|By Marketwired .||
|September 13, 2013 06:17 PM EDT||
ELKO, NV and VANCOUVER, BC -- (Marketwired) -- 09/13/13 -- Klondex Mines Ltd. (TSX: KDX) (OTCQX: KLNDF) announced today that Larry Phillips has resigned as Chairman of the Board as well as his position as a member of the Board of Directors. Blair Schultz, a member of the Klondex Board, was subsequently appointed as Klondex Interim Chairman.
Klondex also announced today that Richard J. (Ritch) Hall has joined the company as a Special Advisor to the Board. Mr. Hall and Paul Huet, Klondex President and CEO, previously worked together at Premier Gold Mines Limited where Mr. Huet was Chief Operating Officer and Mr. Hall was Chairman of the Board. A biography on Mr. Hall is detailed below.
Paul Huet, President and CEO of Klondex said, "I'd like to thank Larry for his counsel and steady hand while he was Chairman of Klondex. The Board and I wish him much success with his other ventures."
He continued, "Having worked with Ritch in the past, I gained a tremendous amount of respect for his experience and valued advice. I'm thrilled that he will be helping Klondex evaluate growth opportunities while we continue to unlock the value at Fire Creek."
The Klondex Board is most appreciative for Mr. Phillips' leadership and guidance while he was Chairman of the Company. Mr. Phillips' involvement with several other companies and Boards, together with personal commitments, have placed increasing demands on his time, making it difficult to maintain the day-to-day role as Chairman; as a result, he has decided to step down.
Mr. Schultz held the position of interim Chairman prior to the appointment of Mr. Phillips and has been a member of the Board of Directors since 2012. Mr. Schultz is a Vice President at K2 & Associates Investment Management Inc., a significant shareholder of the Company.
Mr. Hall is a seasoned mining executive that has been engaged by Klondex to help the Company and advise the Board on several strategic opportunities. Mr. Hall brings over 40 years of mining, exploration, development and corporate experience to Klondex. In addition to consulting to the mining industry, he presently serves as a director of Iamgold, Kaminak Gold, Gold Canyon Resources and as Chairman of Marlin Gold. Previously, he served as Chairman of Premier Gold Mines Ltd. and was president and CEO of Northgate Minerals Corp, when Northgate was acquired by AuRico Gold. Mr. Hall was Chairman of Grayd Resource Corp., when Grayd was acquired by Agnico Eagle Mines Ltd. and he served as director and chairman of the special committee of Creston Moly Corp. during its acquisition by Mercator Minerals Ltd. From 1999 to 2008, he served as president and CEO of Metallica Resources Inc., where he was involved in all aspects of the companies' development, including the financing, construction and commissioning of the Cerro San Pedro gold-silver mine in Mexico. Metallica was part of a $1.6-billion merger with Peak Gold Ltd. and New Gold Inc. to form what is now New Gold Inc. Previous to his tenure at Metallica, Mr. Hall held senior management positions with Dayton Mining Corp. and Pegasus Gold Corp.
Mr. Hall holds a bachelor's and a master's degree in geology, and a master of business administration from Eastern Washington University. He also completed an executive development program at the University of Minnesota.
About Klondex Mines Ltd. (www.klondexmines.com)
Klondex Mines is focused on the exploration and development of its Fire Creek gold deposit in North-Central Nevada. Fire Creek is a compelling gold project located in a mining-friendly jurisdiction, near major producers, power, transportation, mining infrastructure and its milling facility. At September 12, 2013, Klondex had 65.5M shares issued and outstanding and 88.4M shares, fully diluted.
This news release contains certain information that may constitute forward-looking information under applicable Canadian securities legislation, including information about the magnitude and quality of the Fire Creek Project the results of exploration and metallurgical sampling at the Fire Creek Project, the Company's intention and ability to monetize mineralized material, timing of the updated mineral resource estimate at the Fire Creek Project and the bulk sampling program. This forward-looking information entails various risks and uncertainties are based on current expectations, and actual results may differ materially from those contained in such information. These risks and uncertainties include, but are not limited to the risks and hazards associated with environmental compliance and permitting for its underground operations, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are urged to read these materials. Klondex assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.