News Release      Kettle River Financing Closed

 August 2, 2007: Kettle River Resources Ltd. (the “Company”) has completed the Non-Brokered Private Placement referenced in News Releases March 26, 2007, April 24, 2007 having received TSX Venture final approval on July 26, 2007.

The Company has issued a total of 5,233,100 units that include 5,058,500 from subscribers and 174,600 for Finders’ Fees.  Each unit contains one common share at $0.20 and one non-transferable warrant exercisable from one year of closing, to purchase 1 common share of the Company at a price of $0.30.  A total of $1,011,700 was realized. There was no cash paid to any finders.  Insiders of the Company subscribed to 781,000 units.

Tranche one dated May 24, 2007 issued 2,800,100 units with a 4 month hold expiring Sept. 25, 2007 with the warrants expiring May 24, 2008.  The final tranche closed July 20, 2007 issuing 2,433,000 units with the hold expiring November 21, 2007 and warrants on July 21, 2008.

The funds raised are for the WO Joint Venture Diamond Project located in the Northwest Territories and for general corporate funds. The Company, as at August 1, 2007 owns 40% of DHK Diamonds Inc. which holds a participating 10.78% interest in the project.  The operator has indicated results of the bulk samples will be provided near the end of August, well before the next payment due on October 1, 2007.

ON BEHALF OF THE BOARD

‘Signed’

Ellen Clements, Director

President & CEO

Contact Larry Widmer 250 878 5099 or Ellen Clements 1 800 856 3966

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.