Kinetex Closes Equity Financing

Press Release

Monday, May 17, 2010

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Kinetex Resources Corporation (TSX-V:KTX) (“Kinetex” or the “Company”) is pleased to announce that it has closed a private placement, previously announced on May 5,2010, consisting of 3,525,000 common shares of the Company (the "Shares") at a subscription price of $0.40 per Share, for gross proceeds of $1,410,000 (the “Offering”).

All shares issued pursuant to the Offering will be subject to a hold period expiring on September 15, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

No Finders' fees were paid in connection with the Offering. Proceeds of the Offering will be used to fund the Company’s continuing growth.

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KINETEX RESOURCES CORPORATION

Resources for the Resource Industry Energy, Metals and Minerals

investor.relations@kinetex.ca

CALGARY

125 61st Ave SE
Calgary, Alberta
Canada T2H 0R4

Tel (403)263-3330
Fax (403)263-3393

VANCOUVER

900 - 925 W. Georgia
Vancouver, B.C.
Canada V6C 3L2

Tel (888)484-5761
Tel (604)484-5761
Fax (604)484-5760

COLOMBIA

Av (Cr) 9 113-52 Of 601
Colombia - Distrito Capital,
Bogotá

Tel 57-1-6127624
Tel 57-1-6196330
Fax 57-1-6127624

SAFE HARBOUR STATEMENT

THE INFORMATION SET FORTH IN THIS WEBSITE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS WEBSITE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING AND INCLUDE STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS WEBSITE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN", "INTEND", "EXPECT", "MAY" OR "SHOULD" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH THE IMPACT OF GENERAL ECONOMIC CONDITIONS IN COUNTRIES IN WHICH THE COMPANY CONDUCTS BUSINESS, THE IMPACT OF COMPETITIVE PRODUCTS AND PRICING, PRODUCT DEMAND AND MARKET ACCEPTANCE, NEW PRODUCT DEVELOPMENT, THE CONTINUATION AND DEVELOPMENT OF KEY CUSTOMER AND SUPPLIER RELATIONSHIPS, AND THE AVAILABILITY OF HIGH QUALITY, QUALIFIED PERSONNEL AND MANAGEMENT. OTHER RISKS INCLUDE BUT ARE NOT LIMITED TO FACTORS AFFECTING DEVELOPMENT AND EXPANSION ACTIVITIES GENERALLY INCLUDING ACCESS TO CAPITAL TO MEET ALL OF THE COMPANY'S FINANCIAL REQUIREMENTS, AND THE COMPANY'S ABILITY TO CONTROL COSTS. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE SUSTAINED COMMERCIAL SUCCESS. THESE FORWARDLOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS WEBSITE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS WEBSITE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE.

THIS INFORMATION CONTAINED IN THE WEBSITE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THIS WEBSITE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF THE COMPANY IN ANY JURISDICTION.