Klondike Gold Closes $1,222,487 Private Placement

VANCOUVER, BC / ACCESSWIRE / April 23, 2020 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTCPINK:KDKGF) ("Klondike Gold" or the "Company") is pleased to report that the Company has raised $1,222,487.54 in aggregate of non-flow-through funds and flow-through funds by way of a non-brokered private placement.

The Company has issued 3,481,579 flow-through units (each a "FT Unit") at the price of $0.19 for gross proceeds of $661,500.01 and 3,205,643 non-flow-through units (each a "Unit") at a price of $0.175 per unit for gross proceeds of $560,987.53. Each FT Unit is comprised of one common share which is a "flow-through" share for Canadian income tax purposes and one warrant exercisable at $0.25 per share until August 23, 2022. Each non flow-through Unit is comprised of one common share and one warrant exercisable at $0.25 per share until August 23, 2022.

In connection with the completion of the private placement, the Company paid a finder's fee consisting of $30,000 and the issuance of 157,895 warrants exercisable at $0.25 per share until August 23, 2022.

All securities issued in connection with the private placement are subject to a statutory hold period expiring on August 24, 2020.

Peter Tallman, President and CEO of Klondike Gold stated "I would like to acknowledge and thank our North American and European shareholders as well as the Company's staff and management for their continued financial support and long-term confidence. The funds allow the Company to plan for a targeted, meaningful work program conducted under operating conditions that protects our local host community, our contractors and our employees."

ABOUT KLONDIKE GOLD CORP.

Klondike Gold Corp. is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon Territory, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the famous Klondike Goldfields placer district. To date, multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company is focused on exploration and development of its 586 square kilometer property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, YT within the Tr'ondëk Hwëch'in First Nation traditional territory.

ON BEHALF OF KLONDIKE GOLD CORP.

"Peter Tallman"

President and CEO
(604) 609-6138
E-mail: info@klondikegoldcorp.com
Website: www.klondikegoldcorp.com

Neither the 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 release.

Disclaimer for Forward-Looking Information

"This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Klondike in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Klondike disclaims any obligation to update or revise any forward-looking information or statements except as may be required."

SOURCE: Klondike Gold Corp.