July 29, 2013
NV and VANCOUVER, BC - (Marketwired - Jul 29, 2013) - Klondex Mines Ltd.
(TSX: KDX) (OTCQX: KLNDF) a Nevada gold exploration and development
company, today reported that its underground development program
targeting the Joyce and Vonnie structures yielded 1,302 tonnes (1,435
tons) of mineralized material during June at an average grade of 119.8
g/t (3.49 opt) Au using a 1,714.7 g/t (50 opt) cap on Au sample results.
Details of the grades encountered along the Joyce and Vonnie structures
sampled in June are outlined in press releases dated June 27, 2013 and
July 10, 2013. The underground development program is expected to
continue through the remainder of 2013. Assays were performed by SGS
Minerals Services of Elko, Nevada (an independent laboratory), under the
supervision of Klondex staff.
June’s 1,435 tons are in addition to 682 tons in May, for a total of
2,117 tons that will be shipped to Newmont for processing; initial
payments are expected in August (see July 25, 2013 press release). July
activities are expected to be more in line with May’s development,
resulting from the areas of the project being developed.
Mike Doolin, Klondex General Manager, stated, “We’re extremely
encouraged by the grades and continuity of widths encountered during
this month’s program along the Joyce and Vonnie structures and look
forward to shipping our material in the coming weeks. Proceeds received
from monetizing our material will be used towards funding a second
drill, follow-up work on recent discoveries, and also toward continued
waste development in anticipation of our 2014 bulk sampling program.”
Mr. Doolin added, “Our resource estimate is progressing well and will be
released within the coming weeks. In addition, while our team is
focused on the exploration and development program, our vent raise
contractors are making steady, but slower than expected progress, and
now anticipate completion by early September.”
The technical information contained in this press release has been
approved by Steven L. McMillin, CPG-11031 (American Inst. of Prof.
Geol.), Chief Geologist for Klondex Mines Ltd., as a non-independent
Qualified Person for the purposes of National Instrument 43-101.
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 July 25, 2013, Klondex had 64.4M shares issued and
outstanding and 86.8M 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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