Klondike Silver Corp. Increases Land Position in the Silver Slocan Mining District through Acquisitions of Past Producing Mines
27 November 2012 - 11:05PM
Business Wire
Klondike Silver Corp. (TSX-v symbol: KS) (Klondike) is pleased
to announce that it has acquired an additional six past producing
silver-lead-zinc mine sites in the Silver Slocan Mining District of
southeastern British Columbia. Seven tenures were acquired
representing 1,226 hectares holding several strong exploration
targets. In addition to owning the fully permitted Sandon Mining
Complex, Klondike now holds a total of 16,544 hectares in the
region controlling a majority of the historically productive
camp.
As recorded in the BC Geological Survey MINFILE reports, the
total combined recoveries from the newly acquired past producing
mines are as follows; 1,655,809 ounces of Silver,
10,485,781 pounds of Lead, and 177,666,955 pounds of
Zinc. (Refer to MINFILE Numbers 082FNW086, 082KSW023, 082FNW023,
082KSW016, 082FNW079, 082FNW022).
The newly acquired “Cliff” claims have been explored and
intermittently mined since the early 1900’s up until the last
reported work in 1983. Based on the reported MINFILE information,
the calculated recovery of Silver, and recovered pounds of Lead,
and Zinc from the individual claims, have been presented in the
table below. It is important to observe that the recorded data
reflects the total recovery after milling. Percentage recovery of
the metals was not reported so it is not known what was lost in the
historical milling process.
Table 1. Recoveries of Silver, Lead,
and Zinc after Milling
Claim MINFILE # Milled Tons Silver
(oz/t) Lead (Pounds) Zinc (Pounds)
082FNW086 31,537 31.08 2,187,685 1,582,959 082KSW023 1,122,330 0.53
8,150,895 175,925,995 082FNW023 *8 50.13 5,307 --- 082KSW016 *500
1.83 6,378 24,844 082FNW079 *1,247 59.80 130,123 132,048 082FNW022
*7 74.29 5,393 1,109
-The information provided in Table 1 was tabulated
from the total milled tons reported in the reported MINFILE’s. If
the total milled tons were not recorded in the MINFILE table the
calculations were then based on the total reported *mined tons.
Cancelation of OptionsKlondike would also like to
announce the cancellation of 347,650 incentive stock options
granted to its directors, officers, consultants, and employees
prior to the shareholder approved consolidation of the Company’s
shares announced March 28th 2011.
About Klondike Silver Corp.Klondike Silver Corp. has
assembled a quality portfolio of silver properties throughout
Canada, most notably, in the historic Slocan Mining District
southeastern British Columbia. This historic camp has produced more
than 24 million ounces of silver since the first discoveries in the
late 1800s. Klondike Silver is the dominant land-holder controlling
a majority of the historic camp and the fully permitted, 100% owned
“Sandon Mining Complex”. The Company owns the past-producing
Silvana, Wonderful, and Hinckley Mines and several other properties
with significant exploration potential.
For additional information please visit the company website
www.klondikesilvercorp.com
On Behalf of the Board of DirectorsKlondike Silver Corp."Richard
Hughes"
Richard Hughes,President and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary note:This report contains forward looking statements.
Resource estimates, unless specifically noted, are considered
speculative. Any and all other resource or reserve estimates are
historical in nature, and should not be relied upon. By their
nature, forward looking statements involve risk and uncertainties
because they relate to events and depend on factors that will or
may occur in the future. Actual results may vary depending upon
exploration activities, industry production, commodity demand and
pricing, currency exchange rates, and, but not limited to, general
economic factors. Cautionary Note to US investors: The U.S.
Securities and Exchange Commission specifically prohibits the use
of certain terms, such as "reserves" unless such figures are based
upon actual production or formation tests and can be shown to be
economically and legally producible under existing economic and
operating conditions.
To view this press release as a webpage, please click on the
following
link:http://www.fscwire.com/pr/klondikesilvernov272012.htm
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