KLONDIKE
SILVER CORP.
#711
– 675 West Hastings Street
Vancouver, B.C. V6B 1N2
Telephone: 604-685-2222 Fax: 604-685-3764
FOR IMMEDIATE RELEASE
TSX-V:
KS
April 23,
2008
www.klondikesilver.com
KLONDIKE
SILVER ACQUIRES LARGE MEXICAN MINERAL CONCESSION
Klondike
Silver Corp. (“Klondike”) (TSX-V: KS) is pleased
to announce, subject to regulatory approval, the
acquisition of two precious metal/base metal properties (Alaska North and
Alaska South) in the state of Sonora, some 300 kilometres southeast of Hermosillo, the state capital in Northwest Mexico.
Consideration for each property consists of $420,000 and issuing 300,000
shares, both over a period of 48 months. There is also a 3% net smelter
return payable, and up to 2% of this may be purchased in increments of 0.5% for
$500,000 per increment).
The Alaska North & Alaska South Mining Concessions
consist of a total of 15,209.18 hectares and straddle the Sierra Alamos range
of hills for some 22 km in a N-S direction approximately 9 km west of the
famous silver mining village
of Alamos. The two
properties are served by a newly paved road from the city of Navajoa, a station on the main railroad and on
the N.S. toll road to Mexico City or north to Tucson Arizona.
Navajoa is located some 50 kilometres west of
the old Alamos mining camp.
The Alamos Mining camp has had a picturesque history
as the former “Silver Capital of the World”, purportedly producing
hundreds of millions of dollars of silver in the 1800s. The entire mining
camp was shut down around 1909 when the price of silver went down to 48 cents
per ounce.
Alaska
North
This property covers the extensions of some 30
mineralized zones and several famous old mines including: Minas Nuevas, Quinterra, Promotorios, Caterra, Santa
Domingo and the San Josee Group of Mines.
The area contains several types of mineralized zones
which are noted below
1. Disseminated deposits in quartz veins and wall rock.
2. Replacement types in limestone and limestone breccias.
3. Brecciated veins.
4. Lenticular bodies of sulphides and their oxides.
5. High temperature irregular deposits in recemented
zones containing native silver and copper.
6. Post – mineralization oxidation and leaching which formed
secondary deposits.
From the available historical records the ore bodies
mined to date averaged, 20.0 opt. silver, 0.02 opt. gold, 0.50% copper, 1.0 %
lead and 1.0% Zinc.
Alaska
South
This property adjoins Alaska North along its South
boundary (Latitude 27�) in the southern part of the mining concession. The
ground covers the southern extension of the Alamos Silver Camp. The property
encompasses a number of base and precious metal mineralized zones.
Work on the area peaked between 1919 and 1936 when a
number of shafts and adits were completed on the
property along with a milling facility. Although the majority of work was
completed on high grade zones, old reports indicate the possibility of a large
tonnage low grade gold, copper ore body.
These large low grade zones along with the high grade
gold and silver zones will be the subject of the current exploration
program. Research of the historical data is currently in process along
with an alteration survey based on state-of-the-art satellite imagery.
Field work is scheduled to start within the next 10
days. It is anticipated a drill program could follow by early 2009.
Don Cross, P.Eng.,
a Qualified Person for the purposes of NI 43-101, has reviewed and approved the
contents of this news release.
About Klondike Silver Corp.
Klondike Silver Corp. is a young and dynamic silver exploration company
focusing on advanced exploration and small high grade silver production in British Columbia, Yukon, Ontario and Mexico. Klondike
Silver’s wholly owned 100 tons per day mill at Sandon, BC is
able to process ore from local and Yukon
properties for exploration purposes. Klondike Silver is using modern
geophysical, geochemical and drilling technology to explore historical silver
camps and discover new mineralization. A large
exploration program is underway in 2008 in the Gowganda
and Cobalt silver camps of Ontario.
For Further
Information Contact: Alan Campbell, The
Hughes Exploration Group
(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.
