April 23, 2012
-OTCQXExpected to Provide Enhanced Visibility and Liquidity
Elko, NV & Vancouver, BC
for U.S. Investors Who Prefer a U.S. Dollar-Denominated Market-
-April 23, 2012 —Klondex Mines
Ltd. (TSX: KDX and OTCQX: KLNDF), a Nevada gold exploration and
development company, begins trading today on the OTC market’sOTCQX
Internationaltier under the symbol “KLNDF.” Trading on OTCQX is intended
to leverage Klondex’s existing Toronto Stock Exchange profile and
disclosure to provide a more visible and liquid market for its common
stock in the U.S.
Blane Wilson, President and CEO of Klondex, commented: “As a Toronto
Stock Exchange-listed company, with our principal gold and silver
exploration and development operations in Nevada, we wanted to elevate
the visibility of our Company and our common stock in the U.S. market.
The OTCQX provides a means to achieve this goal, by leveraging our
existing disclosure and regulatory compliance in Canada.
“Given our active surface and underground exploration programs, our
expected commencement of initial gold production via bulk sampling later
this year, and our work toward an update of our gold resource, we
believe this is an opportune time to join the OTCQX.”
“OTCQX provides services to companies which enable them to communicate
with and engage their investors, while providing them with transparent
trading and easy access to company information,” said R. Cromwell
Coulson, President and Chief Executive Officer of OTC Markets Group.”We
are pleased to welcome Klondex Mines to OTCQX.”
Current financial disclosures and Real-Time Level 2 quotes for Klondex Mines can be found at www.otcmarkets.com
. OTC Markets Group Inc. (OTCQX:OTCM) operates the world’s largest electronic marketplace for OTC-traded equities.
Troutman Sanders LLP
is serving as Klondex’s Principal American Liaison (“PAL”) on OTCQX,
responsible for providing guidance on OTCQX requirements and U.S.
The OTCQX marketplace is the intelligent marketplace for the best OTC
companies.Investor - focused companies use the quality-controlled OTCQX
marketplace to offer investors transparent trading, superior information
and easy access through their regulated U.S. broker-dealers.
About Klondex Mines Ltd.
Klondex Mines is focused on the exploration and development of its 100%
owned Fire Creek gold deposit in North Central Nevada, a very active
region for gold exploration and development. 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 most recent technical report available
with additional disclosure available via SEDAR
In addition to an active surface exploration program at Fire Creek,
Klondex is pursuing 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 aswell as to allowbulk 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
the third quarter of 2012.
As of April 23, 2012, Klondex had 46.6 million shares issued and outstanding and 59.1 million shares on a diluted basis.
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.
On Behalf of Klondex Mines Ltd.
Blane W. Wilson
President & CEO
Investor & Media Contact:
David Collins, Toni Trigiani
Catalyst Global LLC
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