This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Klondike Silver Corp. Signs Binding Letter Of Intent To Option A Portion Of The Silver Slocan Mining Camp, British Columbia

Klondike Silver Corp. (TSX-v symbol: KS) (the ‘Company’) is pleased to announce that it has executed a binding Letter of Intent (‘LOI’) with Victory Mountain Ventures Ltd. (TSX-v symbol: VMV) (‘Victory’) to option a portion of the Silver Slocan Mining Camp located in south eastern British Columbia. The parties agree to use their best efforts to execute a definitive Option Agreement within 15 days.

The Agreement will allow Victory to acquire a 50% interest in the Silvana West and the Cody Creek claims by making payments to the Company and incurring exploration expenditures over a three year period. At the sole discretion of the Company, Victory will be able to earn an additional 25% of the project by making a lump sum payment of cash and shares to the Company.

Under the agreement, Victory will also be entitled to a royalty payment equal to 50% of net profit received from the sale of any newly discovered resources should exploration prove successful before the three year option has been satisfied. All agreement will be subject to TSX Venture Exchange approval.

The primary exploration focus will be on the silver-lead-zinc expansion potential to the west of the Silvana Mine located centrally in the Silver Slocan Mining Camp. As part of the Option Agreement, Victory and the Company will form a management committee to oversee all the exploration activities on the property, with the Company being the operator.

The map provided at this link ( http://www.klondikesilver.com/i/maps/longitude.jpg) illustrates the exploration potential between the Company’s Silvana Mine and the Standard & Mammoth Mines which are along strike to the west. The area labeled as the “Prospective Horizon” is where exploration will be focused as the existing underground mine structure will allow for underground drilling to explore the western extension potential.

The second land package offered in the option agreement are the Cody Creek claims located to the northeast and is believed to be along the same strike as the Silvana Mine. Cody Creek has excellent access and exploration potential containing several past producing mines.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs