New Klondike Appoints Chairman and Grants Options

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2013) - New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce the appointment of Mr. William Ollerhead to the position of Chairman of the Company's Board of Directors. He has been a member of the Board since February 2008 and will also continue to act as Chairman of the Company's Audit Committee. Mr. Ollerhead will take a leading role in advancing the Company's corporate governance policies and have a more active, day-to-day role, assisting management to meet the Company's objectives.

Mr. Ollerhead is the principal of Ollerhead Capital, a division of a private investment and management services company. He has over 20 years of experience in the capital markets and corporate finance field. His investment and capital markets experience has provided him with exposure to, and knowledge of, a broad range of industries. Mr. Ollerhead holds a B.A. with a concentration in Statistics from the University of Western Ontario, and an M.B.A. with a concentration in Finance from McGill University. In 2010, Mr. Ollerhead completed the Directors Education Program at the Institute of Corporate Directors at the Rotman School of Management, University of Toronto. He is a member of the board of directors of TSX-listed BioExx Specialty Proteins Ltd. where he serves as Chairman of the board. He is also a member of the board of directors of TSXV- listed Thermal Energy International Inc.

The Company also announces that it has granted a total of 500,000 stock options to purchase common shares of the Company to certain officers, directors and to a geological consultant of New Klondike. The options are exercisable for a period of five years at an exercise price of $0.15 per option and will expire on February 12, 2018.

The stock options have been granted pursuant to the terms of the Company's 2012 Stock Option Plan (the "Plan") adopted and approved by shareholders at the Annual and Special Meeting of Shareholders held on Friday, July 13, 2012. A total of, up to 10% of the Company's issued common shares are reserved for grant under the Plan. New Klondike presently has 17,342,845 common shares issued. Each stock option gives the option holder the right to purchase one common share of the Company. Immediately following the grant of the above stock options, the Company has a total of 1,250,000 stock options outstanding.

About New Klondike

New Klondike is a mineral exploration and development company focused on the acquisition and development of base and precious metal deposits on the Goldstorm Project and its other exploration properties in Ontario.