KLONDIKE SILVER CORP.

#711 – 675 West Hastings Street Vancouver, B.C.  V6B 1N2  Telephone:  604-685-2222 Fax: 604-685-3764

FOR IMMEDIATE RELEASE

TSXV: KS

www.klondikesilver.com                                                                                                     

February 5, 2008

Haultain property drilling update,
gowganda Silver camp

Klondike Silver Corp. (TSX-V: KS) is pleased to announce that the Phase I Diamond Drill Program in Haultain Township, Gowganda, Ontario, has been completed. Nine drill holes totaling 981 metres were drilled on diabase targets of the Flatstone Diabase Basin. The Flatstone Diabase Basin adjoins the Miller Lake Diabase Basin of Haultain and Nicol Townships, where historical silver, and cobalt production from diabase-hosted deposits exceeded 56 million ounces silver and 560 tonnes of cobalt. 

Drill targets were defined through prospecting with input from the assessment records of previous explorers and producers in both Miller Lake and Flatstone Diabase Basins.

Drill hole HLT-07-01 was drilled to test the presence of silver bearing quartz-carbonate veins associated with faulting under Babs Lake, which lies on the eastern margin of the Miller Lake Diabase Basin. The target fault zone is one of two principal faults that cross the Township from southwest to northeast, and which appear implicit in the localization of mineralization at Miller Lake Diabase Basin mines.

Drill holes HLT-07-02, HLT-07-03, and HLT-07-04 were drilled to test the downdip and lateral extent of a 40cm aplite vein associated with quartz-carbonate veining and chalcopyrite mineralization. This aplite/quartz-carbonate vein zone was exposed at surface by logging activities and discovered during regional prospecting. Aplite veins are important as they appear to represent the last stage of differentiation of the host diabase, and occupy the same stratigraphic position and structures as silver-cobalt-nickel veins in the Miller Lake Diabase Basin, three km to the west; the Calcite Creek Diabase Basin, five km to the east; and the Cobalt Silver Camp, some 100 km east. 

Drill hole HLT-07-05 was drilled to test the orientation and potential differentiation of the diabase as well as the identity and stratigraphic relationships of the rocks at the upper and lower contacts of the diabase.

Drill hole HLT-07-06 tested the downdip extent of rocks and structures potentially favourable for the discovery of silver and cobalt. Target rocks were exposed on surface in trenching carried out by the Company in 2006, and are seen in historic shafts in the area.

Drill holes HLT-07-07, HLT-07-08, and HTL-07-09 tested a strong zone of quartz-carbonate veining over a 175m distance. This zone is visible at surface, and mapping suggests the orientation of the vein set is consistent with large-scale structural observations at the past-producing Miller Lake O’Brien Mine in the Miller Lake Diabase Basin, which produced in excess of 36 million ounces silver and 360 tonnes of cobalt between 1910 and 1965. The vein zone also appears correlative with the Haultain Mine prospect some in the Flatstone Diabase Basin, and the Wigwam Silver prospect in the adjoining Calcite Lake Diabase Basin

Klondike Silver Corporation CEO Mr. Richard Hughes said, “This first phase drill program should allow us to develop a specific discovery model for Miller Lake Diabase Basin style silver-cobalt-nickel veins in underexplored areas of the Gowganda Silver Camp, and in Haultain township especially”.

The Company has also finished renovating the old Gowganda school (see News Release No. and date) to support four-season core logging, sampling, and grassroots exploration activities. Accordingly, detail logging and mapping of the drill holes is now underway.

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.