Klondex to Review Underground Program at PDAC Booth #2835
- Meet KDX's New Executive Mining Advisor and its Director, Investor Relations -
Vancouver, British Columbia - March 4, 2010 -- Klondex Mines Ltd. (TSX: KDX) invites all current and prospective investors to visit KDX at booth #2835 during the PDAC conference being held at the Metro Toronto Convention Centre, South Building, Sunday, March 7th through Wednesday, March 10th. Management will update investors on the Company's transition to a dual focus on production and the continued exploration of its high-grade Fire Creek gold resource in Nevada.
KDX will be represented by William Solloway, President; Blane Wilson, Executive Mining Advisor, Nevada Operations; Robert Sibthorpe, Technical Director; Brendan Donohoe, Treasurer, and Bryson Goodwin, Director of Investor Relations.
Contact Bryson Goodwin (604) 341-1531 or brysongoodwin@shaw.ca or David Collins (212) 835-8500 or kdx@jcir.com to arrange a meeting.
William Solloway, President of Klondex commented: "Klondex has never before had the level of success and forward momentum that we are now experiencing in 2010. My team and I will be available to discuss Klondex, our accomplishments and our plans for the continued exploration and underground development of our Fire Creek gold deposit. I invite existing and prospective shareholders to meet with us in our booth or to schedule a private meeting."
Underground Program Update:
Klondex has secured initial permitting from the U.S. Bureau of Land Management (BLM) for its underground development at Fire Creek and expects by late spring to receive the remaining permits required to initiate underground operations. Klondex is also making progress in its efforts to secure the capital needed to initiate the underground program. The underground program includes the bulk sampling and processing of up to 120,000 tons of high-grade material over three-five years. Given the high-grade and relatively modest anticipated cost of production, Klondex forecasts that bulk sampling could generate substantial cash flows enabling the Company to become self-funding. Accordingly, Klondex anticipates that 2010 will be a significant and demonstrative year for Klondex and its shareholders.
Please refer to our website for additional information: www.klondex.com
About Klondex Mines:
Klondex Mines Ltd. is focused on bringing into production its 100 % owned high-grade Fire Creek Nevada gold deposit. It is centrally located near power and transportation and represents a compelling mining prospect. To date Klondex has identified the following NI 43-101 compliant resource:
Fire Creek Project -- Indicated and Inferred Resource *
As of March 30, 2009
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 |
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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Klondex Builds Management with Two Strategic Hires
Vancouver, British Columbia -- March 2, 2010 - Klondex Mines Ltd. (TSX: KDX) announced the hiring two strategic and vital components of its go forward strategy. Blane W. Wilson has been appointed as Executive Mining Advisor, Nevada Operations, to oversee the advancement of the Company's mining and production programs at its high-grade Fire Creek gold deposit, and Bryson Goodwin has been appointed as Director of Investor Relations to manage our market strategies and outreach.
William Solloway, Klondex's President, commented, "Klondex has made significant advancements in its efforts to begin underground operations. We anticipate that we will be commencing our underground mine development and support facilities construction this spring. I am pleased to report the appointment of Blane Wilson to spearhead and manage this critical process; he is very well known in the industry and possesses significant Nevada related gold mining experience and expertise.
"In addition, for some time we have acknowledged the need for a specialist to build and manage corporate and market awareness as we make the transition from an exploration company to a dual focus on production and the continued exploration of Fire Creek. Management has committed to spending the required funds to grow our shareholder base and support our market valuation for current and future shareholders. We are very pleased to have secured Bryson Goodwin to initiate an active investor relations outreach program across Canada, the United States, Asia and Europe. Given the value inherent in our Fire Creek resource and the profit potential of our bulk sampling program, we are confident these investments in expanded management and improved communications will benefit our shareholders."
Please refer to our website for additional information, including bios on Messrs. Wilson & Goodwin: www.klondexmines.com
About Klondex Mines:
Klondex Mines Ltd. is focused on bringing into production its 100% owned high-grade Fire Creek Nevada gold deposit. It is centrally located near power and transportation and represents a compelling mining prospect. To date Klondex has identified the following NI 43-101 compliant resource:
Fire Creek Project -- Indicated and Inferred Resource *
As of March 30, 2009
As of March 30, 2009
Classification |
Metric |
Grams Gold Equivalent |
Total Ounces |
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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| 23 KB, approx. 5 seconds at 56.6Kbps |
High-Grade Gold Veins Discovered East of Main Zone in Klondex's 2009 Exploration Program
Mineralization With Further Exploration Planned for 2010 -
Vancouver, British Columbia - January 20, 2010 - Klondex Mines Ltd. (TSX: KDX) ("Klondex" or "KDX") today announced final results from its 2009 drilling campaign. The 2009 program included RC drilling of two IP anomalies, one of which yielded the discovery of two new veins. The IP anomaly targets were developed in a geophysical survey also conducted in 2009. KDX completed 15 holes totaling 20,221 feet (6,163 meters) within the Fire Creek project in 2009. The results are reported in the table below, and the drill plan showing all 2009 drill holes is posted at www.klondexmines.com. The bulk of the results for holes FC0901 through FC0905 were previously released.
