November 17, 2010 Klondike Silver Corp Commences Drilling on IP Anomalies on Hewitt Property in Slocan Silver Camp
DRILLING COMMENCES ON HEWITT PROPERTY
TWO PROMINENT ANOMALIES IDENTIFIED BY RECENT IP SURVEY
AREA OF HEAVY OVERBURDEN, ON STRIKE WITH MAIN HEWITT LOAD
VANCOUVER, BC - Klondike Silver Corp. (TSX-V: KS) (the "Company") is pleased to announce that it has contracted Black Hawk Drilling of Smithers, British Columbia, to drill test two IP anomalies on the Hewitt property located in the southern part of the Slocan Silver Camp near Silverton, BC. Both anomalies are being tested by shallow drill holes, for a total of 500 meters. Drilling will be testing anomalies in area that is covered by heavy overburden on strike with historical discoveries made only by way of prospecting outcrops.
Exploration by Klondike Silver Corp on the Hewitt property has included geological mapping, an airborne geophysical survey, soil surveys, and limited trenching and drilling. A recent IP survey recognized two prominent anomalies in the western part of the property. The more northern is in an area of heavy overburden an on strike with the inferred western continuation of the main Hewitt lode. The more southern, also overlain by heavy overburden, is on strike with a recently discovered boulder that contained high silver, lead and zinc content.
The Hewitt and Van Roi have two past producing mines on the property. The Van Roi mined 284,706 tonnes until its closure in 1957, with an average grade of 305 g/tonne silver, 2.6% zinc and 2.8% lead. The Hewitt produced 112,573 tonnes of ore with an average grade of 529 g/tonne silver, 2.4% zinc and 1.5% lead.
Klondike Silver Corp. entered into an option agreement with Gold Jubilee Capital Corp. in which Gold Jubilee Capital Corp. can acquire a 51% right, title and interest in the Hewitt-Van Roi property on payment of $320,000 to Klondike Silver Corp. (optioner), issuing 300,000 common shares to the optioner, and incurring at least $1,500,000 in exploration expenses. Klondike Silver Corp., remains the operator of the property.
The Qualified Person for the purpose of National Instrument 43-101 is Dr. Trygve Hoy, P.Geo., who has read and agreed with the technical information in this news release.
About Klondike Silver:
Klondike Silver Corp. has assembled a quality portfolio of silver properties in historic mineral districts in North America, and is applying advanced exploration technologies to add value to these core assets. Klondike Silver is reviving the Gowganda and Elk Lake silver camps in Ontario, and the world-famous Klondike district of Yukon Territory. The Company owns a 100 TPD fully operational flotation mill in Sandon, BC, which processes material from local mines in the historic Slocan Silver Camp.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy or contents of this news release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections
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