SOURCE: Klondike Star Mineral Corp.

June 26, 2008 09:00 ET

Klondike Star Reports Year-End Performance Highlights

SEATTLE, WA--(Marketwire - June 26, 2008) - Hans Boge, P.Eng., President, Klondike Star Mineral Corporation (OTCBB: KDSM), is pleased to report highlights and company financial statements for the 12 months ended February 29, 2008. Direct spending on exploration to year-end 2008 was $4,794,417 USD.

Major highlights for the twelve-months ending February 29, 2008 include:

1. Shifting the Indian River gold project (placer) from advanced-stage exploration to the pre-development stage. This included the completion of a major drilling program, bulk sampling, an environmental and socio-economic assessment of the project by the public, governments and regulatory authorities, the issuance of the authorization to develop and operate the mine, and substantial progress on mine planning and analysis for the determination of a mineral reserve and development decision-making.

2. A significant breakthrough on the advanced exploration stage Lone Star gold project (hard-rock) based on consolidated analysis of 2007 exploration results and geological research of the Klondike Region by the University of British Columbia's Mineral Deposit Research Unit. Updated analysis has identified about 20-25% of the mineralization needed for viable mining and established priority drill targets expected to substantially increase known gold potential. There are now four target zones demonstrating significant gold mineralization and resource potential including Lone Star, Nugget, Buckland, and Pioneer; and a fifth zone, the JF, is drill-ready. The comprehensive Lone Star Gold Project Scoping Study for a large tonnage, low- to medium-grade gold mine with a minimum projected life of 10 years is nearing completion for release.

3. Mobilizing a new Canadian subsidiary for global operations and the award of the 1,245 km2/481 mi2 gold and iron ore mineral exploration and exploitation concession from the Arab Republic of Egypt following a competitive, international bidding process.

Additional operational and financial highlights are summarized in the annual 10-K filing with the U.S. Securities and Exchange Commission. A copy of the complete report is available on the Company website www.klondikestar.com or may be requested by contacting info@klondikestar.com or calling (800) 579-7580 toll free.

About Klondike Star

Klondike Star is a well-governed mineral exploration and development enterprise with a solid portfolio of projects in Canada and Egypt. The company has majority or 100% interests in 5 gold projects totaling about 290 km2/112.4 mi2 in the Yukon, located in the northwest corner of Canada underlying the site of the world-renowned Klondike gold fields. Major properties include the advanced-stage exploration Lone Star Gold Project with a scoping study in progress, the intermediate-stage Dominion Gold (and silver) property; and, the pre-development Indian River Gold Project. The mission is to explore, develop and operate new mines as socially responsible, sustainable developments. Through its wholly owned Canadian subsidiary, Klondike Star was awarded the right to explore and develop gold, iron ore and other minerals on the expansive 1,245 km2/481 mi2 Oweinat concession in the Arab Republic of Egypt through a competitive, international bidding process.

The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products or actions in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.

Contact Information

  • For more information please contact:
    Wayne Cousins
    Investor Relations
    Toll Free (800) 579-7580