VANCOUVER, British Columbia -Klondex Mines Ltd. (TSX: KDX.TO) (“Klondex”) announced today the appointment of Dr. Weiguo Lang, age 51, to the company’s Board of Directors. Dr. Lang’s appointment returns Klondex’s board size to five members.
Dr. Lang is a member of the Investment Committee for the China Mining United Fund and earned a BSc. degree in engineering in China and MSc. and Ph.D. degrees in Engineering from the University of Saskatchewan. He speaks fluent English and Mandarin and resides in Beijing, China where he serves as an advisor to various Chinese private and government companies involved in mining and mining finance sectors worldwide.
Dr. Lang’s Board appointment was made in connection with a June 2009 private placement investment in Klondex by China Mineral United Management Limited (CMU). Pursuant to the investment, Klondex granted CMU the right to nominate one director to Klondex’s Board. CMU also has the right to participate in the next $20 million of future equity issuances by Klondex that are carried out by June 29, 2011.
William Solloway commented, “Dr. Lang is a highly accomplished professional and mining industry executive who we welcome to Klondex’s board. We are eager to benefit from Dr. Lang’s experience, expertise and contributions as we work to accelerate the progress at our Fire Creek project and build investor appreciation for this tremendous asset. We are grateful to have the steadfast support of CMU as well as the counsel of Dr. Lang, to support our goals.”
About CMU and China Mining United Fund:
China Mineral United Management Limited is an affiliate of China Mining United Investment Co., Ltd. and the China Mining United Fund (the “Fund”). The Fund was established in May 2009 with initial capital of 500 million Renminbi (US $73 million) and was approved by the National Development and Reform Commission of the People’s Republic of China. It is among the first funds to be registered by the State Administration for Industry and Commerce with a mandate to seek foreign and domestic investments in the resource sector.
Founded by approximately 300 mining entrepreneurs in China, the Fund seeks investment opportunities in resource projects internationally and will also engage in providing credit guarantees and short-term loans to resource companies. The Fund seeks to raise an additional 9.5 billion RMB (US $1.4 billion) to fulfill its investment mandate in the natural resources industry on the global basis. Klondex was among the Fund’s first investments.
The Fund is chaired by Mr. Zheng Zhi, the founder of the Zhengda Group, and its senior management team includes the former General Engineer of China’s Smelting Metal Department; the former General Engineer of BHP’s mining exploration company and senior geological consultant to the World Bank; and the former Chief Representative of Ivanhoe Mines in China, amongst others.
About Klondex Mines:
Klondex Mines Ltd. is a gold exploration company with four projects in North Central Nevada. The Company is focused on the development of its high-grade Fire Creek gold deposit where it has identified the following NI 43-101 compliant resource:
| Fire Creek Project – Indicated and Inferred Resource *
NI 43-101 Dated March 30, 2009
|
| Classification |
|
Metric |
|
Grams Gold Equivalent |
|
Total Ounces |
| |
|
Tonnes |
|
Per Metric Tonne |
|
Gold Equivalent |
| Indicated |
|
5,043,033 |
|
10.11 |
|
1,639,822 |
| Inferred |
|
1,833,423 |
|
8.63 |
|
508,799 |
* Fire Creek has a gold-to-silver ratio of approximately 1:1, indicating the resource is approximately 98.3% gold and 1.7% silver. Reflects a cutoff grade of 5 grams per tonne and 60 units of silver equivalent to one unit of gold.
For more information, please visit www.klondexmines.com.
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 Solloway” |
|
|
“Bob Sibthorpe” |
| President |
|
|
Director |
Jaffoni & Collins Incorporated
David Collins, Ratula Roy
212-835-8500
KDX@jcir.com
