September 13, 2013
NV and VANCOUVER, BC - (Marketwired - Sep 13, 2013) - Klondex Mines Ltd.
(TSX: KDX) (OTCQX: KLNDF) announced today that Larry Phillips has
resigned as Chairman of the Board as well as his position as a member of
the Board of Directors. Blair Schultz, a member of the Klondex Board,
was subsequently appointed as Klondex Interim Chairman.
Klondex also announced today that Richard J. (Ritch) Hall has joined the
company as a Special Advisor to the Board. Mr. Hall and Paul Huet,
Klondex President and CEO, previously worked together at Premier Gold
Mines Limited where Mr. Huet was Chief Operating Officer and Mr. Hall
was Chairman of the Board. A biography on Mr. Hall is detailed below.
Paul Huet, President and CEO of Klondex said, “I’d like to thank Larry
for his counsel and steady hand while he was Chairman of Klondex. The
Board and I wish him much success with his other ventures.”
He continued, “Having worked with Ritch in the past, I gained a
tremendous amount of respect for his experience and valued advice. I’m
thrilled that he will be helping Klondex evaluate growth opportunities
while we continue to unlock the value at Fire Creek.”
The Klondex Board is most appreciative for Mr. Phillips’ leadership and
guidance while he was Chairman of the Company. Mr. Phillips’ involvement
with several other companies and Boards, together with personal
commitments, have placed increasing demands on his time, making it
difficult to maintain the day-to-day role as Chairman; as a result, he
has decided to step down.
Mr. Schultz held the position of interim Chairman prior to the
appointment of Mr. Phillips and has been a member of the Board of
Directors since 2012. Mr. Schultz is a Vice President at K2 &
Associates Investment Management Inc., a significant shareholder of the
Mr. Hall is a seasoned mining executive that has been engaged by Klondex
to help the Company and advise the Board on several strategic
opportunities. Mr. Hall brings over 40 years of mining, exploration,
development and corporate experience to Klondex. In addition to
consulting to the mining industry, he presently serves as a director of
Iamgold, Kaminak Gold, Gold Canyon Resources and as Chairman of Marlin
Gold. Previously, he served as Chairman of Premier Gold Mines Ltd. and
was president and CEO of Northgate Minerals Corp, when Northgate was
acquired by AuRico Gold. Mr. Hall was Chairman of Grayd Resource Corp.,
when Grayd was acquired by Agnico Eagle Mines Ltd. and he served as
director and chairman of the special committee of Creston Moly Corp.
during its acquisition by Mercator Minerals Ltd. From 1999 to 2008, he
served as president and CEO of Metallica Resources Inc., where he was
involved in all aspects of the companies’ development, including the
financing, construction and commissioning of the Cerro San Pedro
gold-silver mine in Mexico. Metallica was part of a $1.6-billion merger
with Peak Gold Ltd. and New Gold Inc. to form what is now New Gold Inc.
Previous to his tenure at Metallica, Mr. Hall held senior management
positions with Dayton Mining Corp. and Pegasus Gold Corp.
Mr. Hall holds a bachelor’s and a master’s degree in geology, and a
master of business administration from Eastern Washington University. He
also completed an executive development program at the University of
About Klondex Mines Ltd. (www.klondexmines.com)
Klondex Mines is focused on the exploration and development of its Fire
Creek gold deposit in North-Central Nevada. Fire Creek is a compelling
gold project located in a mining-friendly jurisdiction, near major
producers, power, transportation, mining infrastructure and its milling
facility. At September 12, 2013, Klondex had 65.5M shares issued and
outstanding and 88.4M shares, fully diluted.
President & CEO
Klondex Mines Ltd.
Manager, Investor Relations
Klondex Mines Ltd.
Catalyst Global LLC
This news release contains certain information that may constitute
forward-looking information under applicable Canadian securities
legislation, including information about the magnitude and quality of
the Fire Creek Project the results of exploration and metallurgical
sampling at the Fire Creek Project, the Company’s intention and ability
to monetize mineralized material, timing of the updated mineral resource
estimate at the Fire Creek Project and the bulk sampling program. This
forward-looking information entails various risks and uncertainties are
based on current expectations, and actual results may differ materially
from those contained in such information. These risks and uncertainties
include, but are not limited to the risks and hazards associated with
environmental compliance and permitting for its underground operations,
the strength of the global economy; the price of gold; operational,
funding and liquidity risks; the degree to which mineral resource
estimates are reflective of actual mineral resources; the degree to
which factors which would make a mineral deposit commercially viable are
present. Risks and uncertainties about the Company’s business are more
fully discussed in the Company’s disclosure materials filed with the
securities regulatory authorities in Canada and available at
www.sedar.com. Readers are urged to read these materials. Klondex
assumes no obligation to update any forward-looking information or to
update the reasons why actual results could differ from such information
unless required by law.
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