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Jul 14, 2010: News: Klondex Sets Term Sheet for $10 - $20 Million in Gold-Backed Financing... (more...)
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Lander County
Nevada
Updated: 02-Sep-10
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| |   Mon Oct 12, 2009
Klondex Appoints Dr. W. Lang to its Board of Directors
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| | Vancouver, British Columbia -- October 12, 2009 - Klondex Mines Ltd. (TSX: KDX) ("Klondex") announced today the appointment of Dr. Weiguo Lang, age 51, to the company's Board of Directors. Dr. Lang's appointment returns Klondex's board size to five members.
Dr. Lang is a member of the Investment Committee for the China Mining United Fund and earned a BSc. degree in engineering in China and MSc. and Ph.D. degrees in Engineering from the University of Saskatchewan. He speaks fluent English and Mandarin and resides in Beijing, China where he serves as an advisor to various Chinese private and government companies involved in mining and mining finance sectors worldwide.
Dr. Lang's Board appointment was made in connection with a June 2009 private placement investment in Klondex by China Mineral United Management Limited (CMU). Pursuant to the investment, Klondex granted CMU the right to nominate one director to Klondex's Board. CMU also has the right to participate in the next $20 million of future equity issuances by Klondex that are carried out by June 29, 2011.
William Solloway commented, "Dr. Lang is a highly accomplished professional and mining industry executive who we welcome to Klondex's board. We are eager to benefit from Dr. Lang's experience, expertise and contributions as we work to accelerate the progress at our Fire Creek project and build investor appreciation for this tremendous asset. We are grateful to have the steadfast support of CMU as well as the counsel of Dr. Lang, to support our goals."
About CMU and China Mining United Fund:
China Mineral United Management Limited is an affiliate of China Mining United Investment Co., Ltd. and the China Mining United Fund (the "Fund"). The Fund was established in May 2009 with initial capital of 500 million Renminbi (US $73 million) and was approved by the National Development and Reform Commission of the People's Republic of China. It is among the first funds to be registered by the State Administration for Industry and Commerce with a mandate to seek foreign and domestic investments in the resource sector.
Founded by approximately 300 mining entrepreneurs in China, the Fund seeks investment opportunities in resource projects internationally and will also engage in providing credit guarantees and short-term loans to resource companies. The Fund seeks to raise an additional 9.5 billion RMB (US $1.4 billion) to fulfill its investment mandate in the natural resources industry on the global basis. Klondex was among the Fund's first investments.
The Fund is chaired by Mr. Zheng Zhi, the founder of the Zhengda Group, and its senior management team includes the former General Engineer of China's Smelting Metal Department; the former General Engineer of BHP's mining exploration company and senior geological consultant to the World Bank; and the former Chief Representative of Ivanhoe Mines in China, amongst others.
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: Wed Nov 18, 2009, Klondex Drills 49.9 g/t Over 2.7 Meters (1.46 oz/ton over 12.5 feet) and Reviews Exploration and Permitting Progress at its Fire Creek Property in Nevada
You can view the Previous News item: 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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