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Klondex Receives Shareholder Petition
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Vancouver, British Columbia -- June 27, 2007 -- Klondex Mines Ltd.
(TSX: KDX) announced that it has received a Petition filed with the
Supreme Court of British Columbia in relation to a shareholder proposal
previously submitted to the Company by a family purporting to own
approximately 1% of the Company's shares as of March 12, 2007. In the
filing, the Petitioners claim that an individual they wished to be
nominated for a seat on the Klondex Board of Directors be placed on the
ballot at the next Annual General Meeting was unduly rejected. The
Company determined that the shareholder proposal had not been submitted
in compliance with the provisions of the Business Corporations Act.
The Petitioners are seeking to have their proposal circulated to
shareholders and seek a postponement of the Annual General Meeting
(AGM) currently scheduled for July 5, 2007.
The Company is being advised by counsel on an appropriate legal
response to the Petition. Unless otherwise publicly announced, the
Company's AGM remains scheduled for July 5th at 9:00 a.m. EDT.
Klondex has been active in conducting an ongoing search for additional
independent Board members possessing significant mining experience
relevant to the Company's gold exploration and development efforts in
North Central Nevada. To that end, in May 2007 the Company appointed
Ronald Shorr to the Board of Directors. Mr. Shorr has over 30 years of
experience in the mining industry. He is currently President, CEO and
a Director of a high-grade gold exploration company, among other mining
industry affiliations. Mr. Shorr also has extensive experience on Wall
Street as an "Institutional Investor All American-ranked" senior mining
analyst with Bear Stearns and Morgan Stanley Dean Witter. He is a
Chartered Financial Analyst (CFA), a graduate of the University of
Michigan, earned his M.B.A. from Harvard Business School and completed
post-graduate work at Columbia University's Henry Crumb School of
Mines.
About Klondex Mines Ltd.:
Klondex (TSX: KDX) is a gold exploration company focused on the
development and expansion of its high-grade Fire Creek deposit in
Nevada. Klondex has identified an Indicated Mineral Resource of over
1,000,000 ounces of gold at Fire Creek and has filed for permits to
begin bulk sampling of over 120,000 tonnes. Fire Creek is located in
the Battle Mountain-Eureka Trend in the Northern Nevada Rift, in North
Central Nevada, an area of prolific gold production. Klondex currently
has three drill rigs working to expand its resource at Fire Creek. The
Company was founded over 30 years ago, and its property portfolio
contains four other gold exploration projects, all in Nevada. For more
information, please visit www.klondexmines.com.
ON BEHALF OF KLONDEX MINES LTD.
"William J. Solloway"
President
"Robert Sibthorpe"
Technical Director
Contact:
David Collins, Steven Hecht
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500
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Copyright (c) 2007 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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