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Re: News - Friday, September 14, 2007
Klondex Mines to Extend the Expiration Date and Reduce Exercise
Price of Warrants
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Vancouver, British Columbia - September 14, 2007 - Klondex Mines Ltd.
(TSX: KDX) announced that effective September 28, 2007 the expiration
date will be extended and the exercise price will be reduced for the
common share purchase warrants (the "Warrants") held by non-insiders of
the Company that were issued pursuant to a private placement of units
of the Company on March 28, 2006 (the "Private Placement").
The Warrants are scheduled to expire on September 28, 2007. The
expiration date of up to 1,736,250 Warrants will be extended to the
close of business on December 8, 2007 (5:00 p.m. Toronto time). The
2,500 Warrants that are held by an insider of the Company will not be
extended.
The exercise price of up to 1,736,250 Warrants will be reduced from
$3.00 CDN per common share to $2.35 CDN per common share. The exercise
price of the 2,500 Warrants that are held by an insider of the Company
will remain at $3.00 CDN per common share.
No Warrants have been exercised to date.
As of August 31, 2007, Klondex had 22,836,173 shares issued and
outstanding and cash of approximately $7.1 million CDN invested in
Canadian treasury notes and in guaranteed bank accounts. The Company
has no exposure to any derivatives, futures, hedges or related risks.
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. 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 up to 120,000 tons 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 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
For further information
Jaffoni & Collins Incorporated
David Collins, Steven Hecht
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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