Mr. Craig Williams reports

KIBOKO ANNOUNCES PROPOSED SHARE CONSOLIDATION AND PRIVATE PLACEMENT

Kiboko Gold Inc. intends to complete a consolidation of the issued common shares of the company on the basis of one postconsolidation common share for every 10 preconsolidation common shares.

Prior to giving effect to the proposed consolidation, the company has 44,137,093 preconsolidation common shares issued and outstanding. Following the consolidation, the company will have approximately 4,413,709 postconsolidation common shares issued and outstanding. No fractional common shares will be issued upon the consolidation. In the event a holder of common shares would otherwise be entitled to receive a fractional common share in connection with the consolidation, the number of common shares to be received by such shareholder will be rounded down to the next whole number, and no cash consideration will be paid in respect of fractional shares.

In connection with the proposed consolidation, the company intends to complete a non-brokered private placement of up to 10 million units of the company at a price of 10 cents per unit (postconsolidation) for gross proceeds of up to $1-million. Each unit will consist of one postconsolidation common share and one postconsolidation transferable common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional postconsolidation common share for 15 cents for a period of two years following completion of the private placement.

Kiboko may pay finders' fees in connection with the private placement in accordance with the policies of the TSX Venture Exchange. The company expects to use the net proceeds of the private placement for general corporate and working capital purposes.

All postconsolidation common shares and warrants issuable in connection with the private placement will be subject to a hold period of four months and a day in accordance with applicable Canadian securities laws. Completion of the consolidation is subject to the approval of the company's shareholders and the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.

Subject to receipt of all required approvals, the company will announce the record date and the effective date of the consolidation in a subsequent news release.

A letter of transmittal will be mailed to registered shareholders providing instructions with respect to surrendering share certificates representing preconsolidation common shares in exchange for postconsolidation common shares issued as a result of the proposed consolidation. Until surrendered, each certificate representing preconsolidation common shares will be deemed to represent the number of postconsolidation common shares the holder received as a result of the consolidation. Shareholders who hold their common shares in brokerage accounts or in book entry form are not required to take any action. Outstanding securities convertible or exercisable into common shares will also be adjusted by the consolidation ratio, and the exercise price of such securities will be adjusted accordingly.

Additional information about Kiboko can be found on SEDAR+ and on the company's website.

About Kiboko Gold Inc.

Kiboko is a Canadian-based exploration company focused on advancing its Harricana gold project, located 55 kilometres north of Val d'Or, Que., within the world-renowned southern Abitibi gold belt. Kiboko's shares trade on the TSX Venture Exchange under the symbol KIB.

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