KLONDIKE SILVER CORP.
FOR IMMEDIATE RELEASE
TSXV: KS
www.klondikesilver.com
October 16,
2007
REEVES
LAKE PROPERTY ACQUIRED
Klondike
Silver Corp. (TSXV: KS) is pleased to announce, subject to
regulatory approval, the acquisition of a 100% interest in the Reeves Lake
Property, located in Milner Township,
Larder Lake Mining Division, Ontario
approximately 6 kilometres southwest of Gowganda, Ontario. Consideration
for the Property consists of $10,000 and a further $40,000 in cash or the
equivalent value in shares, issued over a period of 24 months. There is
also a 2% net smelter return payable, half of which may be purchased for
$500,000 and the balance of the royalty interest (1%) for a further $500,000.
The
Reeves Lake Property consists of eight
claims totaling eight units that are
accessed by paved and dirt roads. Historical shafts and trenches were sunk on
the property from the 1920’s to the 1960’s. Little work has
been done since the 1960’s to explore silver-nickel-cobalt bearing
veins. The Reeves property is contiguous with Klondike Silver’s
South Bay and Maralgo Properties.
The 3 properties will form Klondike Silver’s Milner Silver Project.
Klondike
Silver has contracted Geotech to fly the state-of-the-art VTEM B-Field airborne
system to help identify the strike and depth extent of silver mineralized
structures on all three properties of the Milner Project. Survey results
will be used in conjunction with surficial mapping, geochem and trenching to
identify targets for drilling and trenching.
On behalf of the Board of
Directors
KLONDIKE SILVER CORP.
“Richard W. Hughes”
(signed)
President
For Further
Information Contact: The Hughes Exploration Group at (604)
685-2222
Or
visit the Company’s website: www.klondikesilver.com to see
the Smartstox Report in which Stanlie Hunt interviews Klondike Silver Corp.
President Richard Hughes.
This document
contains certain forward looking statements which involve known and unknown
risks, delays and uncertainties not under the corporation’s control which
may cause actual results, performance or achievements of the corporation to be
materially different from the results, performance or expectation implied by
these forward looking statements.
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this news release.