Carnavale Resources Limited acquires common shares and warrants of Kilo Goldmines Ltd.



    BALCATTA, Western Australia, Australia, May 7 /CNW/ - Carnavale Resources
Limited (ASX: CAV, Frankfurt: A0MJ31) ("Carnavale") announces that it has
acquired ownership of 4,000,000 common shares ("Common Shares") of Kilo
Goldmines Ltd. ("Kilo Gold") and 2,000,000 warrants (each a "Warrant") to
purchase Common Shares, each Warrant exercisable to acquire one additional
Common Share at a price of $0.60 per Common Share for a period of 24 months
from the date of issue of the Warrant. The Common Shares and Warrants were
originally purchased as units from Kilo Goldmines Inc. ("Kilo") as part of a
private placement completed on March 20, 2009, for the aggregate purchase
price of CDN$2,000,000, representing a subscription price of CDN$0.50 per unit
(each unit comprised of one common share and one half of one warrant). The
units were then exchanged for Common Shares and Warrants in Kilo Gold on
identical terms. The Common Shares of Kilo Gold began trading on the TSX
Venture Exchange on April 21, 2009.
    After completion of the acquisition, Carnavale has ownership and control
of 4,000,000 Common Shares, representing approximately 10.05% of the issued
and outstanding Common Shares and 2,000,000 Warrants, representing 39.76% of
the issued and outstanding Warrants.
    The Common Shares and Warrants were acquired for investment purposes and
Carnavale and/or one or more of its affiliates may, depending on market and
other conditions, increase or decrease its beneficial ownership of Common
Shares or other securities of Kilo Gold whether in the open market, by
privately negotiated agreement or otherwise.





For further information:

For further information: Carnavale Resources Ltd., 30 Ledgar Road,
Balcatta, Western Australia 6021, Australia, Tel. +61 8 9388 0944, Fax +61 8
9240 2406, http://www.carnavaleresources.com.au/,
http://www.carnavaleresources.de/; AXINO AG, investor & media relations,
Königstrasse 26, 70173 Stuttgart, Germany, Tel. +49 (711) 25 35 92-30, Fax +49
(711) 25 35 92-33, http://www.axino.de/

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CARNAVALE RESOURCES LIMITED

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