New Klondike Reports Results of 2014 Reconnaissance Program from Its Goldstorm Project and Enters Into Debt Settlements - Seite 2

Target 3 - K-G Au Target: A new gold-silver-tungsten-molybdenite (Au-Ag-W-Mo) occurrence was discovered in the eastern part of the property along the east side of the Long Lake Fault zone. The mineralization is hosted by a poorly exposed quartz vein containing pyrite and abundant narrow streaks and layers of black, fine grained material. Based upon published geological maps and limited reconnaissance mapping, the showing appears to lie on the south flank of a granitic intrusive body that cross-cuts highly deformed felsic to mafic volcanic rocks and mafic to ultramafic intrusive rocks. This style of mineralization and geochemical signature suggests the possibility that it is an "intrusive related" type of mineralization that has potential for large, more modest grade deposits. A sample chipped across the 0.5 m wide quartz vein assayed 2.04 g/t Au, 58 g/t Ag, 0.34% WO3 and elevated Mo, Cu, Pb and Zn values. There has been very little historical exploration reported from this part of the property. Detailed geological mapping, stripping and ground geophysical surveying is required to evaluate this target.

All of the samples were prepared and analyzed by Accurassay Laboratories located in Thunder Bay, Ontario. Accurassay Laboratories is an ISO-Certified laboratory. Gold values were determined by the fire assay method with ICP finish following assay code ALFA4 using a 50 gram pulverized sample.

The Company has also completed and reported a program of geo-referencing on 79 of the claims in the Goldstorm Project for assessment purposes.

Qualified Person

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 and was responsible for the collection of the samples referred to in this press release.

Debt Settlements

The Company is also pleased to announce that it has entered into debt settlement agreements with two creditors, to settle current liabilities totaling $39,635 for their professional geological services incurred completing the reconnaissance program described above on the Goldstorm Project. The creditors have agreed to accept common shares of New Klondike with a deemed value of $0.05 per share in settlement of the balances owing to them. The Company has already reimbursed the creditors for their out of pocket costs associated with the program.