2009 Geophysical Survey Identifies 15 Drilling Targets
In the summer of 2009 a new detailed, multi-method geophysical survey was run at Fire Creek (FC). The survey identified 15 untested anomalies that are drilling targets. Using a reverse circulation (RC) drill rig Klondex tested two of the anomalies. Drill holes FC0912RC through FC0915RC tested two anomalies located east of the Main vein zone. Holes FC0912RC and FC0913RC intersected two high-angle dikes with weakly anomalous gold values near the margins of the dikes below the first anomaly drilled.
RC Program Identifies Two New Veins
Hole FC0914RC intersected a broad zone of +0.03 oz/ton gold occurring between 925 and 1360 feet. Within this anomaly are two veins consisting of 3.5 feet (1.1 meter) true width of 0.26 oz/ton (9.1 g/t) gold and 0.76 oz/ton (25.9 g/t) silver and 3.5 feet (1.1 meter) true width of 0.26 oz/ton (9.1 g/t) gold and 0.18 oz/ton (6.3 g/t) silver. This new discovery is approximately 300 feet (91 meters) east of the nearest vein. FC0915RC was lost before reaching the mineralized horizon. Core drilling of the new discovery is planned in the spring of 2010.
Robert Sibthorpe, KDX's Technical Director, commented, "Our 2009 drilling program continued to expand the scope of mineralization at Fire Creek, an effort we will recommence in the spring. Drilling in 2009 extended Main zone mineralization further south and extended New North zone mineralization to the north, while also establishing a new vein system in the Eastern side of the Main zone. We also initiated an RC drilling program to more cost effectively test 15 anomalies identified in our 2009 geophysical program. Given our substantial property position and the success we have achieved, we are very optimistic about the potential to further extend the scope of the Fire Creek resource in 2010 and in the future."
Main Zone Definition Drilling Yields 1.45 oz/ton Intercept
Holes FC0901 through FC0905 were targeted within the Main vein zone and were used to further define areas suitable for bulk sampling once underground work is initiated. These results included several +0.25 oz/ton gold values including 8.8 feet (2.7 meters) true width of 1.45 oz/ton (49.9 g/t) gold and 0.88 oz/ton (30.1 g/t) silver in hole FC0903.
| Summary 2009 Drill Results - Fire Creek | ||||||||||
| Hole No. | From (feet) |
To (feet) |
Interval (feet) |
True Width (feet) |
Gold (oz/ton) |
Silver (oz/ton) |
True Width (meters) |
Gold (grams/ tonne) |
Silver (grams/ tonne) |
Target Area |
| FC0901 | 885 | 945 | 60 | 42.0 | 0.124 | 0.312 | 12.8 | 4.25 | 10.7 | Main |
| including | 885 | 893 | 8 | 5.6 | 0.237 | 0.663 | 1.7 | 8.12 | 22.7 | Main |
| 935 | 945 | 10 | 7.0 | 0.505 | 0.461 | 2.1 | 17.30 | 15.8 | Main | |
| FC0902 | 1035 | 1055 | 20 | 14.0 | 0.055 | 0.091 | 4.3 | 1.90 | 3.1 | Main |
| FC0903 | 220 | 270 | 50 | 40.0 | 0.104 | 0.057 | 12.2 | 3.56 | 1.9 | Main |
| including | 250 | 260 | 10 | 8.0 | 0.331 | 0.044 | 2.4 | 11.34 | 1.5 | Main |
