Gold Anomaly Limited (ASX:GOA) Brazil Project: Modifications to Option Agreement with Kenai Resources (CVE:KAI)

Perth, Aug 10, 2011 AEST (ABN Newswire) - Under Gold Anomaly Limited's (ASX:GOA) original September 21st, 2010 Option Agreement ("Original Agreement") with Kenai Resources Ltd (CVE:KAI) ("Kenai") Kenai has to date advanced A$2.5m in loan funds to GOA.

GOA has executed an August 5th, 2011 agreement with Kenai, formalizing changes agreed to since the Original Agreement, and triggering the release of A$1.0m in further loan funds from Kenai to GOA for the Sao Chico project resulting in a total of A$3.5m in loan funds to GOA. The material changes to the original terms include the following:

- Kenai's option to acquire 50% of GOA's wholly owned subsidiary which holds the mineral project rights to Sao Chico is exercisable by September 3rd, 2012, or about four months later than originally provided for. A "Second Option" to acquire an additional 25% remains, for exercise by Kenai up to 24 months after the exercise by Kenai of the initial 50% option.

- Kenai has agreed to advance a further loan of A$500,000 of loan funds (from the original A$3m to A$3.5m). Should Kenai exercise the Second Option these funds will be treated as a part-payment (of a total of A$2m) towards the exercise of that Second Option. If the Second Option is not exercised, the A$0.5m will remain loan funds.

- Kenai continues to provide project management advisory services for Sao Chico to GOA. Kenai will assume a direct project management role if it exercises its 50% equity option.

Contact

Greg Starr Executive Chairman Ph: +61-2-9241-4224 Email: info@goldanomaly.com.au http://www.goldanomaly.com.au