Kestrel Gold - Operational and Corporate Update

CALGARY, January 4, 2021 - Kestrel Gold Inc. ("Kestrel" or the "Company") (TSXV:KGC) is pleased to provide an update of its recent operational and corporate activities including: the staking of claims adjacent to the recently acquired Sixtymile and Grabben properties; the completion of a revised corporate presentation and redevelopment of the Company's website and the progression of assay results from the 2020 reverse circulation drill program completed at the King Solomon Dome property.

Highlights

• At Sixtymile, 46 claims totalling approximately 940 hectares were staked to cover potential northeast strike extensions to one of the previously recognized low-sulphidation epithermal style alteration trends. Potential strike extensions coincide with the upstream terminus of the placer gold paystreak found within Little Gold Creek. The property now totals approximately 35 square kilometres covering the headwaters area of several placer gold bearing creeks within the Sixtymile Placer District.

• At Grabben, 47 claims totalling approximately 920 hectares were staked to connect the north and south blocks, with the combined property now totalling approximately 22.5 square kilometres. The geological setting at Grabben consists of a middle to late Cretaceous sedimentary sequence intruded and overlain by late Cretaceous intermediate to felsic intrusives and volcanics. This geological setting is similar to that which occurs at the Donlin Creek deposit in Alaska.

• The Company's website and corporate presentation have been updated and are now available at www.kestrelgold.com. Readers are encouraged to visit the website and review the available materials.

• Assay results for the 2020 reverse circulation drill program completed at the King Solomon Dome property remain pending. The Company anticipates receiving complete assay results by early February. Results will be released as soon as they have been received, compiled and interpreted.

Marty Huber P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Kestrel Gold

Kestrel Gold Inc. is a gold exploration company headquartered in western Canada. The Corporation is focused on gold exploration within the Canadian Cordillera, with an emphasis on hard rock targets located in placer gold mining districts. Kestrel is listed on the TSX Venture exchange under the symbol KGC. Readers are encouraged to refer to the Corporation's website "www.kestrelgold.com" for further information.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance including exploration activity that could take place on the Corporation's properties or projects. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER THE 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.

For further information contact:

Rob Solinger, President and CEO
Office: (403) 816-2141
Email: rob@kestrelgold.com

SOURCE: Kestrel Gold Inc.