In the event that the Company elects to satisfy any of the future payments described above by issuing its common shares, the number of shares to be issued will be determined by the 30-day volume-weighted average price of the Company's common shares on the TSX Venture Exchange at the time of issue, subject to a minimum price of $0.10. Any shares issued will be subject to four-month statutory hold period.
An existing one percent (1%) net smelter return and/or net sales return royalty on the Katisha Lake Claim, payable to Ontario Exploration Corporation, remains the responsibility of the Optionors, and would be paid out of any royalty payments to which they are entitled, and not by New Klondike.
Mr. Seymour M. Sears, B.A., B.Sc., and P.Geo., a director of the Company, has reviewed and approved the technical content of this press release.
About New Klondike
New Klondike is a mineral exploration and development company focused on the acquisition and development of base and precious metal deposits on the Goldstorm Project and its other exploration properties in Ontario. The Company presently has 17,342,845 common shares issued. For further information about New Klondike please visit our website www.newklondike.com.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to the Company's expected exploration plans and strategies, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure of the Company to exercise the Option, the failure of the Company to execute its proposed exploration plans and strategies as indicated herein and general business and economic uncertainties.
Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services 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.
New Klondike Exploration Ltd.
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