| 915 | 943.2 | 28.2 | 20.8 | 0.730 | 0.470 | 6.3 | 25.00 | 16.1 | Main | |
| including | 915 | 927.5 | 12.5 | 8.8 | 1.457 | 0.879 | 2.7 | 49.90 | 30.1 | Main |
| FC0904 | 727.8 | 745 | 17.2 | 12.0 | 0.312 | 0.572 | 3.7 | 10.70 | 19.6 | Main |
| 810 | 815 | 5 | 3.5 | 0.295 | 0.149 | 1.1 | 10.10 | 5.1 | Main | |
| FC0905 | 575 | 590 | 15 | 10.7 | 0.043 | 0.006 | 3.3 | 1.47 | 0.2 | Main |
| 612.5 | 625 | 12.5 | 8.8 | 0.067 | 0.047 | 2.7 | 2.30 | 1.6 | Main | |
| 785 | 795 | 10 | 7.1 | 0.526 | 0.435 | 2.2 | 18.00 | 14.9 | Main | |
| 915 | 1001 | 86 | 60.2 | 0.050 | 0.199 | 18.3 | 1.70 | 6.8 | Main | |
| FC0906 | 500 | 510 | 10 | 7.0 | 0.093 | 0.219 | 2.1 | 3.17 | 7.5 | S. Main Ext. |
| 615 | 625 | 10 | 7.0 | 0.063 | 0.234 | 2.1 | 2.17 | 8.0 | S. Main Ext. | |
| FC0907 | 905 | 920 | 15 | 10.6 | 0.062 | 0.059 | 3.2 | 2.14 | 2.0 | N. Main Ext. |
| FC0908 | 850 | 885 | 35 | 29.8 | 0.077 | 0.053 | 9.1 | 2.63 | 1.8 | N. Main Ext. |
| 1195 | 1220 | 25 | 20.0 | 0.046 | 0.172 | 6.1 | 1.56 | 5.9 | N. Main Ext. | |
| FC0909 | No Values >10 feet @ > 0.03 oz/ton Gold | N. Main Ext. | ||||||||
| FC0910 | 790 | 805 | 15 | 12.0 | 0.053 | 0.053 | 3.7 | 1.80 | 1.8 | New North |
| FC0911 | 815 | 840 | 25 | 20.0 | 0.044 | 0.155 | 6.1 | 1.51 | 5.3 | New North |
| 895 | 910 | 15 | 12.0 | 0.063 | <0.015 | 3.7 | 2.16 | <0.5 | New North | |
| FC0912RC | No Values >10 feet @ > 0.03 oz/ton Gold | IP Anom. #2 | ||||||||
| FC0913RC | No Values >10 feet @ > 0.03 oz/ton Gold | IP Anom. #2 | ||||||||
| FC0914RC | 925 | 940 | 15 | 12.0 | 0.053 | 0.020 | 3.7 | 1.83 | 0.7 | IP Anom. #1 |
| 1010 | 1025 | 15 | 12.0 | 0.032 | 0.140 | 3.7 | 1.10 | 4.8 | IP Anom. #1 | |
| 1115 | 1125 | 10 | 7.1 | 0.054 | 0.126 | 2.2 | 1.84 | 4.3 | IP Anom. #1 | |
| 1225 | 1235 | 10 | 7.1 | 0.196 | 0.581 | 2.2 | 6.70 | 19.9 | IP Anom. #1 | |
| including | 1225 | 1230 | 5 | 3.5 | 0.265 | 0.756 | 1.1 | 9.08 | 25.9 | IP Anom. #1 |
| 1345 | 1360 | 15 | 10.5 | 0.127 | 0.143 | 3.2 | 4.35 | 4.9 | IP Anom. #1 | |
| including | 1350 | 1355 | 5 | 3.5 | 0.265 | 0.184 | 1.1 | 9.07 | 6.3 | IP Anom. #1 |
| FC0915RC | No Values >10 feet @ > 0.03 oz/ton Gold -- Hole Lost | IP Anom. #1 | ||||||||
| Note: Table only includes values equivalent to ≥ 10 feet @ ≥ 0.03 oz/ton gold | ||||||||||
Main and New North Zone Extension Drilling
Six of the remaining holes were targeted on possible extensions of the Main zone to the north and south and the north extension of the New North vein zone. FC0906 is the first hole to test the southernmost extension of Main, and it found two sub-grade veins worthy of further testing. FC0907 through FC0909 tested the northern extension of the Main zone. FC0907 and FC0908 both hit sub-grade veins with FC0908 intersecting 29.8 feet (9.1 meters) true width of 0.08 oz/ton (2.6 g/t) gold. Located on the northernmost discovery at Main, this major fault zone will be tested further. FC0909 did not intersect any significant veining.
