Change of Adviser

29 February 2012

Kolar Gold Limited

("KGL" or the "Company")

Change of Adviser

Kolar Gold Limited, the Indian focussed gold exploration and mine development company announces the appointment of Singer Capital Markets Limited as Nominated Adviser and Joint Corporate Broker (alongside Ocean Equities Limited) to the Company with immediate effect.

For further information please contact:

About Singers Capital Markets Limited:

Singer Capital Markets is an integrated UK capital markets and advisory partnership with a primary focus on UK Mid and Small Cap companies.

Established in 2006, the business comprises a team of sixty five leading professionals. It provides sales, research, execution, corporate finance and corporate broking advisory services to our institutional, corporate, hedge fund and high net worth clients.

About Kolar Gold Limited:

Kolar Gold is an Indian gold exploration and development company, listed on the AIM market (Ticker: KGLD) that has an experienced international board and strong local partners.

KGL has rights to explore and develop one prospecting licence and 13 further licence applications in the Kolar Gold Belt, an 80 kilometre long Archaean Greenstone Belt, in Southern India. The Kolar Gold Belt is one of the most prospective underdeveloped Archaean Greenstone Belts in the world and is regarded by Mr Andrew J Vigar of Mining Associates Limited, the Competent Person, as comparable to the Archaean Greenstone Belts of South Africa, Canada and Western Australia which have similar geology, structure and style of mineralisation. This project area includes 32 known mineralised prospects and covers 568 square kilometres in the southern states of Andhra Pradesh, Karnataka and Tamil Nadu. KGL commenced exploration on the first Prospecting Licence in South Kolar in February 2011.

KGL is also jointly pursuing, with the mine employee unions, the acquisition and revival of the neighbouring historic Kolar Gold Fields which has produced 25 million ounces of gold at 15.9 grams per tonne over 120 years until closure in 2001.