Press Release

Oct 06, 2009 16:01 ET

Kilo Announces Debt Settlement for Shares

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2009) - Kilo Goldmines Ltd. (TSX VENTURE:KGL) ("Kilo" or the "Company") announced today that it has entered into a debt settlement agreement with GBM Minerals Engineering Consultants Limited of the United Kingdom to issue 861,303 common shares at a deemed price of C$0.45 per share to settle past indebtedness owing to GBM relating to project management, procurement and engineering services provided to the Company in the Democratic Republic of Congo ("DRC"). The agreement is subject to all necessary regulatory approvals and the shares will be subject to a 4-month hold period.

About Kilo Goldmines Ltd.

Kilo is a Canadian-based exploration company focused on gold exploration in North Kivu and Oriental Provinces of the DRC. The Company is focused on adding shareholder value through exploration success. Kilo also supports local social programs and operates in a manner that respects the environment.

This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

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.

For more information, please contact:

Kilo Goldmines Ltd.
Peter Hooper
Executive Chairman
(416) 360-3415
[email protected]

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