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 qualified investors. The Offering will consist of up
to 8,000,000 units of securities of the Company (each, a "Unit") at a price of
$0.05 per Unit, for aggregate gross proceeds of up to $400,000. 5,000,000 Units
are being offered on a flow-through basis (each, a "Flow-Through Unit") and
3,000,000 Units on a non-flow-through basis (each, a "Non-Flow-Through Unit"),
or in such proportion and aggregate issue size as the Company may determine. 


Each Flow-Through Unit will consist of one flow-through common share (each, a
"Flow-Through Common Share") and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant").


Each Non-Flow-Through Unit will consist of one common share (each, a "Common
Share") and a Warrant. 


Each Warrant will entitle the holder to acquire one additional Common Share at a
price of $0.10 for a period of 12 months from the date of closing of the
Offering and thereafter at a price of $0.15 for the succeeding 12 months and
expiring 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 mid-May. All securities issued pursuant to the Offering
will be subject to a four-month statutory hold period.


Proceeds of the Offering will be used to fund an initial drilling and surface
exploration program on the Company's Goldstorm Project in Ontario, for property
maintenance costs 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 $0.05 for a period of 12 months from the date of closing of the Offering.


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.


Goldstorm Project

The Goldstorm Project claims cover a large area, in excess of 230 square
kilometres, within the southeastern part of the Eagle-Wabigoon-Manitou Lakes
Greenstone Belt. Five regional scale structures and associated gold
mineralization have been identified within or passing through the project
boundaries. These include more than 45 kilometres of major fault zones and a 12
to 15 kilometre long band of Timiskaming-type metasedimentary rocks that rest
unconformably on mafic metavolcanic and ultramafic to felsic intrusive rocks.
Maps and figures depicting the location and geology of the Goldstorm Project
have been compiled in a presentation titled 'Goldstorm Project-Northwestern
Ontario' available on the Company's website, or by clicking here:
http://media3.marketwire.com/docs/NK%20Final%20presentation%20030213.pdf. 


About New Klondike

New Klondike is a mineral exploration and development company focused on the
identification and development of base and precious metal deposits on the
Goldstorm Project and its other exploration properties in Ontario. The Company
presently has 17,342,845 common shares issued and outstanding. For further
information about New Klondike please visit our website www.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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
New Klondike Exploration Ltd.
Michael Coulter
President
416-368-3332
info@newklondike.com
www.newklondike.com

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