NK

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES 


New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company")
is pleased to announce a proposed non-brokered private placement offering of
units (the "Offering") to investors. The Offering will consist of up to
5,000,000 units of securities of the Company (each, a "Unit") at a price of
$0.10 per Unit, for aggregate gross proceeds of up to $500,000. Each Unit will
consist of one common share (each, a "Common Share") and one-half of one common
share purchase warrant (each whole common share purchase warrant, a "Warrant").
Each Warrant will entitle the holder thereof to purchase one additional Common
Share of the Company at a price of $0.15 for a period of 24 months from the date
of closing of the Offering. The Offering is subject to receipt of all regulatory
or other approvals that may be necessary in order to complete the transactions
contemplated therein and is expected to close during the first week of October.
All securities issued pursuant to the Offering will be subject to a four-month
statutory hold period.


The gross proceeds of the Offering will be used to fund property maintenance
costs, asset acquisition investigations, the balance of staking costs related to
the acquisition of a new exploration property in Ontario and for general
corporate purposes.


The Company will pay a finder's fee to certain eligible persons (each, a
"Finder") for subscriptions to the private placement completed by qualified
investors who have been introduced by such Finders. The Company will pay a cash
finder's fee equal to, in the aggregate, 8% of the gross proceeds of any Units
acquired by investors introduced to the Company by such Finders and will issue
to such Finders, warrants (each, a "Finder's Warrant") equal to 8% of the
aggregate number of Units sold under the Offering by such Finder. Each Finder's
Warrant will entitle the holder thereof to purchase one Common Share at a price
of $0.10 for a period of 12 months from the date of closing of the Offering.


New Klondike presently owns the past producing Nickel Offsets property
(nickel/copper) in the Sudbury area, a 30% working interest in the Santa Maria
property (gold/base metals) in the Dryden area and is acquiring, by staking, a
new project in Ontario with gold and base metal potential.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.


About New Klondike

The Company is nearing completion of matters related to its recent
reorganization and management remains focused on finalization of the acquisition
of a new exploration project and advancing New Klondike's future exploration
strategy. A New Klondike website will be launched in the near future. For
further information about New Klondike please contact Michael Coulter, President
at 416-368-3332 or email: info@newklondike.com.


Forward-Looking Information

This news release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will or
may occur in the future including, without limitation, statements relating to
the Offering and in particular, the expected closing date of the Offering and
the Company's expected use of the proceeds to be raised in the Offering, are
forward-looking statements. These forward-looking statements reflect the current
expectations or beliefs of the Company based on information currently available
to the Company. Forward-looking statements are subject to a number of
significant risks and uncertainties and other factors that may cause the actual
results of the Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on the Company. Factors that could cause
actual results or events to differ materially from current expectations include,
but are not limited to, the failure to close the Offering, if at all, in a
timely manner. 


Any forward-looking statement speaks only as at the date on which it is made
and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.

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