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Re: News - Monday, November 26, 2007
Klondex Reports New High-Grade Gold Intercept 18.0 gpt over 9.1
meters (0.51 oz/ton over 30 feet) at Nevada "Fire Creek" Deposit
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- Findings Extend Main Zone to the North -
Vancouver, British Columbia: November 26, 2007 - Klondex Mines Ltd.
(TSX: KDX) announced additional high-grade gold intercepts from recent
core drilling under its Phase 6 drilling program at its 100%-owned Fire
Creek property in the Battle Mountain-Eureka Trend in Northern Nevada.
A high grade gold intercept was reported in hole FC0724 which returned
18.0 grams per ton (gpt) over 9.1meters (0.51 oz/ton over 30 feet),
including 38.0 gpt gold over 3.05 meters (1.10 oz/ton over 10 feet).
Additionally, hole FC0707B in the Main Zone returned an interval of
8.25 gpt over 3.81 meters (0.24 oz/ton over 12 feet) and hole FC0712
tested the New North Zone and returned an interval of 7.18 gpt over
3.05 meters (0.21 oz/ton over 10 feet).
Together with the previously announced results from drilling to the
south (October, 2007), hole FC0724 has the effect of extending the Main
Zone mineralization along strike. Previously extending from 50m South
to 450m North (500 meters) the Main Zone now extends from 250m South to
750m North (1000 meters). Klondex believes that this will result in a
significant increase in contained ounces at Fire Creek when the
previously announced, September 2006 NI 43-101 defined compliant
resource is updated in the first quarter of 2008 after its Phase 6
drilling program is concluded this year.
Klondex also received assays from drill holes FC0715, FC0716 and FC0736
which tested the southern extension of the New North Zone at depth.
These holes all encountered the vein system with geochemically
anomalous values (0.5 gpt to 2.0 gpt).
Drilling will continue at Fire Creek with two core rigs until
mid-December 2007. The Company continues its permitting and mining
contractor selection activities for its planned 2008 underground
exploration program.
A plan map showing drill hole locations is available on the Company's
website at http://www.klondexmines.com/s/News.asp
The true width of intercepts of holes reported here are estimated at
70% of reported widths. The intervals reported for FC0724 above
incorporates a 371 gpt silver value over 1.52 meters (10.7 oz/ton over
5 feet) at a silver to gold equivalency of 60:1.
As of October 30, 2007, Klondex had 22,944,673 shares issued and cash
of approximately $5.82 million CDN invested in Canadian treasury bills
and in guaranteed bank accounts. The recent appreciation of the
Canadian dollar versus the US dollar has increased Klondex's purchasing
power for its US dollar-denominated drilling program. The Company has
no exposure to any derivatives, futures, hedges or related risk.
Richard Kern (P.Geo) 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.
Klondex has in place a rigorous QA/QC program consistent with National
Instrument 43-101 and using best industry practice. ALS Chemex Labs of
Reno, Nevada and SGS Minerals services, Toronto responsible for all the
Klondex Mine's assaying.
About Klondex Mines Ltd.:
Klondex Mines (TSX: KDX) is a gold exploration company focused on the
development and expansion of its high-grade Fire Creek deposit in
Nevada. At Fire Creek, Klondex has a NI 43-101 compliant Indicated
Mineral Resource estimated at 1,636,555 tonnes grading 19.88 grams per
tonne (0.576 oz/ton) containing 1,045,738 oz of gold in two separate
mineral zones, and has filed for permits to begin bulk sampling for
metallurgical testing of up to 120,000 tons of ore.
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 two drill rigs working to expand its
resource at Fire Creek. The Company was founded over 30 years ago, and
its property portfolio contains three 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
Investor Contact:
David Collins, Steven Hecht
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500
View News Release and Map in PDF Format:
http://www.klondexmines.com/i/pdf/2007-11-26_NR.pdf
146 KB in size, approx. 28 seconds to download at 56.6Kbps
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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
Message sent on Mon Nov 26, 2007 at 7:39:33 AM Pacific Time
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