February 28, 2012
Toronto, ON & Vancouver, BC - February 28, 2012 - Klondex Mines Ltd. (TSX: KDX), a Nevada gold
exploration and development company, announced today that its CEO, Blane
Wilson, will present at the
PDAC 2012 Corporate Presentation Forum, Wednesday, March 7 at 11:00 a.m. ET.
Klondex’s presentation will take place in Room 801A in the Gold - Americas 3 Session, in the Metro Toronto Convention Centre, South Building.
Klondex will also exhibit in Booth #2835 of the Prospectors & Developers Association of Canada (PDAC) Convention’s Investors Exchange.
Mr. Wilson will review the progress of Klondex’s surface exploration and underground programs. The underground program is centered on a 1,113 meter (3,650 foot) decline to enable more efficient underground definition drilling of the Main Zone resource. The decline will also enable Klondex to initiate bulk sampling of the resource, now targeted to begin at the end of June 2012.
At PDAC, Klondex will be represented by the following team members:
About Klondex Mines Ltd. (www.klondexmines.com):
President & CEO
Vice President, Exploration
Surface Superintendent at Fire Creek
Klondex Mines is focused on the exploration and development of its 100%
owned Fire Creek gold deposit in North Central Nevada. Fire Creek is a
compelling gold mining prospect located near power, transportation,
mining infrastructure and several milling facilities. Fire Creek’s
mineral resource is reviewed in the table below; the most recent
technical report is available
here with additional disclosure available via SEDAR.
In addition to an active surface exploration program at Fire
Creek, in April 2011 Klondex initiated an underground exploration and
development program through an underground decline. The program is
designed to enable more cost effective in-fill drilling of its existing
resource from underground stations as well as to enable bulk sampling
for metallurgical testing of up to 120,000 short tons of material
(limited to 36,500 short tons per year). Bulk sampling is anticipated to
commence by the end of June 2012.
As of February 28, 2011, Klondex had 46.5 million shares issued and
outstanding and 59.2 million shares on a diluted basis. Richard Kern
(P.Geo), of Reno, Nevada, a qualified person as defined under
National Instrument 43-101, has reviewed and approved the technical
information contained in this press release.
This news release contains forward-looking statements, including about
current expectations on the timing of project development. These
forward-looking statements entail various risks and uncertainties, are
based on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those contained
in such statements. These uncertainties and risks include, but are not
limited to, 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; the risks and hazards associated with underground
operations. 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
Readers are urged to read these materials. Klondex assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCES
This press release uses the terms “inferred mineral resources,”
“indicated mineral resources,” and “mineral resources” which are
Canadian mining terms defined in accordance with National Instrument
43-101 — Standards of Disclosure for Mineral Projects under the
guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIM”) Standards on Mineral Resources and Mineral
Reserves (the “CIM Standards”). The CIM Standards differ significantly
from standards in SEC Industry Guide 7 under the United States
Securities Act of 1933, as amended. While the terms “mineral resource,”
“indicated mineral resources,” and “inferred mineral resources” are
recognized and required by Canadian regulations, they are not defined
terms under SEC Industry Guide 7 and are not normally permitted to be
used in reports filed with the Securities and Exchange Commission.
Readers are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves.
“Inferred mineral resources” have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in rare cases.
Readers are cautioned not to assume that all or any part of an inferred
mineral resource exists or is economically or legally mineable. As such,
information regarding resources contained in this press release may not
be comparable to similar information made public by United States
companies subject to reporting and disclosure requirements under United
States federal securities laws and the rules and regulations promulgated
On Behalf of Klondex Mines Ltd.
Blane W. Wilson
President & CEO
Investor & Media Contact:
Jaffoni & Collins
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