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Klondike Silver Corp. (TSX-V: KS) is pleased to announce that it has entered into an agreement with ATAC Resources Ltd. and an arm’s-length prospector, Ralph Nordling, which grants ATAC and Klondike Silver the optional right to collectively earn up to a 100% interest in Mr. Nordling’s Mag claims located in the Sixtymile River area of west-central Yukon.

The Mag claims are road accessible and directly adjoin the CN and NC claims (Connaught property), which are owned by ATAC and are under option to Klondike Silver.  The Mag claims host silver-lead veins similar to veins discovered on the Connaught property.

Under terms of the agreement, ATAC and Klondike Silver can each earn up to a 50% interest in the Mag claims by paying Mr. Nordling a total of $53,500 and issuing him a total of 237,500 of their respective common shares, on or before December 21, 2010.  If either ATAC or Klondike Silver decides to discontinue earn-in, the other party has the optional right to earn the discontinuing party’s interest by taking over all of the discontinuing party’s obligations.  Any production from the Mag claims is subject to a royalty interest payable to Mr. Nordling.  The terms of the royalty interest depend upon how mineralization is treated prior to smelting.

The Company has completed an initial valuation and has decided to terminate its option agreements related to both the Magnum and Idaho Creek properties.

On behalf of the Board of Directors

KLONDIKE SILVER CORP.

“Richard W. Hughes” (signed)
President

For Further Information Contact: The Hughes Exploration Group at (604) 685-2222

Or visit the Company’s website:  www.klondikesilver.com to see the Smartstox Report in which Stanlie Hunt interviews Klondike Silver Corp. President Richard Hughes.

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation’s control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.