Klondike Gold Corp. (the "Company") (TSX VENTURE:KG) is pleased to announce that
it has consolidated its interest in the Panda Basin Irishman Claim Block (the
"Property") with the purchase of its joint venture partner, Sedex Mining Corp.'s
("Sedex"), 50% right, title and interest in the Property. This acquisition
brings the Company's interest in the property to 100%. The terms of the
agreement are for the Company to pay to Sedex a onetime payment of $37,173.92.
This amount has been fully paid. 


The Property subject to this transaction consists of some 124 claims covering
168 square kilometers and part of the Company's Panda Basin Irishman property
located in the central Purcell Basin. The Company now owns 100% of its 309
square kilometers land position in the basin. The basin consists of ground that
is prospective for both orogenic gold and sedimentary exhalative (SEDEX type)
targets. The ground encompasses a major northeast-trending Proterozoic structure
and the fault bounded, north-trending Panda basin. The Panda basin is
geologically similar to the Sullivan basin which hosts the Sullivan mine 40
kilometers to the northeast. The Sullivan mine was one of the largest
zinc-lead-silver mines in the world and produced 18.5 billion pounds of lead,
17.5 billion pounds of zinc and 298 million troy ounces of silver during its 92
year lifespan. At today's prices Sullivan contained over 40 billion dollars of
base and precious metals. 


In a May 21, 2009 News Release the Company noted that the Irishman hole,
completed to a depth of 1,520 meters in late October of 2008 tested, at the
south end of the Panda basin, a similar and correlative horizon that hosts the
Sullivan deposit. A 155 meter interval at the Sullivan horizon intersected
conglomerates, laminated muds, sulphide fragmentals, alteration and visible
laminated sulphides - pyrrhotite, sphalerite and galena - indicative of exhalite
mineralization and comparable to the distal fringes of the Sullivan deposit. 


The acquisition of Sedex Mining Corp.'s interest is in line with the Company's
corporate strategy to own 100% of its key properties. Klondike Gold Corp. can
now seek strategic alliances with partners capable of advancing the exploration
and participating in the development of this very large property


About Klondike Gold Corp.

Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver,
British Columbia and Dawson City, Yukon. The Company is focused on the
development of its Yukon and British Columbia gold properties. In addition the
Company holds a large portfolio of base metal projects in southeastern British
Columbia.


Statements in this 12.0724 press release, other than purely historical
information, including statements relating to the Company's future plans and
objectives or expected results, may include forward-looking statements.
Forward-looking statements are based on numerous assumptions and are subject to
all of the risks and uncertainties inherent in resource exploration and
development. As a result, actual results may vary materially from those
described in the forward-looking statements. 12.1119


FOR FURTHER INFORMATION PLEASE CONTACT: 
Klondike Gold Corp.
Erich Rauguth
President & CEO
604-685-2222
604-685-3764 (FAX)
info@klondikegoldcorp.com
www.klondikegoldcorp.com
Klondike Gold (TSXV:KG)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Klondike Gold Charts.
Klondike Gold (TSXV:KG)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Klondike Gold Charts.