Caution Concerning Forward-Looking Statements

This presentation and related documents may contain certain “forward-looking statements” including, but not limited

to, statements relating to interpretation of drilling results and potential mineralization, future exploration work at the

Sao Chico, Hope Butte and Quartz Mountain (Jessie Page) Project and the expected results of this work. Forward

looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties

which could cause actual events or results to differ materially from those reflected in the forward-looking statements,

including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient

financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting

from weather, logistical, technical or other factors; the possibility that results of work will not fulfil expectations and

realize the perceived potential of the Sao Chico, Hope Butte and Quartz Mountain (Jessie Page) Project; uncertainties

involved in the interpretation of drilling results and other tests; the possibility that required permits may not be

obtained in a timely manner or at all; risk of accidents, equipment breakdowns or other unanticipated difficulties or

interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of

environmental contamination or damage resulting from the exploration operations at the Sao Chico, Hope Butte and

Quartz Mountain (Jessie Page) Project Forward-looking statements contained in this presentation and related

documents are based on the beliefs, estimates and opinions of management on the date the statements are made.

There can be no assurance that such statements will prove accurate. Actual results may differ materially from those

anticipated or projected. Kenai Resources Ltd. undertake no obligation to update these forward-looking statements if

management's beliefs, estimates or opinions, or other factors, should change.

Daniel Kunz – Chairmanheld key positions in Ivanhoe Mines Ltd.(President, COO and Director), MK Gold Company (Co-Founder, President, CEO and Director) and Morrison Knudsen Corporation ( Vice President & Controller).

Greg Starr – President, CEO and DirectorCurrent Chairman Gold Anomaly Limited, former CEO of Golden China Resources Corporation, Michelago Limited and Emperor Mines Limited.

Paul Larkin – Secretary and DirectorCorporate finance, merchant banking and administrative management of public companies. On the boards of a number of public and private companies where he chairs both audit and corporate governance committees.Steven Chi – Independent Director

Steven Chi – Independent DirectorB. SC. and M. Sc., Mr. Chi is a professional mining engineer. Morrison Knudsen Company.

Gerald Sneddon – Independent DirectorMr. Sneddon is a senior mining engineer, Anaconda Company, Kaiser Steel, Beker Industries, Morrison Knudson and Chesapeake Gold.

David Paterson – DirectorMore than 35 years experience in corporate finance, current and past director of several publicly listed companies in Hong Kong, South Korea, London and Canada.

Neil Cole – VP Technical ServicesMore than 30 years experience with gold projects, across 20 different countries. Former CEO of ASX-listed gold producer.

John Watt – CFOA Chartered Accountant with more than 37 years of business experience. Currently CFO of two other Canadian public junior mining companies, one of which operates in Latin America.

➤ Tapajos Gold Belt, new region since 1950s >30M ozs production

➤ Late 2010 option/refund Kenai deal on Sao Chico gold project, Tapajos region

➤ High grade low tonnage near production + large exploration potential (1800Ha)

➤ Eldorado increasing stake in region: May 2010 CAD$114M for Tocantinzinho

➤ Excellent gold opportunities identified in Brazil

Location of major deposits of the Tapajos Gold District

Ouro Roxo – Amerix TSX-V, Palito – Serabi (AIM) (Eldorado 30%), Tocantinzinho – Eldorado (TSX) Tapajos Gold Region - 100,000 km2

➤ High grades up to 345 g/t gold over 1 metre reported, channel samples

➤ 7 sub-parallel near-vertical veins, typically +/- 1 metre wide

➤ Exploration potential along strike and down dip

➤ Grades >1 g/t gold consistent over <70 m strike length, historic workings

➤ Sampling from shallow (<20M) underground drives = hard rock potential

➤ Reasonable target potential of 500,000 high grade contained ounces

SAMPLING COMPARISONS FOR MAIN VEIN AO

SAMPLE LOCATION Au (g/t) Ag (g/t) Pb (%) Zn (%) Cu (%)Number Samples

Underground channels in drive 15.15 7.8 0.86 0.44 0.034 35Surface sampling of ore piles 19.01 39.3 1.96 1.27 0.11 14

Channel sampling of ore piles 17.54 13.2 1.66 0.51 0.067 49Average Grades 17.23 20.1 1.5 0.74 0.07

