Klondex Mines Reports Fiscal Year 2013 Annual Results

Klondex Mines Ltd. (TSX:KDX,OTCQX:KLNDF) has filed its audited annual consolidated financial statements for the financial year ended December 31, 2013. Highlights include: proceeds of $8.4 mm from the sale of 6,208 ounces of Gold from Fire Creek.

As quoted in the press release:

  • Beginning in August 2013, Klondex shipped a total of 8,007 dry short tons at a head grade of 44.3 g/t (1.291 opt) Au from Fire Creek to Midas for processing. Klondex received total proceeds of $8.4mm from the sale of 6,208 ounces of gold delivered to the Midas mill.
  • This amount was reported as sale of mineralized material and credited to Exploration and Evaluation Assets.
  • On October 16, Klondex completed a $19.5 million special warrant financing, priced at $1.37 per special warrant. Subsequently, on October 22, Klondex retired all of its outstanding short term debt of $4 million.
  • As at December 31, 2013, the Company had cash of $13,509,155.

Klondex Mines President and CEO, Paul Huet, said:

Klondex began 2013 with a strong foundation to unlock value for its shareholders. We completed the Company’s 2013 plan to finance and develop our key asset after strengthening the board and management team in 2012. As we look towards an even stronger 2014 with both the Fire Creek project and the Midas mine, we expect to continue our growth and transformation to a Gold and silver producer. We have built a team of strong operators who have ambitious aspirations for Klondex and are aligned with the shareholders to generate returns.

Click here to read the Klondex Mines Ltd. (TSX:KDX,OTCQX:KLNDF) press release
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