Message #44 From:
NewsBot Date: October 17, 2006 10:22:00 AM
KDSM News Klondike Star Releases Official 2006 Annual Report
SEATTLE--(BUSINESS WIRE)--Donald W. Flinn, Vice President, Operations for Klondike Star Mineral
Corporation (OTCBB:KDSM) is pleased to formally release the 2006 annual
report for the year-ended February 28, 2006, with supplementary
performance and progress data through May 31, 2006 inclusive.
Selected highlights for year-end February 28, 2006 include:
- moving two projects into advanced stage exploration;
- initiating scoping studies and environmental baseline research on the
Lone Star Project and the Indian River Placer Project;
- augmenting the total land position held to 394 square kilometres, an
increase of 52% combined with a move from two to six discrete
exploration projects;
- increasing hard-rock gold mineral rights by 9% and placer gold mineral
rights by 163%;
- completing a 45-person (now 65 person) exploration facility, a bulk
sample testing plant on Company property in the Klondike and a permanent
Yukon field operations office in Whitehorse, Yukon;
- increasing funds raised by 158% to $8,068,568, the sale of common
shares by 15.7% to 25,202,800 and total shareholders to about 4,200;
- increasing the net loss from continuing operations to $8,741,272; and,
this was due to an increase in mineral exploration activities as a
result of the increased scope and number of projects underway, an
increase in professional fees due mainly to the fair value recognition
of stock options issued, and an increase in general and administration,
due primarily to the fair value recognition of employee and consultant
stock options issued.
The Annual Report is being mailed to all shareholders and posted on the
Company’s website www.klondikestar.com
under Investor Relations and then Reports & SEC Filings. To request a
hard-copy, please contact Investor Relations by calling toll free (800)
579-7580 or by email at info@klondikestar.com.
The annual 10-KSB to February 28, 2006 filed with the Securities and
Exchange Commission, including complete financial statements and notes
to financials can be viewed at www.klondikestar.com
or at www.sec.gov and under “Filings
and Forms (EDGAR),” click on “Search
for Company Filings,” then click on “Company
& Other Filers,” enter “KDSM”
in the “CIK or ticker symbol”
box and open the appropriate file.
About Klondike Star
Klondike Star Mineral Corporation is an established exploration and
development company actively working on eight major properties,
totalling 463 square kilometers (179 square miles) in the Yukon Canada.
The company is developing extensive surface and subsurface mineralized
zones on a 370 square kilometer (143 square miles) land position
underlying the site of the Klondike gold producing region in the Dawson
mining district. These holdings include, but are not limited to
properties known as the Lone Star Project and the Indian River Placer
Project, both advanced stage exploration. Additionally, Klondike Star
holds interests in 93 square kilometers (36 square miles) of select high
potential targets for gold, base and precious metals in the Watson Lake
and Whitehorse mining districts of the Yukon.
The statements in the press release that relate to the company's
expectations with regard to the future impact on the company's results
from new products or actions in development are forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995. The statements in this document may also contain
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Since this information may contain statements that involve risk
and uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results.