NB: includes assays from "waste" samples and none of the supergene enriched upper 5 to 10m of the vein

: all samples originate from the drive at a depth of 15 to 18 m

Small 200tpd plant to recover 15g/t for 20k ozs pa, less than $200/oz cash cost. Total cost inc royalty <$500/oz @ $1200/oz gold

HIGH GRADE NEAR TERM PRODUCTION, TAPAJOS GOLD BELT PROJECTHIGH GRADE NEAR TERM PRODUCTION, TAPAJOS GOLD BELT PROJECT

Potential for +/-1m wide sub-vertical parallel veins over 1,000m strike - depth not yet tested however

150m initially drill targeted

Down-dip depth potential 200+ metres, from two similar mineralisation gold resources nearby

10

Satellite image showing local infrastructure (at left)

Alluvial Workings

AirstripLocation for Gekko Plant Sao Chico village

Sao Chico pit and shaft

View south across the small pit and tailings dam (below), with village containing field office in foreground. Note the garimpeiro workings along strike from the pit, which would indicate a continuation along strike.

➤ Early stage exploration project, no historic drilling

➤ Extensive historical garimpeiro workings

➤ Existing known mineralisation is small with

previous mining over ~70 metres strike length

➤ Exploration work to include trenching, mapping,

scout drilling program, metallurgical testwork

➤ Program target to demonstrate 250,000 gold ozs

300m

1,000m

Subvertical quartz-sulphide vein hosted in granodiorite typical of the mineralisation (lower). Photo taken prior to closure of shaft

Sampling results from the now closed shaft and horizontal drive

➤ Both Hope Butte and Quartz Mountain leachable and near surface; partly NI 43-101

➤ Hope Butte – at 130m depth 4.6m 1.04 opt; near surface 0.99g/t over 4.09m, 1.61g/t over 2.45m, 0.82g/t over 17.45m; earlier reserves estimate, 141,000 gold ozs, prior to NI 43-101 standards; early drilling to upgrade to NI 43-101

➤ Quartz Mountain - 0.74g/t over 74.7m, 0.71g/t over 13.72m,1.27g/t over 38m, 0.88g/t over 21.34m; NI 43-101 Indicated Resources, 375,000 equiv gold ozs

➤ Hope Butte RC drill program Q4 2010

➤ Will look for growth in area consolidation and other production opportunities

➤ KAI encouraged by advanced gold pre-development project opportunities in Brazil

➤ KAI Hope Butte and Quartz Mountain potential low grade, shallow, low strip ratio, leachable projects

➤ Approximately the same 1.5km by 1.5km footprints as Sleeper, Grassy Mountain and Midas-Ken Snyder deposits

➤ Peers in the region valued at US$14 per resource ounce

HOPE BUTTE & QUARTZ MOUNTAIN – NEVADA STYLE DEPOSITSHOPE BUTTE & QUARTZ MOUNTAIN – NEVADA STYLE DEPOSITS

1985 – 1992 Chevron 41 RC, Horizon Gold 73 RC for approx 14,000m drilling to average about 120m depth

Est. $1.9 M spent to date Yamana active projects before NA withdrawal. 3 mineralized zones 230m,365m and125m long, 5m to

15m wide and to 125m depth Main Hill has deep, high grade section (interpreted feeder

zone) – one intercept 4.6m @ 32.3g/t Au Est. of size - 5mt @ 0.96 g/t Au for 141k ozs - 1.35:1 strip

ratio – strong heap leach potential Next steps – Drilling, Scoping Study, NI 43-101 resources

1982 - 1990 Freeport 4 RC holes, Homestake 2 holes, Chevron, and Chevron/MK Gold175 RC holes for 18,940m drilling 27-258m depth

Est. $2.65M spent to date 2 mineralized zones, East and Central, 250m and

180m long, 40m and 15m wide and to 125m depth

NI 43-101 16.55m t @ 0.58 Au and 7.67g/t Ag for 375k Au equiv ozs

Next step – data confirmation then PFS

Hope Butte, eastern Oregon

Quartz Mountain, eastern Oregon

HOPE BUTTE / QUARTZ MOUNTAIN – DEVELOPING OPPORTUNITYHOPE BUTTE / QUARTZ MOUNTAIN – DEVELOPING OPPORTUNITY