New Klondike Announces Private Placement Closing

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 that is has closed the previously announced non-brokered
private placement offering (the "Offering") of 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 $500,000. Each Unit consists 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 entitles the holder thereof
to purchase one Common Share at a price of $0.15 for a period of 24 months from
the date of closing of the Offering. 


The 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. 


In connection with the Offering, the Company also paid cash finder's fees of
$20,800, equal to 8% of the gross proceeds of Units acquired by investors
introduced to the Company by certain eligible persons (each, a "Finder") and
issued 208,000 warrants (each, a "Finder's Warrant"), equal to 8% of the
aggregate number of Units sold under the Offering by the Finders. Each Finder's
Warrant entitles 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.
Directors of New Klondike subscribed for a total of 900,000 Units representing
18% of the Offering. 


Subsequent to the closing of the Offering, New Klondike has 16,142,845 Common
Shares issued and outstanding. The securities issued in connection with the
Offering are subject to a four month hold period expiring on February 25, 2013.


During the past 30 days the Company has further improved its cash position by
selling an investment in marketable securities for net proceeds of $121,000.


About New Klondike

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.


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


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.


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 Company's expected use of the proceeds, 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 of the
Company to spend the proceeds of the Offering as indicated herein and general
business and economic uncertainties. 


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
New Klondike Exploration Ltd. (TSXV:NK)
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