Mr. Anthony Margarit reports

K2 GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO RAISE UP TO CAD $15 MILLION

K2 Gold Corp. has arranged a non-brokered private placement whereby the company will issue up to 21,428,572 common shares in the capital of the company at a price of 70 cents per offered share for total gross proceeds of up to $15-million.

The offered shares will be offered for sale to purchasers resident in each of the provinces and territories of Canada, other than Quebec, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions), as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The offered shares will not be subject to a statutory hold period in Canada (except to the extent the four-month hold period of the TSX Venture Exchange applies).

The offering document related to the offering can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The offering may also be offered in jurisdictions outside of Canada on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. All securities not issued pursuant to the listed issuer financing exemption will be subject to a hold period of four months under applicable securities laws in Canada in addition to any resale restrictions applicable in the purchaser's jurisdiction.

The company intends to use the net proceeds from the offering for exploration at the Mojave and Si2 projects, as well as for general corporate purposes. Closing of the offering is expected to occur as soon as practicable. The company may pay finders' fees in connection with the offering to eligible arm's-length finders in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Completion of the offering is subject to certain customary closing conditions, including, but not limited to, receipt of all necessary regulatory approvals, including any applicable approval of the TSX-V.

About K2 Gold Corp.

K2 is led by a team that has delivered over $2.6-billion worth of gold transactions, including Great Bear Resources' $1.8-billion sale to Kinross and Kaminak Gold's sale to Goldcorp for approximately $520-million. Chairman John Robins, who also chaired Kaminak, is poised to deliver yet again for K2. In addition, K2 is part of Discovery Group, an alliance of companies responsible for the discovery of over 10 million ounces of gold.

Qualified person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101, and reviewed and approved by Eric Buitenhuis, MSc, PGeo, K2's QP and vice-president of exploration.

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