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Vancouver, B.C. - December 13, 2010 - Klondex
Mines Ltd. (TSX: KDX), announced that to date its 2010 exploration drilling
program has identified six previously unknown gold vein structures and
intercepted several new gold bearing shears at its Fire Creek property in
North Central Nevada. Today's results are based on assays received from 11
of 15 completed holes as surface drilling continues. Klondex
has completed 9,573 feet/2,198 meters of core and 12,710 feet/3,874 meters
of RC drilling. Six of 11 holes are step out drilling to test known IP
anomalies while five holes were in-fill, testing known mineralization.
Results are reviewed below and on a drill plan map on the KDX website.
Klondex's 2010 surface drilling program has
identified a new vein between the Main and Far North Zones (FC1007RC), two
new veins within the Far North Zone (FC1003B), strong veining near the
north end of the New North Zone (FC1004) and extended the Main Zone vein
system 100 meters to the south (FC1012RC, FC1013RC, FC1016). Follow-up
drilling of the new veins and vein shears will be required to further
demonstrate their significance. Results from this year's program, as well
as last year's productive 15-hole program (totaling 20,221 feet/6,163 meters)
are not yet included in KDX's 43-101 resource, last updated in March 2009.
Blane Wilson, President and COO, commented:
"Surface drilling at Fire Creek continues to be very productive,
delivering new veins and intercepts while also growing the geographical
scope of the Fire Creek resource. We continue to balance our exploration
efforts with in-fill core drilling of known mineralized areas with the
testing of IP targets through RC drilling. Given the onset of winter
weather at Fire Creek, we expect to suspend further RC drilling in the near
term but plan to continue our core drilling into late January or beyond.
"We expect to initiate underground operations in 2011, though surface
exploration will remain a priority for the Company. Our current surface exploration
program covers four square miles, and we are confident it can lead the way
to expanding our resource and additional underground development."
DRILL HOLE DESCRIPTIONS:
FC1001 Drilled above and 200 feet west of FC0914RC intercept (two
intercepts of +9.0 g/t Au). Crossed shear zone 1260-1350 feet with gold up
to 0.9 g/t.
FC1002B Tested east and 200 feet below FC0914 intercept. Shear zone
1190-1360 feet with gold high of 2.6 g/t.
FC1003B Drilled untested western portion of Far North vein system. A
single vein hit to the north became 3 strong veins in this hole within a
230 feet thick zone running 1.6-1.8 g/t gold.
FC1004 Drilled near the northern end of the New North Vein system. A
strong vein was intersected 6.5 meters true width averaging 9.95 g/t gold
or 1.1 meters assaying 33.00 g/t gold.
FC1005B Drilled to target northern Main. The hole intersected
gold-bearing shears at 800-900 feet (in Latite
tuff), 1150-1200, 1310-1350 and 1430-1460 feet. The gold high is 3.1 g/t.
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KLONDEX MINES Lth.
Phase 9 Drill Results Fire Creek � December 2010
(= 10 feet @ = 0.03 oz/ton gold equivalent)
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Hole No.
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From
(feet)
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To
(feet)
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Interval
(feet)
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True
Width
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Gold
(oz/ton)
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Silver
(oz/ton)
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True
Width
(m)
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Gold
(g/t)
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Silver
(g/t)
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Target
Area
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FC1001
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No +0.03 oz/ton Gold Values
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IP Anomaly
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FC1002B
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1210
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1220
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10.0
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8.0
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0.055
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0.16
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2.4
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1.89
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5.50
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IP Anomaly
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FC1003
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820
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910
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90.0
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72.0
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0.048
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0.04
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21.9
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1.64
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1.33
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Far North
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Including
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895
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905
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10.0
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8.0
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0.162
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0.32
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2.4
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5.55
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11.00
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Far North
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980
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1180
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200.0
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160.0
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0.052
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0.09
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48.8
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1.78
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3.13
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Far North
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Including
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990
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995
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5.0
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4.0
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0.378
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1.21
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1.2
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12.93
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41.30
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Far North
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and
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1070
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1080
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10.0
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8.0
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0.193
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0.11
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2.4
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6.60
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3.70
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Far North
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FC1004
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905
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920
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15.0
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10.6
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0.045
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<0.015
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3.2
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1.55
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<0.50
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N. New North
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1095
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1125
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30.0
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21.2
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0.291
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0.51
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6.5
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9.95
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17.38
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N. New North
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Including
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1100
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1115
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15.0
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10.6
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0.549
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0.93
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3.2
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18.79
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31.70
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N. New North
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Including
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1105
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1110
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5.0
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3.5
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0.964
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1.32
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1.1
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33.00
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45.20
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N. New North
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FC1005B
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1175
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1210
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35.0
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28.0
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0.044
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0.13
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8.5
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1.51
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4.33
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N. Main
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Including
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1340
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1350
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10.0
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8.0
