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Yukon & Silvery Slocan Update
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Klondike Silver Corp. (TSXV: KS) is pleased to report that a 2500 ton
mini bulk sampling is underway on its wholly owned Stump property
located in the Yukon. As reported on March 12, 2008, the average ore
grade of an 80 ton bulk sample taken from the Stump in 2007 assayed 40%
lead and 40 oz silver per ton. The 2500 ton bulk sample will be
processed at Klondike Silver's Sandon mill located near New Denver, BC
and then shipped to smelter.
Exploration and mining continues at the Silvana mine, level 4625,
located at Sandon, BC. The Silvana produced 750,000 tons of ore at
approximately 14 oz silver and 14% combined lead zinc before it was
closed in 1993 due to low metal prices.
The Hinckley mine has been rehabilitated and is now ready for
production. The Hinckley stopped in ore in 1992 much like the Silvana,
due to low metal prices. Ore from the Hinckley will also be processed
at the Sandon mill. Further underground exploration to increase the
Hinckley's reserves is expected to begin shortly.
The Wonderful mine rehabilitation on level 4 has been completed, along
with the portals at levels 2 and 3. An underground
Diamond drill
station in level 4, on a heading down dip from the McLanders zone has
been completed with
Diamond core rilling starting soon. Our news
release of August 2, 2006 reported grab sample assays of the
lead/zinc/silver-rich McLanders, part of the Wonderful vein lode
system, with assay values as follows:
Sample PB % Zn % Ag oz/t Type
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1 79.93 0.8 197.6 rock outcrop
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2 75.37 1.5 117.2 rock outcrop
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3 44.72 2.28 63.1 rock outcrop
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4 67.51 2.21 161.4 rock outcrop
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5 71.1 3.11 113.2 rock outcrop
Klondike Silver is pleased to report that a recent drill hole up slope
from the Wonderful Mine intersected 3.4 metres (11.2 ft) assaying 13.6%
zinc and 1 oz Ag per ton.
A raise from level four (lowest level) to level three (72 metres) is
approximately 60% complete and intersects 1 metre true width of high
grade zinc which may be the down dip extension of the McLanders vein.
The Sandon mill, with a capacity of 100 tons per day, is completely
operational and is processing ore from the Silvana mine and the raise
being driven in the Wonderful. The processing of ore from the Hinckley
mine and the Stump property is expected to begin this summer.
Negotiations are presently underway for the delivery of existing and
future inventories of concentrate to smelter. The Sandon Mill lead
concentrate averages 75% lead, carrying 135 ozs silver per ton, while
the zinc concentrate averages 55% zinc carrying 50 ozs silver per ton.
The company continues to evaluate a number of historic producing mines
in the Slocan Camp for the purpose of identifying new zones and
increasing reserves. Klondike Silver now owns over 75% of the land in
the Slocan Camp where at one time over 100 mines were in operation. The
present surface exploration program conducted by the Klondike Silver
exploration office, located at Rosebery, BC, near New Denver, is well
underway.
The management is encouraged and pleased by the progress made on our
Yukon properties, the Sandon Mill in the Slocan, in underground mining
and the exploration taking place to discover new zones.
About Klondike Silver
Klondike Silver Corp. has assembled a quality portfolio of silver and
silver-rich polymetallic properties in historic mineral districts of
North America, and is applying advanced exploration technologies to add
value to these core assets.
The Company holds more than 10,000 hectares of claims and crown grants
in the "Silvery Slocan" district, including numerous past-producing
mines and a fully permitted and operating 100 tons per day mill near
the historic mining town of Sandon, B.C.
Klondike Silver is reviving the historic Gowganda and Elk Lake silver
camps in Ontario, and is exploring silver-rich polymetallic targets in
the world-famous Klondike district of Yukon Territory. The Company has
also recently optioned eight high-potential mineral concessions in
under-explored historic mineral districts of Mexico.
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 Company Chairman and President.
AGORACOM Investor Relations
Email: KS@agoracom.com
Website: http://www.agoracom.com/ir/KlondikeSilver
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
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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
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