Drill holes FC0910 and FC0911 tested the northern extension of the New North zone. FC0910 was a 100-meter step-out and the first hole to explore this far north. The sub-grade vein intersected indicates the mineralized structure is still present, and a fence of holes are planned to further test this area. FC0911 was drilled to test directly west of a previous vein intercept and intercepted two sub-grade veins.
Klondex will continue testing additional geophysical anomalies in 2010 using an RC rig to identify vein zones and then following up with core drilling.
As of September 30, 2009, KDX had 30,964,089 shares issued and outstanding, 34,879,089 shares on a fully diluted basis and cash of approximately CDN $4.4 million and working capital of CDN $3.8 million.
About Klondex Mines:
Klondex Mines Ltd. is a gold exploration company with four projects in North Central Nevada. The Company is focused on the development of its high-grade Fire Creek gold deposit where it has identified the following NI 43-101 compliant resource:
NI 43-101 Dated March 30, 2009
Classification |
Metric | Grams Gold Equivalent | Total Ounces |
Tonnes |
Per Metric Tonne | Gold Equivalent | |
| Indicated | 5,043,033 | 10.11 | 1,639,822 |
| Inferred | 1,833,423 | 8.63 | 508,799 |
For more information, please visit www.klondexmines.com.
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as defined under National Instrument 43-101and has reviewed and approved the technical information contained in this press release.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Investor Contact:
David Collins
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500
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Klondex to Review High-Grade Nevada Gold Exploration Program at Vancouver Resource Conference Jan. 17-18 -- Booth F600
Contact David Collins at 212/835-8500 or kdx@jcir.com to arrange a meeting with Klondex management at the show.
About Klondex Mines:
Klondex Mines Ltd. is a high-grade gold exploration company pursuing a hybrid exploration and underground development business model. Klondex is focused on the development of its high-grade Fire Creek gold deposit in North Central Nevada where it has identified the following NI 43-101 compliant resource:
Fire Creek Project - Indicated and Inferred Resource *
NI 43-101 Dated March 30, 2009
*Fire Creek's gold equivalent resource is approximately 98.3% gold and 1.7% silver and reflects a cutoff grade of 5 grams per tonne, with 60 units of silver equivalent to one unit of gold.
| Classification | Metric | Grams Gold Equivalent | Total Ounces |
| Tonnes | Per Metric Tonne | Gold Equivalent | |
| Indicated | 5,043,033 | 10.11 | 1,639,822 |
| Inferred | 1,833,423 | 8.63 | 508,799 |
For more information, please visit http://www.klondexmines.com
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as defined under National Instrument 43-101 and has reviewed and approved the technical information contained in this press release.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Technical Director
Contact:
David Collins
Jaffoni & Collins Incorporated
(212) 835-8500
KDX@jcir.com
Klondex Secures BLM Permits for Confirmation Program at Fire Creek
William Solloway, President of Klondex Mines Ltd., commented, "The receipt of BLM permits progresses Fire Creek's confirmation drilling program and Main Zone extension drilling plans and is the product of a nearly three year-effort."
The Fire Creek underground program will include about 3,000 meters of decline tunneling to access Main Zone mineralization. This access facilitates more cost effective in-fill drilling of KDX's resource to improve the geologic model of Main Zone gold mineralization, while also enabling bulk sampling. Small Mine Development Co. of Boise, Idaho has been selected to engineer and effect the underground work.
As of September 30, 2009, KDX had 30,964,089 shares issued and outstanding and 34,879,089 shares on a fully diluted basis and cash of approximately CDN $4.4 million and working capital of CDN $3.8 million.
About Klondex Mines:
Klondex Mines Ltd. is a high-grade gold exploration company pursuing a hybrid exploration and underground development business model. Klondex is focused on the development of its high-grade Fire Creek gold deposit in North Central Nevada where it has identified the following NI 43-101 compliant resource:
Fire Creek Project - Indicated and Inferred Resource *
NI 43-101 Dated March 30, 2009
NI 43-101 Dated March 30, 2009
Classification |
Metric | Grams Gold Equivalent | Total Ounces |
Tonnes |
Per Metric Tonne | Gold Equivalent | |
| Indicated | 5,043,033 | 10.11 | 1,639,822 |
| Inferred | 1,833,423 | 8.63 | 508,799 |
For more information, please visit www.klondexmines.com.
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as defined under National Instrument 43-101and has reviewed and approved the technical information contained in this press release.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Contact:
David Collins, Ratula Roy
Jaffoni & Collins Incorporated
(212) 835-8500
KDX@jcir.com