Klondike Silver Corp. (the “Company”) (TSX-V: KS) is pleased to announce it has arranged for a private placement of up to 4,000,000 units for total proceeds of up to $ 1,000,000. The financing will consist of Units priced at $0.25 per Unit. Each of the units consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for four years at a price of $0.30 per share. In accordance with Exchange policies, finders' fees may be paid on a portion the funds raised. The private placement is subject to regulatory approval.

Proceeds from the private placement will be used for exploration expenditures on the Company’s Yukon, British Columbia and Ontario mineral properties as well as for general working capital.

About Klondike Silver:

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

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.

Copyright Business Wire 2010

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