Vancouver, BC Canada, July 12, 2011 - Klondex Mines Ltd. (TSX: KDX), which is focused on the
exploration and development of its 100% owned Fire Creek gold deposit in
North Central Nevada, today confirmed the election of six Directors to its
Board at its annual shareholders meeting held June 30, 2011 and the
subsequent appointment of Ken Stowe as a seventh Director. Mr. Stowe shall
also serve in the role of Lead Director. The Klondex
Board now includes five independent Directors.
Klondex also announced that Blane
Wilson has been named President and Chief Executive Officer of the Company,
expanding upon his prior role as President and Chief Operating Officer.
William J. Solloway, who has stepped down as CEO,
remains as Chairman of the Klondex Board.
The new Board provides substantial precious metals exploration, production,
processing and finance experience as Klondex
enters an exciting new phase of underground exploration, deposit
delineation/verification and bulk sampling, seeking to advance its goal of
becoming a successful mid-tier gold mining company. Klondex's
Board is comprised of the following professionals:
Andre Douchane, Director, has extensive
experience in developing and managing mines in Nevada, including the Round
Mountain gold mine, several projects for Battle Mountain Gold and Battle
Mountain North America, and Franco-Nevada's Ken Snyder (Midas) gold mine.
He is Chairman of North American Palladium Ltd. and a Director of Osisko Mining Corporation.
Robin Goad, Director, is a professional geologist with approximately
30 years of experience in the mining and exploration industries in Canada
and internationally. He is President, CEO and a Director of Fortune
Minerals Limited, a director of the Northwest Territories and Nunavut
Chamber of Mines, and a director of Andor Mining
Inc.
Warren Moysey, Director, was with CIBC for
28 years, with his last position as director and one of three bank
presidents. He has also held senior positions at financial institutions
including Chairman and CEO of CI Mutual Funds Inc. and is currently an Independent
Review Committee member for Toronto Dominion Asset Management Inc. and a
director of a TDAM Mutual Fund.
William Solloway, Chairman, is
Barrister/Solicitor and active investor overseeing family interests in
mining, natural resource and other public companies. After a career in law,
Mr. Solloway held management positions at
Canadian Bechtel, Trans Mountain Pipeline and was a principal at Minbanco Corp., Camino Gold Mines and The Marshall Plan
asset managers affiliated with CALPERS.
Kenneth Stowe, Lead Director, has over 35 years of mining industry
experience. He is the outgoing President and CEO of Northgate Minerals
Corporation and the recipient of the Canadian Mineral Processor of the Year
Award in 2006. Prior to Northgate, Mr. Stowe worked in various operational,
R&D and corporate leadership roles at Noranda,
Diamond Fields Resources and Westmin
Resources/Boliden. Mr. Stowe is a director of Hudbay
Minerals Inc.
Chad Williams, Director, is a professional mining engineer and was a
highly ranked institutional equity analyst covering the gold and precious
metals sector. He previously served as a Senior Gold Analyst and ultimately
Head of Investment Banking at Blackmont Capital
Inc. He is a director and former President and CEO of Victoria Gold Corp. and
a director of Golden Valley Mines Ltd.
Blane Wilson, Director, President and
CEO, has over 25 years of mining, gold refining and processing,
permitting, water management, reclamation and construction experience,
including serving as Corporate Operations Manager for Queenstake Resources
USA's Jerritt Canyon Nevada gold mine. Mr. Wilson
is COO of Golden Eagle International, Inc.
Audit & Compensation and Governance Committee Appointments:
Klondex's new Board of directors has appointed a
new Audit Committee and expanded the scope of its prior Compensation
Committee to form the Compensation and Governance Committee. Andre Douchane, Robin Goad, and Ken Stowe have each agreed to
serve on both the Audit Committee and the Compensation and Governance
Committee.
Klondex President and CEO, Blane
Wilson, commented, "Klondex has forged a
very strong, independent board with an impressive track record of mining
industry accomplishment and mine operations experience, including relevant
Nevada gold mining involvement. The Board's guidance will prove
instrumental as we execute our active surface and underground programs at
Fire Creek which continue to make solid progress. The Board has also made
substantial Corporate Governance headway, having formed fully-independent
Audit and Compensation and Governance Committees. These are important steps
for Klondex that reflect our evolution as a
company and represent clear signs of the Board's responsiveness to
shareholders."
About Klondex Mines Ltd. (www.klondexmines.com):
Klondex Mines is focused on the exploration and
development of its 100% owned Fire Creek gold deposit in North Central
Nevada. As of July 11, 2011, Klondex had 37.0
million shares issued and outstanding and 43.6 million shares on a diluted
basis.
On Behalf of Klondex Mines Ltd.
Blane Wilson
President and CEO
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