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Re: News Releases - Tuesday, August 19, 2008
Significant Land Package Optioned Adjacent to U.S. Gold Corp.
Project
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Klondike Silver Corp. (TSX Venture: KS) is pleased to report, subject
to regulatory approval, the option of the San Luis property in Sinaloa
State, Mexico. The property lies immediately adjacent to US Gold
Corporation's El Magistral gold mine, where recent drilling success has
been reported by Robert McEwen, Chairman and CEO (see US Gold Corp.'s
news release dated July 7, 2008).
The San Luis Mining Concession consists of a total of 143.0309 hectares
in Mocorito, Sinaloa, Mexico. Consideration for the property consists
of $1,200,000 and issuing 2,000,000 shares, over a period of 48 months.
There is also a 3% net smelter return payable, and Klondike Silver has
the first right of refusal to purchase up to 2% of the NSR.
Klondike Silver Corp.'s chief geologist in Mexico, Donald Cross,
P.Eng., is the qualified person in accordance with National Policy
43-101 and reports that a geologic traverse was made across the eastern
part of the San Luis block. The country rock consists of propylitized
andesite, the same rock as the host at US Gold's adjacent Samaniego
Hill deposit. Abundant float and a few outcrops of quartz veined and/or
silicified andesite were found on the San Luis ground. One outcrop
contained quartz veining with disseminated chalcopyrite and strong
copper staining. Samples were collected for analysis. Klondike Silver
will commence an exploration program consisting of geological mapping
and geochemical sampling to be followed by drilling of potential
extensions of US Gold's mineralization onto the San Luis claim block.
About Klondike Silver
Klondike Silver Corp. has assembled a quality portfolio of silver and
silver-rich poly-metallic properties in historic mineral districts of
North America, and is applying advanced exploration technologies to add
value to these core assets.
Klondike Silver is a member of the Hughes Exploration Group of
Companies and is led by a team with a stellar track record of discovery
and development in Canada.
CONTACT INFORMATION
Corporate Inquiries: Kevin Hull or Alan Campbell, (604)-685-2222
Email: info@klondikesilver.com
Or visit Klondike Silver's web-site: www.klondikesilver.com to see
Smartstox interviews with our Company President.
AGORACOM Investor Relations
Email: KS@agoracom.com; Website:
http://www.agoracom.com/ir/KlondikeSilver
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Copyright (c) 2008 KLONDIKE SILVER CORP. (KS) All rights reserved.
For more information visit our website at
http://www.klondikesilver.com/ or send mailto:info@klondikesilver.com
Message sent on Tue Aug 19, 2008 at 12:27:05 PM Pacific Time
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