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Jul 14, 2010: News: Klondex Sets Term Sheet for $10 - $20 Million in Gold-Backed Financing... (more...)
Jul 06, 2010: News: Klondex Mines Appoints Mining Veteran Blane Wilson President and COO (more...)
Jun 22, 2010: News: Klondex and Paramount Agree to Release of Claims and Dismissal of Liti... (more...)
Lander County
Nevada
Updated: 02-Sep-10
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| |   Tue Oct 6, 2009
Klondex to Vigorously Defend Against Baseless Paramount Suit and to File Counterclaim for US $2.85 Million Reverse Break Fee Plus Damages
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| | Vancouver, British Columbia -- October 6, 2009 - Klondex Mines Ltd. (TSX: KDX) ("Klondex") announced today that is has been made aware of a Writ of Summons and Statement of Claim filed in the Supreme Court of British Columbia, Canada by Paramount Gold and Silver Corp. for alleged claims relating to Klondex's recent termination of a letter agreement for the proposed business combination of Klondex and Paramount.
Klondex has not yet been served with a copy of the writ and claim, nor has Paramount made the demand for the break fee described in its writ.
Klondex asserts unequivocally that the letter agreement was terminated solely for the reasons set out in Klondex's September 24, 2009 news release. Klondex intends to mount an aggressive, vigorous defense of Paramount's claims and pursue a counterclaim for the reverse break free of US $2.85 million plus damages.
William Solloway commented, "Paramount is waging a very aggressive campaign to defame Klondex, to further misinform investors and steer them away from the hard facts at the base of our very difficult decision to terminate the Paramount merger. We weighed our position very carefully, but we could come to no other decision than to terminate the Letter Agreement, knowing full well the short-term consequences this decision would have on our share price and the potential for litigation but that our decision remains in the best long-term interests of our shareholders."
About Klondex Mines:
Klondex Mines Ltd. is a gold exploration company focused on the development and expansion of its 100%-owned, high-grade Fire Creek deposit in Nevada. In March 2009 Klondex defined and disclosed in a technical report entitled "Updated Report on the Fire Creek Gold Property Lander Co., Nevada" dated March 30, 2009, an Indicated Mineral Resource at Fire Creek estimated at 5,043,033 tonnes grading 10.11 grams per metric ton (gpt) containing 1,639,822 ounces of gold equivalent and an Inferred Mineral Resource Estimated at 1,833,423 tonnes grading 8.63 gpt for 508,799 ounces of gold equivalent.
Fire Creek is located in North Central Nevada, an area of prolific gold production, at the intersection of the Battle Mountain-Eureka Trend and the Northern Nevada Rift. Fire Creek consists of 11,098 acres of fee land and unpatented mining claims and is classified as a "bonanza" grade epithermal gold deposit characterized by high-grade drill intervals including 1.52 meters grading 411 grams (13 oz.) per metric ton in hole FC0417.
Klondex was founded over 35 years ago and has four gold exploration projects, all in Nevada. Richard Kern (P.Geo), Project Manager, of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101and has reviewed the technical information contained in this press release. For more information, please visit www.klondexmines.com.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Contact:
David Collins, Ratula Roy
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500 |
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| | You can view the Next News item: Mon Oct 12, 2009, Klondex Appoints Dr. W. Lang to its Board of Directors
You can view the Previous News item: Thu Sep 24, 2009, Klondex Terminates Agreement with Paramount Gold and Silver Corp. Citing Misleading Mineral Resource Disclosure
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