September 12, 2011
Vancouver, BC and Elko, NV - September 12, 2011
- Klondex Mines Ltd. (TSX: KDX; “Klondex”) has received an updated
technical report on its 100%-owned Fire Creek gold property in the
Battle Mountain-Eureka Trend in Northern Nevada. The report, prepared in
compliance with National Instrument 43-101 (“NI 43-101”), outlines the
“The updated Indicated Mineral Resource at a 4 gram per
tonne cut-off produced an indicated resource estimate of 5,176,050
tonnes at 9.9 gpt for 1,647,052 ounces of gold with an average interval
true width of 6.7 meters. The cut-off grade also resulted in an inferred
resource estimate of 1,732,810 tonnes grading 8.22 gpt for 458,084
ounces of gold.”
Unlike the last resource completed in 2009,
which used a gold equivalent comprised of gold and silver, the updated
resource includes only gold. Despite the elimination of silver, the
current Indicated Mineral Resource’s 1,647,052 gold ounces are slightly
higher than the 2009 Indicated Mineral Resource total gold equivalent
(gold + silver; 60 ounces of silver equal one ounce of gold) of
1,639,822 ounces using a 5 gram per tonne (gpt) cut-off. The updated
resource is reviewed in the table below. For more detailed information
on the updated mineral resource estimates, please refer to Klondex’s
disclosure which will be available shortly on the SEDAR website (
During 2009 and 2010, 14 holes were drilled to in-fill known
mineralization, eight holes were drilled to extend the known zones along
strike and 13 holes were drilled to test new geophysical targets.
In-fill drilling reduced the updated Indicated Mineral Resource slightly
while extension drilling south of the Main resource increased this
resource modestly. Although drilling of geophysical targets has found
several new vein zones including veins east of Main and south of Far
North, these mineralized intercepts could not be included in the updated
Indicated Mineral Resource because drilling density is not yet
The mineral resources mentioned in the updated 43-101 report have the
meanings given to such terms by the Canadian Institute of Mining,
Metallurgy and Petroleum as the CIM Definition Standards on Mineral
Resources and Mineral Reserves, as amended. This report is an update to
the report received in March 2009 and is based on information from site
examinations and a review and interpretation of existing data and
documents from previous mineral exploration programs. Klondex provided
all available reports and data records from files that have been
collected from previous exploration efforts by other mining companies
and documents generated by Klondex exploration.
The updated report entitled “Updated Technical Report and Resource Estimation on the Fire Creek Gold Property, Lander Co., Nevada
by Edwin Ullmer, M.S., (P.Geo) of Westminster, Colorado, Wesley Raven,
B.Sc., (P.Geo) of Vancouver, British Columbia and Gary Hawthorn, B.Sc.,
(P.Eng) of North Vancouver, British Columbia will be filed on SEDAR.
Each of Edwin Ullmer, Wesley Raven, and Gary Hawthorn is an Independent
Qualified Person as required under NI 43-101 and has reviewed and
approved the technical information contained in this press release.
All sample preparation, including crushing, grinding and preparation of
the assay pulps, as well as sample analysis, was performed by ALS/Chemex
in their Nevada facilities.
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. As of August 31,
2011, Klondex had 37.0 million shares issued and outstanding and 42.9
million shares on a diluted basis.
On Behalf of Klondex Mines Ltd.
Blane W. Wilson
President & CEO
Investor & Media Contact:
Jaffoni & Collins
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