Klondike Gold Corp. License Application Accepted for Historic Portuguese Gold Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/12 -- Klondike Gold Corp. (the "Company") (TSX VENTURE: KG) is pleased to announce that its application for an exploration license in the Largares area Portugal has been accepted by Portuguese Department of Energy & Geology. Klondike Gold Corp.'s licence application covers about 80 km2 and includes the historic Castromil Gold Mine ("Castromil"). The Castromil Mine is located 21 km from Oporto, the second largest city in Portugal, and has been the site of historical mining dating to the Roman period. The first modern exploration activity began in 1941, when the company Minas Gold Douro started prospecting on site. This work stopped in 1946, apparently due to lack of funds. In 1964, a Canadian company - Noranda Inc. - also began work, which ended in 1966, due to a fall in gold prices. In 1973, Anglo American plc analyzed the property, followed in 1988 by Billiton plc. Both companies are major multinational producers and found the deposit too constrained for their business models under the market conditions at that time. Connary Minerals Ltd. explored the area between 1994 and 1997 and concluded that the exploitation of the Castromil deposit was viable. Connary submitted a proposal for mine development which was rejected by Portuguese authorities in 2000. Portugal has since changed its position towards mining and is aggressively pursuing a mineral exploration and resource development strategy. The Company feels that the Castromil site and the extended license area surrounding the historic mine is, under current market conditions, an excellent exploration target.
Klondike Gold Corp. has a capable team of consulting Geologists in Portugal where it operates through its wholly owned subsidiary, Klondike Gold Corp. Portugal.
About Klondike Gold Corp.
Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver, British Columbia and Dawson City, Yukon. The Company is focused on the development of its Yukon properties. In addition the Company holds a large portfolio of gold and base metal properties in southeastern British Columbia.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Klondike Gold Corp.
Erich Rauguth
President & CEO
604-685-2222
604-685-3764 (FAX)
info@klondikegoldcorp.com
www.klondikegoldcorp.com