SOURCE: Klondike Silver Corp.

July 31, 2008 21:39 ET

First Stump Delivery Arrives on Schedule

VANCOUVER, BC--(Marketwire - July 31, 2008) - Klondike Silver Corp. (TSX-V: KS) is pleased to announce the arrival of the first delivery of lead-zinc-silver material from its Stump Property in the Yukon to its wholly owned milling complex located in Sandon, B.C. Approximately 2500 to 3000 tons of material from the Stump will be delivered and processed over the next three months.

Four bulk samples, collectively comprising approximately 80 tons of galena-rich material, were extracted from the Stump in 2007 and returned values as high as 42% Pb and 47 oz/ton Ag (head grades reported from the mill are listed on Table 1). The concentrate is currently stored at the Sandon mill.

Table 1: Head Grades for Stump Bulk Sample
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Klondike Silver Corp. BULK SAMPLE: STUMP PROPERTY, YUKON
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Mill Run at Sandon, BC - Sept/Oct 2007
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Lens     Sample             Tonnage     Pb       Ag        Ag       Zn
                        (short tonnes)  (%)   (g/tonne) (oz/tonne)  (%)
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B      2459 Head sample       8.7      39.87    1578     46.03     0.38
       Lot B
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C      2464 Head sample      31.5      37.41    1416     41.30     0.37
       Lot C
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E      2456 Head sample      27.0      39.32    1559     45.47     1.34
       Lot E
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F      2461 Head sample      13.5      42.62    1612     47.02     0.30
       Lot F
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Totals                       80.7
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Klondike Silver recently entered into an agreement with a smelter (see news release dated July 14, 2008) to process the concentrate once the entire shipment has been milled.

The Stump property is wholly owned by Klondike Silver, subject to a net smelter return royalty. It is road accessible and hosts silver-lead veins that are part of a large mineral camp which includes the former Ketza gold mine, 5 km to the west.

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.

The statements made in this Press 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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