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0.046
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<0.015
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2.4
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1.58
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<0.50
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N. Main
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FC1006RC
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No +0.03 oz/ton Gold Values
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IP Anomaly
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FC1007RC
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990.0
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1040.0
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50.0
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35.4
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0.044
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0.18
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10.8
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1.52
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6.25
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IP Anomaly
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Including
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1035.0
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1040.0
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5.0
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3.5
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0.150
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0.31
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1.1
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5.14
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10.60
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IP Anomaly
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1110.0
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1130.0
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20.0
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14.1
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0.030
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0.04
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4.3
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1.04
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1.45
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IP Anomaly
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1365.0
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1385.0
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20.0
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14.1
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0.036
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<.015
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4.3
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1.23
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<0.50
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IP Anomaly
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FC1010RC
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0.0
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5.0
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4.0
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3.5
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0.103
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<.015
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1.1
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3.53
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<0.50
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IP Anomaly
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FC1012RC
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No +0.03 oz/ton Gold Values
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IP Anomaly
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FC1013RC
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565
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635
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70.0
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49.5
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0.038
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0.06
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15.1
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1.30
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2.18
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S. Main
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Including
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595
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600
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5.0
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3.5
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0.140
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0.40
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1.1
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4.79
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13.70
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S. Main
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FC1016
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360
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490
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130.0
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91.9
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0.055
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<.015
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28.0
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1.88
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<0.50
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S. Main
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Including
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405
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425
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20.0
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14.1
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0.146
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0.02
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4.3
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4.99
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0.55
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S. Main
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535
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550
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15.0
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10.6
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0.039
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<.015
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3.2
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1.35
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<0.50
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S. Main
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685
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705
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20.0
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14.1
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0.037
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0.04
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4.3
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1.27
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1.20
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S. Main
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FC1006RC This hole targeted an IP anomaly 1300 feet (400 meters)
north of Main. A shear zone with anomalous gold up to 0.7 g/t was
intersected from 670 to 710 feet.
FC1007RC This hole targeted an IP anomaly over northern Main west of
where FC1006RC tested. This hole discovered a new vein and 3 gold
bearing shears located between northern Main and Far North (950-1020,
1070-1110, 1320-1370 feet). The vein runs 5.14 g/t gold over a true
width of 1.1 meters.
FC1010RC This hole was drilled to test an IP anomaly over east Main.
It intersected a mineralized shear bordering a basalt dike from 1320-1460
feet with a high of 1.4 g/t gold.
FC1012RC Drilled as part of a two hole
fence testing the south extension of Main and an IP anomaly to the east,
this hole intersected a wide gold bearing shear zone from 400-580 feet.
High gold for the interval is 0.8 g/t.
FC1013RC The second of the 2 hole fence with FC1012 this hole was
drilled from further west. The hole intersected one vein (1.1 meters
true width of 4.79 g/t gold) within a gold bearing shear from 560-660 feet.
This extends the Main vein system a further 50 meters south from FC1016.
FC1016 Drilled at 45 degrees the hole
intersected 28 meters true width of 1.88 g/t gold from 360 to 490 feet
depth. Within this is an intercept of 4.3 meters true width of 4.99 g/t
gold. This hole extends the Main vein zone 50 meters south.
After giving effect to the private placement, as of November 10, 2010 Klondex Mines had 36,544,089 shares issued and
outstanding, 41,319,089 shares on a fully diluted basis, and approximately
CDN $9 million in cash.
About Klondex Mines (www.klondexmines.com):
Klondex Mines Ltd. is focused on the exploration
and development of its 100% owned high-grade Fire Creek gold deposit in
North Central Nevada. Fire Creek is a compelling, low-Capex
mining prospect that is well located near power, transportation, mining
infrastructure and several milling facilities. Klondex
has identified the following NI 43-101 compliant resource at Fire Creek:
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Fire Creek � Indicated and Inferred
Resource*
As of March 30, 2009
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Classification
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Metric Tonnes
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Grams Gold Equivalent
Per Metric Tonne
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Total Ounces
Gold Equivalent
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Indicated
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5,043,033
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10.11
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1,639,822
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Inferred
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1,833,423
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8.63
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508,799
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*The resource is
approx. 98.3% gold and 1.7% silver and reflects a cutoff grade of 5 grams
per tonne and 60 units of silver equivalent to
one unit of gold.
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Richard Kern (P.Geo), of Reno, Nevada, a
qualified person as defined under National Instrument 43-101 and has
reviewed and approved the technical information contained in this press
release.
ON BEHALF OF KLONDEX MINES LTD.
William J. Solloway
Chairman and CEO
Blane Wilson
President and COO
# # #
Investor Contacts:
Bryson Goodwin
Klondex Mines Ltd.
brysongoodwin@shaw.ca
(604) 341-1531
David Collins
Jaffoni & Collins
KDX@jcir.com
(212) 835-8500
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