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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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| |   Tue Mar 23, 2010
Klondex Mines to Exhibit at Hong Kong Mines and Money Asia Conference - 'Stand 35' - March 30th and 31st
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Vancouver, British Columbia - March 23, 2010 - Klondex Mines Ltd. (TSX: KDX), a high-grade Nevada gold exploration company that plans to initiate an underground development and gold production program later this year, announced today that it will be exhibiting in Stand 35 at the Mines and Money Asia 2010 Conference to be held in Hong Kong March 30th and March 31st. The conference will be held at the Four Seasons Hotel, 8 Finance Street, in Central Hong Kong. KDX is appearing at the Hong Kong investment conference to introduce its Fire Creek deposit and development plans to the substantial, growing base of Asian investors focused on precious metals and mining equities.
KDX will be represented by Blane Wilson, Executive Mining Advisor, Nevada Operations, and Bryson Goodwin, Director of Investor Relations. They will review the Company's significant high-grade underground gold resource at Fire Creek (outlined below) and the substantial progress KDX is making in its two pronged strategy of underground production via bulk sampling and continued exploration of Fire Creek from the surface and underground.
Underground Opportunity
KDX's underground program will involve the extraction and processing of up to 120,000 short tons of ore, limited to no more than 36,500 short tons per year. KDX will target its bulk sampling on material containing one (1) or more ounces of gold per ton, thereby creating the potential for substantial profit and cash flow from the program. The program is expected to commence by late spring upon receipt of final permits.
Blane Wilson, commented, "Given the growing interest that Asian investors have shown for North American gold mining equities, our participation in the Hong Kong Mines and Money conference seems an ideal fit for Klondex. The timing is particularly good given our near-term plans to initiate our underground tunneling which should put us in position to commence bulk sampling and gold production in the first or second quarters of 2011."
Klondex had 31.2 mm shares issued and outstanding and 36.2 million shares on a fully diluted basis, as of December 31, 2009.
About Klondex Mines (www.klondexmines.com):
Klondex Mines Ltd. is focused on bringing into production, via bulk sampling, its 100% owned high-grade Fire Creek gold deposit in North central Nevada. Fire Creek is a compelling mining prospect that is well located near power, transportation, mining infrastructure and several mills. At Fire Creek, Klondex has identified the following NI 43-101 compliant resource:
Fire Creek Project - Indicated and Inferred Resource *
As of March 30, 2009
| Classification |
Metric
Tonnes |
Grams Gold Equivalent
Per Metric Tonne |
Total Ounces
Gold Equivalent |
| Indicated |
5,043,033 |
10.11 |
1,639,822 |
| Inferred |
1,833,423 |
8.63 |
508,799 |
* Fire Creek has a gold-to-silver ratio of approximately 1:1, indicating the resource is approximately 98.3% gold and 1.7% silver. Reflects a cutoff grade of 5 grams per tonne and 60 units of silver equivalent to one unit of gold. |
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway" President
Investor Contacts:
Bryson Goodwin
Klondex Mines Ltd.
brysongoodwin@shaw.ca
(604) 341-1531
David Collins
Jaffoni & Collins
KDX@jcir.com
(212) 835-8500
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