOULD HAVE BEEN READ AS FOLLOWS:


The Property consists of 56 claims and is strategically located in the vicinity
of Metanor, Amseco, Bonterra, and Eagle Hill near Lebelle-sur-Quevillon in the
Province of Quebec.


Pursuant to an arm's length purchase agreement made between Key Gold, Rivercrest
Resources Inc. and Glen Eagle Resources Inc. (the "Agreement"), Key Gold will
acquire a 100% interest in the Property in exchange for cash payments totaling
$490,000, the issuance of 5,500,00 common shares of Key Gold and exploration
expenditures totaling $1,750,000 in accordance with the following schedule:




------------------------------------------------------------------------
Dates                     Cash Payments Share Issuances Work Commitments
------------------------------------------------------------------------
Within 10 Business Days                                                 
of the TSXV approval            $40,000       1,030,000                -
------------------------------------------------------------------------
Within one year of the                                                  
signing date of the                                                     
Agreement                      $150,000       1,220,000         $750,000
------------------------------------------------------------------------
Within two year of the                                                  
signing date of the                                                     
Agreement                      $150,000       1,500,000       $1,000,000
------------------------------------------------------------------------
Within tree year of the                                                 
signing date of the                                                     
Agreement                      $150,000       1,750,000                -
------------------------------------------------------------------------



About Key Gold Holding Inc.

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


Forward looking Statement

This document contains certain forward looking statements which involve known
and unknown risks, delays, and uncertainties not under the corporation's control
which may cause actual results, performance or achievements of the corporation
to be materially different from the results, performance or expectation implied
by these forward looking statements.


Shares outstanding: 18,360,574

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.

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