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
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
Klondike Gold Corp.
President & CEO
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