Hot Off the Press!

Vancouver, BC: Klondike Silver Corp. (TSX-V:KS) is pleased to announce assays of chip samples taken from the lower levels of the Wonderful Mine located in the midst of the Slocan Silver Camp at Sandon, BC.

Twelve sample sections were taken along the length of a raise (connecting shaft between two levels) driven from the lowest Level-4 (1144m elevation) up to Level-3 (1192m elevation). The raise follows a mineralized vein on the Wonderful system across all lithologies for a length of 54.5m at 49° and connects with the mineralization on Level-3. The raise confirms connectivity of 53m of the mineralized vein on Level-4 with 152m of vein mapped 48m higher on Level-3. Eighteen sample sections were taken from level 3 with both the raise and Level-3 geology showing the same trend.

The completed raise is the first of two required between each level. Rehabilitation of the underground workings of Level-4 was completed in late 2007 with raise development and the rehabilitation of Level-3 completed summer 2008.

Mapping and chip sampling of the raise and rehabilitated Level-3 were completed in September 2008. Results of all 30 samples are shown in the accompanying tables. The vein seats in a granite intrusive to the west and at depth and enters argillite on rising and eastward.

Table 1: Raise Assay Results, Wonderful Level 4/3

Width	Sample	Zn %	Pb %	Ag g/tonne
25cm	▲ - 54.5m	7.34	1.50	38
65cm	▲ - 50m	3.76	1.85	62
45cm	▲ - 44m	2.47	0.08	13
50cm	▲ - 40m	3.04	0.13	10
55cm	▲ - 35m	3.05	3.39	163
30cm	▲ - 30m	21.60	0.25	109
20cm	▲ - 25m	32.98	0.08	55
47cm	▲ - 22.5m	29.86	7.09	228
12cm	▲ - 20m	44.34	0.60	87
37cm	▲ - 14m	36.76	0.24	89
39cm	▲ - 9m	28.17	2.49	154
42cm	▲ - 3m	39.09	2.36	139

 True widths are given in the adjacent table while sample stations are given measuring from the top downwards. The vein varies in width from 12 to 65cm, averaging 40 -- 45cm width. Zinc mineralization (Sphalerite) increases in proportion as the vein enters into argillite.

The highest grades are associated with structural distortions providing values of: 29.86% zinc, 7.09% lead and 228 grams/tonne (6.65 oz/ton) silver over 47cm; and 39.1% zinc and 2.4% lead, 139 grams/tonne (4.05 oz/ton) silver over 42cm.

Table 2; Level-3 Assay Results, Wonderful

Width	Sample	Zn %	Pb %	Ag g/tonne
12cm	▲ + 150.2mE	23.57	0.25	34
130cm	▲ + 150.2mE	10.54	2.58	75
60cm	▲ + 141.2mE	26.04	0.24	68
50cm	▲ + 130.2mE	16.35	0.55	34
32cm	▲ + 121.2mE	16.29	2.06	68
20cm	▲ + 116.3mE	12.86	0.06	20
30cm	▲ + 93.3mE	7.01	0.05	11
30cm	▲ + 77.2mE	0.2	0.03	2
55cm	▲ + 71.3mE	22.68	15.26	300
25cm	▲ + 50.4mE	37.77	4.22	238
35cm	▲ + 50.4mE	31.86	0.82	117
57cm	▲ + 40.3mE	38.25	0.49	84
15cm	▲ + 37.2mE	50.25	0.06	97
69cm	▲ + 33.4mE	38.87	0.08	79
5cm	▲ + 26.3mE	33.13	0.22	75
35cm	▲ + 17.1mE	30.53	3.53	124
24cm	▲ + 10mE	48.13	3.66	176
38cm	▲ + 0mE	8.98	2.86	84

 Sample stations are measured eastward from the western-most end of the Level-3. The vein width varies from 12 -- 130 cm; averaging 45cm width.

Grades featured are: 38.9% zinc, 0.1% lead, 79 grams/tonne (2.31 oz/ton) silver over 69cm; and 22.7% zinc, 15.3% lead, 300 grams/ton (8.75 oz/ton) silver over 55cm.

The mineralization of Level 3 is projected to be the underground extension of the McLanders vein discovered in quartzite on surface late in 2004 and explored for 80m on strike in 2005. Silver-rich galena was discovered with a 40cm vein assaying 3849.87 grams/tonne (135.8 oz/ton silver), 70.9% lead and 2.17% zinc,. A 25cm sample assaying 5601.87 grams/tonne (197.6 oz/ton), 79.9% lead and 0.80% zinc. (See August 2, 2006 and June 24, 2008 News Releases)

Future Development Plans

A recently completed drill station on Level 4 will enable testing of the eastern extent of mineralization between levels 4 and 3 and the delineation of mineable resources. Further development will include a second raise from Level 4 to Level 3, following mineralization wherever possible. A third raise above Level-3 tracing the vein to Level-2 (40.5m above L3) will be developed as a possible connection to the McLanders vein (74m above L3).

Company president, Mr. Richard Hughes, is pleased with the results of the work completed to date and the development plan that has been put into place for the Wonderful mine.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101. Mr. Edward Craft (P.Eng.) is designated as the qualified person who reviewed and approved the contents of the press release.

ABOUT KLONDIKE SILVER
Klondike Silver Corp. has assembled a quality portfolio of silver and silver-rich poly-metallic properties in historic mineral districts in North America, and is applying advanced exploration technologies to add value to these core assets. Klondike Silver is reviving the Gowganda and Elk Lake silver camps in Ontario, and the world-famous Klondike district of Yukon Territory. The Company owns a 100 TPD fully operational flotation mill in Sandon, BC, which is currently processing material from one of its Yukon properties and a number of local mines in the historic Slocan Silver Camp.

Klondike Silver is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.

CONTACT INFORMATION
Corporate Inquiries: Kevin Hull or Alan Campbell (604)-685-2222; Email: info@klondikesilver.com

Visit Klondike Silver's web-site: www.klondikesilver.com to see Smartstox interviews with Company 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.