Klondike Silver Corp.
TSX VENTURE : KS

Klondike Silver Corp.

November 05, 2009 10:07 ET

Klondike Silver Corp Plans Follow-Up Program on Drill Intersection of 2393 g/t Silver Over 0.41 Meters in Gowganda, Ontario

- PREVIOUS KLONDIKE SILVER DRILL HOLE HCL-0701 INTERSECTED 2,393 G/T AG, 0.31% CO, 0.46% CU AND 0.17% NI OVER 0.41 METERS FROM 99.97 TO 100.38 METERS

- DRILL TARGETS DEFINED FROM USING AIRBORNE VTEM SURVEY, FOLLOW UP DRILLING CURRENTLY BEING PLANNED

- DRILL INTERSECTION REPRESENTS A SIGNIFICANT DISCOVERY IN THE GOWGANDA ELK LAKE SILVER CAMP

- RECENT ASSESSMENT WORK HIGHLIGHTS HIGH-GRADE POTENTIAL

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - Klondike Silver Corp. (TSX VENTURE:KS) (the "Company") is pleased to announce results from an earlier drill program and reevaluation of the Corkill-Lawson silver project. The property is located approximately 15 kilometers southeast of the town of Gowganda, Ontario. Drill hole HCL0701, which intersected 2,393 g/t Ag, 0.31% Co, 0.46% Cu and 0.17% Ni over 0.41 meters from 99.97 to 100.38 meters, will be the primary focus of the upcoming program. The Gowganda area was the second largest silver producer in Ontario after the Cobalt area, having produced 60,186,782 oz Ag up until 1969.

"We are pleased to announce the Company is moving forward with the Corkill-Lawson silver project. Recent assessment work completed on the property clearly highlights its potential," comments Company President, Richard Hughes. "A review of previous drill data, including the high grade intercept mentioned, has been completed andwill guide future exploration efforts".

Original exploration by the Company was conducted to identify silver-cobalt-nickel veins hosted in and proximal to a Nipissing diabase dike that strikes north-south through the Corkill and Lawson townships. Drill targets were defined on the basis of VTEM airborne geophysical anomalies in conjunction with targeting mature differentiated diabase similar to the diabase hosted silver deposits of the Gowganda area.

The Company would also like to announce it underground work in the Silvana mine, in British Columbia is progressing well. A drift is currently being put into to what the Company believes is the western extension of the Main Lode structure, the controlling structure responsible for the majority of production in the Slocan silver camp. Underground drilling is also underway at the eastern end of the Silvana mine.

Peter Caldbick, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Corkill-Lawson Project. The technical contents of the press release have been reviewed and approved by Peter Caldbick.

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 is currently processing material from one of its Yukon properties and local mines in the historic Slocan Silver Camp.

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 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.

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

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