Klondike Silver Corp. (the "Company") (TSX VENTURE: KS) is pleased
to report that it has acquired additional mineral properties in and
around the Sandon Silver Camp of south-central British Columbia,
including several past-producing mines.
Klondike Silver is the dominant landholder in the Slocan Camp,
which has produced more than 70 million ounces of silver plus
by-product base metals since the late 1800s. The Company's holdings
now encompass 29 former producers, extensive exploration lands and
a fully permitted 100-tonne-per-day flotation mill.
The Company acquired the following properties and historic mines
from Locke Goldsmith, an internationally experienced mine and
mineral exploration geologist credited with several mineral
discoveries in the Slocan Mining Camp. Soil geochemistry is now
underway or completed on the majority of these properties and
results are forthcoming.
- HALLMAC: This former producer (1980-1984) has rail in place
and natural ventilation and strong air flow from the adit. Proposed
work, including drill-testing, would focus on the projected
position of the lode on the 1690 Level.
- VULTURE: Historical mapping and soil sampling suggest that an
offset portion of the previously mined lode at this former producer
(pre-1900 and 1952) may be present upslope and east of the drift. A
second mineralized lode is exposed on an adjacent claim. The lower
Vulture adit has not yet been located. A soil sampling program has
recently begun and proposed work includes hand-trenching and
underground mapping.
- ENTERPRISE: This former producer was worked by various parties
to 1972, with production from a "dry" ore silica vein with high
silver and low base metals. Sampling in 1980 returned positive
results at the face of the 8 Level (lowest adit). Large dumps at
several portals were selectively sampled, with results suggesting
some fractions contain appreciable mineralization. Further sampling
is proposed, along with site work (road clearing, etc.).
- CHAMBERS: One adit and several stopes to surface have been
located at this past-producing mine, which operated intermittently
to 1984. Proposed work will focus on higher grade, silver-rich
areas if the adit portal is open.
- ADAMS LODE: Several adits were developed to explore lodes on
the Chicago and Cristein claims. The Adams Lode has been projected
by soil geochemistry to continue from Sandon Creek through these
claims. A sample of the lode assayed 28.36 oz silver per ton,
52.42% lead and 1.40% zinc. Hand-trenching along the trend of the
geochemical anomalies is proposed.
- CONDUCTOR: The Conductor Lode may be a northeastern extension
of the formerly productive Alamo Lode. Soil geochemistry and
geological mapping have identified three or more lodes and two
mineralized breccia zones. Samples from an exposed lode and nearby
dumps have returned positive results. More work is planned,
including sampling, mapping, hand-trenching, and drilling of the
Conductor Lode and possibly other lodes.
- TUFA: This former crown grant has no recorded history,
although adits and trenches exist on the property. Results are
awaited from recent soil sampling and may be followed by an
underground sampling program using existing adits.
- VERNON: This area has no published history, but covers a weak
geochemical anomaly that may be tested with further soil
sampling.
Klondike Silver's exploration efforts in and around the Sandon
Silver Camp are focused on reviving the most promising historic
mines near the existing mill and exploring historic and more
recently discovered lodes with production potential.
The Company is also pleased to announce that it has completed a
private placement announced on June 17, 2009. This private
placement consisted of 9,500,000 flow through units at a price of
$0.06 per unit. Each unit consisted of one flow-through common
share and one common share purchase warrant. Each common share
purchase warrant will entitle the holder to purchase one common
share until July 13, 2011 at $0.10 per share. Any shares issued
will be subject to a hold period expiring on November 15, 2009.
Barrington Capital Corp. was paid a cash commission totaling
$45,600.
The Company also announces an amendment and the closing of a
private placement previously announced June 25, 2009. The total
number of units is increased from 10,000,000 units to 10,610,000
units. The private placement consisted of 2,310,000 flow through
units and 8,300,000 non flow-through units, totaling 10,610,000
units at a price of $0.06 per unit. Each unit consisted of one
flow-through common share or non flow-through share and one common
share purchase warrant. Each common share purchase warrant will
entitle the holder to purchase one common share until July 12, 2011
at $0.10 per share. Any shares issued will be subject to a hold
period expiring on November 14, 2009. Union Securities Ltd. and
Wolverton Securities Ltd. were paid a cash commission totaling
$5,520.
Proceeds of the private placements will primarily be used for
exploration programs, property option payments and general working
capital.
The Qualified Person for the purpose of National Instrument
43-101 is Trygve Hoy, PEng, PhD who has read and agreed with the
technical information in this news release.
About Klondike Silver:
Klondike Silver Corp. has assembled a quality portfolio of
silver properties in historic mineral districts in North America,
and is applying advanced exploration technologies to add value to
these core assets. Klondike Silver is reviving the Gowganda and Elk
Lake silver camps in Ontario, and the world-famous Klondike
district of Yukon Territory. The Company owns a 100 TPD fully
operational flotation mill in Sandon, BC, which is currently
processing material from one of its Yukon properties and local
mines in the historic Slocan Silver Camp.
Klondike Silver is a member of the Hughes Exploration Group of
Companies and is led by a team with a stellar track record of
discovery and development in Canada.
Visit Klondike Silver's web-site: www.klondikesilver.com to see
Smartstox interviews with Company President, Richard Hughes.
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy or contents of this news release.
Contacts: Corporate Inquiries: Klondike Silver Corp. Kevin Hull
or Alan Campbell (604)-685-2222 info@klondikesilver.com
www.klondikesilver.com AGORACOM Investor Relations KS@agoracom.com
www.agoracom.com/ir/KlondikeSilver
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