Egypt Is A Strategic Investment For Klondike Star
SEATTLE, April 15, 2008 (MARKET
WIRE) – Hans Boge, P.Eng, President of Klondike Star Mineral
Corporation (OTCBB:KDSM) today said the Company’s confidence in
investing and exploring for gold and other minerals in the Arab Republic of
Egypt is affirmed by international authorities.
The Doing Business 2008 report co-produced by the World Bank and the
International Finance Corporation says the Arab Republic of Egypt is the
top reformer across 178 economies world-wide. According to these
international bodies, Egypt made the single fastest climb in the overall
ranking—jumping 26 places in one year. Its reforms cut
deep—with reforms in 5 of the 10 areas that are studied as indicators
of the ease of doing business. This is the second time in 5 years that
Egypt is among the 10 most reformist countries in the world.
According to the World Bank and International Finance Corporation, Egypt is
on the shortlist of large, emerging economies that is reforming and
improving the ease of doing business – joining China, Colombia,
India, Indonesia, Nigeria, Turkey and Vietnam.
Chief Operating Officer, Donald Flinn said, “By competing
successfully for the expansive Oweinat concession through an international
bidding process, Klondike Star is in on the ground floor. The opportunity
is significant.”
In July 2007, the Minister of Investment for the Arab Republic of Egypt
became the first Arab and first African country, and the 40th country in
the world, to sign the OECD Declaration on International Investment and
Multinational Enterprise. The adherents to the Declaration commit to
providing national treatment to foreign investors and promoting responsible
international business conduct. According to a review by OECD members,
foreign direct investment into Egypt increased eightfold in just three
years.
“Klondike Star anticipates a long future in Egypt – for the
benefit of Egyptians and of our investors and shareholders,” says
Hans Boge, P.Eng. He notes, “Progressive government policies
along with the systematic geological research undertaken by the Egyptian
Mineral Resources Authority, demonstrate the country is serious about
fostering mineral exploration and exploitation.”
Company geologists report that the areas of the Oweinat property sampled by
Egyptian geologists are extremely large, and the results seem to indicate a
phenomenal concentration of gold that could rank amongst the world’s
largest and richest deposits.
About the Oweinat
property, Arab Republic of Egypt
Klondike Star, through its subsidiary, Klondike Star Canada Inc. has an
exclusive concession awarded by the Arab Republic of Egypt and the Egyptian
Mineral Resources Authority for the Oweinat property encompassing an
expansive 1,245 square kilometer/481 square mile block in Western Desert of
Egypt. The Oweinat block is north of the border between Egypt and Sudan,
near the Libyan border.
Based on preliminary review of the mineral potential of the Oweinat block
by the geology department of Klondike Star, the Company believes there is
excellent potential for discovery of multiple gold deposits, and potential
for iron ore within a vast area.
The Egyptian Mineral Resources Authority has identified multiple zones with
high gold grades that warrant a substantial exploration effort. Favourable
areas identified by the regional work program were selected for follow-up
work in 1996 to 1998, and again in 2000. A bulk sample of 2.5 tons was
collected and processed returning 6.8 g/t gold. Of the 13 widely separated
blocks studied and sampled in detail within the concession, 6 areas
returned analyses above 10 g/t gold and 12 returned gold analyses above 1
g/t by fire assay.
Values up to 43.32 g/t gold over 5m and 34.38 g/t gold over 5m were
reported by analysis of rock sampling by EMRA. Iron analyses are mostly in
the 20 to 50% Fe2O3 range, with some large samples averaging 32%, however
there may be potential for enriched areas among the dozens of BIF bands
that are up to hundreds of metres thick and extend for kilometers/miles.
About Klondike Star
Klondike Star is a well-governed junior mineral exploration and development
enterprise with projects in Canada and Egypt. The company has majority or
100% interests in 5 gold projects totaling about 290 km2/112.4 mi2 in the
Yukon, located in the northwest corner of Canada underlying the site of the
world-renowned Klondike gold producing region. Major properties
include the advanced-stage exploration Lone Star Gold Project with a
scoping study in progress, the intermediate-stage Dominion Gold (and
silver) property; and, the pre-development Indian River Gold Project. The
mission is to explore, develop and operate new mines as socially
responsible, sustainable developments. Through its wholly owned Canadian
subsidiary, Klondike Star has been awarded the right to explore and develop
gold, iron ore and other minerals on the expansive 1,245 km2/481 mi2
Oweinat concession in the Arab Republic of Egypt through a competitive,
international bidding process.
For more information please contact:
Wayne Cousins, Investor Relations
Toll Free (800) 579-7580
The
statements in the press release that relate to the company's expectations
with regard to the future impact on the company's results from new products
or actions in development are forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995. The
statements in this document may also contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Since this
information may contain statements that involve risk and uncertainties and
are subject to change at any time, the company's actual results may differ
materially from expected results.