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Re: News - Monday, October 12, 2009
Klondex Appoints Dr. W. Lang to its Board of Directors
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Vancouver, British Columbia -- October 12, 2009 - Klondex Mines Ltd.
(TSX: KDX) ("Klondex") announced today the appointment of Dr. Weiguo
Lang, age 51, to the company's Board of Directors. Dr. Lang's
appointment returns Klondex's board size to five members.
Dr. Lang is a member of the Investment Committee for the China Mining
United Fund and earned a BSc. degree in engineering in China and MSc.
and Ph.D. degrees in Engineering from the University of Saskatchewan.
He speaks fluent English and Mandarin and resides in Beijing, China
where he serves as an advisor to various Chinese private and government
companies involved in mining and mining finance sectors worldwide.
Dr. Lang's Board appointment was made in connection with a June 2009
private placement investment in Klondex by China Mineral United
Management Limited (CMU). Pursuant to the investment, Klondex granted
CMU the right to nominate one director to Klondex's Board. CMU also
has the right to participate in the next $20 million of future equity
issuances by Klondex that are carried out by June 29, 2011.
William Solloway commented, "Dr. Lang is a highly accomplished
professional and mining industry executive who we welcome to Klondex's
board. We are eager to benefit from Dr. Lang's experience, expertise
and contributions as we work to accelerate the progress at our Fire
Creek project and build investor appreciation for this tremendous
asset. We are grateful to have the steadfast support of CMU as well
as the counsel of Dr. Lang, to support our goals."
About CMU and China Mining United Fund:
China Mineral United Management Limited is an affiliate of China Mining
United Investment Co., Ltd. and the China Mining United Fund (the
"Fund"). The Fund was established in May 2009 with initial capital of
500 million Renminbi (US $73 million) and was approved by the National
Development and Reform Commission of the People's Republic of China.
It is among the first funds to be registered by the State
Administration for Industry and Commerce with a mandate to seek foreign
and domestic investments in the resource sector.
Founded by approximately 300 mining entrepreneurs in China, the Fund
seeks investment opportunities in resource projects internationally and
will also engage in providing credit guarantees and short-term loans to
resource companies. The Fund seeks to raise an additional 9.5 billion
RMB (US $1.4 billion) to fulfill its investment mandate in the natural
resources industry on the global basis. Klondex was among the Fund's
first investments.
The Fund is chaired by Mr. Zheng Zhi, the founder of the Zhengda Group,
and its senior management team includes the former General Engineer of
China's Smelting Metal Department; the former General Engineer of BHP's
mining exploration company and senior geological consultant to the
World Bank; and the former Chief Representative of Ivanhoe Mines in
China, amongst others.
About Klondex Mines:
Klondex Mines Ltd. is a gold exploration company focused on the
development and expansion of its 100%-owned, high-grade Fire Creek
deposit in Nevada. In March 2009 Klondex defined and disclosed in a
technical report entitled "Updated Report on the Fire Creek Gold
Property Lander Co., Nevada" dated March 30, 2009, an Indicated Mineral
Resource at Fire Creek estimated at 5,043,033 tonnes grading 10.11
grams per metric ton (gpt) containing 1,639,822 ounces of gold
equivalent and an Inferred Mineral Resource Estimated at 1,833,423
tonnes grading 8.63 gpt for 508,799 ounces of gold equivalent.
Fire Creek is located in North Central Nevada, an area of prolific gold
production, at the intersection of the Battle Mountain-Eureka Trend and
the Northern Nevada Rift. Fire Creek consists of 11,098 acres of fee
land and unpatented mining claims and is classified as a "bonanza"
grade epithermal gold deposit characterized by high-grade drill
intervals including 1.52 meters grading 411 grams (13 oz.) per metric
ton in hole FC0417.
Klondex was founded over 35 years ago and has four gold exploration
projects, all in Nevada. Richard Kern (P.Geo), Project Manager, of
Reno, Nevada, is the Company's qualified person on the project as
required under NI 43-101and has reviewed the technical information
contained in this press release. For more information, please visit
www.klondexmines.com.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Contact:
David Collins, Ratula Roy
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500
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Copyright (c) 2009 KLONDEX MINES LIMITED (KDX) All rights reserved.
For more information visit our website at http://www.klondexmines.com/
or send mailto:info@klondexmines.com
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Klondex Mines Ltd
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DEVELOPMENT STAGE |
CODE : KDX.TO |
ISIN : CA4986961031 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Klondex Mines is a gold and silver development stage company based in Canada. Klondex Mines holds various exploration projects in USA. Its main asset in development is FIRE CREEK in USA and its main exploration properties are HOT SPRINGS POINT, MAGGIE CREEK, REEF, CORRAL CANYON and SWALES MOUNTAIN in USA. Klondex Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 543.8 millions as of today (US$ 414.3 millions, € 354.6 millions). Its stock quote reached its lowest recent point on December 08, 2000 at CA$ 0.06, and its highest recent level on November 04, 2016 at CA$ 7.95. Klondex Mines has 177 130 000 shares outstanding. |