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Klondex Secures BLM Permits for Confirmation Program at Fire Creek
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Vancouver, British Columbia - December 17, 2009 - Klondex Mines Ltd.
(TSX: KDX) ("Klondex" or "KDX") announced today that it has received
initial permits from the US Bureau of Land Management (BLM) for its
underground confirmation program at Fire Creek, its high-grade gold
deposit in North Central Nevada. The approvals also pave the way for
Klondex to extend to the south its Main Zone surface exploration
program. To complete the permitting process, Klondex must post a
reclamation bond, finish additional site work at Fire Creek and secure
Nevada state approvals. KDX now anticipates the permitting process
will be completed between April and June of 2010.
William Solloway, President of Klondex Mines Ltd., commented, "The
receipt of BLM permits progresses Fire Creek's confirmation drilling
program and Main Zone extension drilling plans and is the product of a
nearly three year-effort."
The Fire Creek underground program will include about 3,000 meters of
decline tunneling to access Main Zone mineralization. This access
facilitates more cost effective in-fill drilling of KDX's resource to
improve the geologic model of Main Zone gold mineralization, while also
enabling bulk sampling. Small Mine Development Co. of Boise, Idaho has
been selected to engineer and effect the underground work.
As of September 30, 2009, KDX had 30,964,089 shares issued and
outstanding and 34,879,089 shares on a fully diluted basis and cash of
approximately CDN $4.4 million and working capital of CDN $3.8 million.
About Klondex Mines:
Klondex Mines Ltd. is a high-grade gold exploration company pursuing a
hybrid exploration and underground development business model. Klondex
is focused on the development of its high-grade Fire Creek gold deposit
in North Central Nevada where it has identified the following NI 43-101
compliant resource:
Fire Creek Project - Indicated and Inferred Resource *
NI 43-101 Dated March 30, 2009
Classification Metric Grams Gold Equivalent Total Ounces
Tonnes Per Metric Tonne Gold Equivalent
Indicated 5,043,033 10.11 1,639,822
Inferred 1,833,423 8.63 508,799
*Fire Creek's gold equivalent resource is approximately 98.3% gold and
1.7% silver and reflects a cutoff grade of 5 grams per tonne, with 60
units of silver equivalent to one unit of gold.
For more information, please visit www.klondexmines.com.
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as defined
under National Instrument 43-101and has reviewed and approved the
technical information contained in this press release.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Contact:
David Collins, Ratula Roy
Jaffoni & Collins Incorporated
(212) 835-8500
KDX@jcir.com
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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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VanEck Vectors Global Alternative Energy ETF
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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 MAGGIE CREEK, REEF, HOT SPRINGS POINT, CORRAL CANYON and SWALES MOUNTAIN in USA. Klondex Mines is listed in Canada and in United States of America. Its market capitalisation is 145.6 millions as of today (US$ 111.0 millions, € 92.3 millions). Its stock quote reached its lowest recent point on December 08, 2000 at 0.06, and its highest recent level on November 04, 2016 at 7.95. Klondex Mines has 47 442 200 shares outstanding. |