TORONTO, ONTARIO–(Feb. 21, 2012) – Key Gold Holding Inc. (TSX VENTURE:KGH) (the “Company” or “Key Gold”) is pleased to announce that it has entered into a letter of intent (the “LOI”) with Pangolin Diamonds Corp. (“Pangolin”), an Ontario private company, which outlines the general terms and conditions pursuant to which Key Gold and Pangolin would complete a transaction resulting in a reverse take-over of Key Gold by the shareholders of Pangolin (the “Proposed Transaction”). The LOI was negotiated at arm’s length and is effective as of February 20, 2012.

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