Klondex Mines Ltd.

TSX: KDX; OTC: KLNDF

High-Grade Nevada Gold

Investor Overview
January 2011

www.klondexmines.com
Forward‐Looking Statements. This presentation may include certain statements that may be deemed 
“forward‐looking statements." All statements in this presentation or those made by Klondex  
management or representatives, other than statements of historical facts, including the likelihood that 
bulk sampling will generate significant revenues and the possible results of future exploration are 
forward‐looking statements. Although the Company believes the expectations expressed in such forward‐
looking statements are based on reasonable assumptions, such statements are not guarantees of future 
performance and actual results or developments may differ materially from those in the forward‐looking 
statements. Factors that could cause actual results to differ materially from those in forward‐looking 
statements include unsuccessful exploration results, inability to obtain necessary permits and regulatory 
approvals, changes in metals prices, currency fluctuations, changes in the availability of funding for 
mineral exploration, unanticipated changes in key management personnel, unavailability of necessary 
equipment and contractors, and general economic conditions. Mining is an inherently risky business. 
There is no guarantee that the Company will be able to carry out their work programs or that the results 
of those work programs will be successful. Accordingly, the actual results may differ materially from those 
projected in the forward‐looking statements. For more information on the Company’ and the risks and 
challenges of their businesses, investors should review the Company’ filings available at www.sedar.com
and www.klondexmines.com .

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William J. SollowayŠ Chairman and CEO
Blane W. WilsonŠ President and COO
Jorge Avelino CFO
Brendan J. DonohoeŠ Treasurer
Bryson Goodwin Director of Investor Relations
Richard KernŠ Senior Consulting Geologist
Ronald ShorrŠ Director
Frederick L. Baker Secretary

Š Member of the Board of Directors

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¾ Symbol  TSX: KDX; OTC: KLNDF
¾ Share Price (1/14/11)  $2.73 Cdn.
¾ 52‐Week Range $1.15 ‐ $2.85 Cdn. 
¾ Shares Issued & Out. 11/10 36,544,089
¾ Shares Fully Diluted 11/10 41,319,089 
¾ Market Capitalization   $99.8 million Cdn.
¾ Management Ownership   ~20% of issued/out.
¾ Cash Position at 12/31/10 $8 million Cdn.
¾ Note payable at 12/31/10 $1.5 million Cdn.

Current share price implies valuation
of only $46.43 per gold ounce.
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Share Price Performance

CDN $9M
Placement
10-26-10

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Gold exploration company with 4 properties in Northern Nevada
Fire Creek is the Flagship property
• Indicated resource of 1.64 million oz. of gold at 10.1 GPT*
• Inferred resource of 0.5 million oz. of gold at 8.6 GPT*
• In Heart of Northern Nevada Gold Belt
• 11,098 acres of fee & claims 100% owned by Klondex (16.7 mi)
• > 270,000 feet of surface drilling (150 holes) completed
• 2009 IP (induced polarization) survey identified 15 new resource targets
Goal to transition from surface to underground exploration
• Preliminary metallurgical testing completed and positive (90% RR) 
• Permits filed 3/07 to allow underground in‐fill drilling and bulk sampling
• Plan of Operations approved by BLM December 2009
• Water Pollution Control Permit application submitted December 2009   
and expected by end of Q1 2011
• Underground operations slated to begin Q1 2011.
Cash position of CDN $8 million at 12/31/10
* NI 43‐101 Compliant, Mar. '09
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 Ideal Location: in Heart of Nevada Gold District

Key distances relative to Fire Creek:

• Pipeline Cortez/Barrick:  29 miles
• Carlin mills/Newmont: 48 miles
• Mule Canyon mine 16 miles
• Battle Mountain:   51 miles
• Elko:   64 miles
• Reno:   258 miles
• Hwy 306:   5 miles
• Interstate 80:   32 miles

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Views of Fire Creek Property

Main Zone

Far North Zone

New North Zone

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 Main Veins 1 & 2
Continuous Gold Intercepts 
50 Meter Drill Spacing
Main Vein #1 Main Vein #2
True True True True
Grade width Grade width Grade width Grade width
Section Intercept gpt (m) Section Intercept gpt (m) Section Intercept gpt (m) Section Intercept gpt (m)
350S M1-0824 7.4 1.50 250N M1-0426 32.7 2.44 50N M2-0507 12.5 2.44 250N M2-0405 29.5 1.21
300S M1-0821 9.5 4.80 300N M1-0515 43.2 2.13 50N M2-0618 65.4 2.30 250N M2-0426 10.1 1.22
250S M1-0812 8.7 2.70 300N M1-0707B 8.3 3.80 50N M2-0419 77.3 1.20 300N M2-0515 18.9 2.13
250S M1-0746 26.5 2.30 300N M1-0805 7.4 3.43 50N M2-0619 62.5 4.00 300N M2-0805 7.4 3.43
200S M1-0741 6.2 2.40 350N M2-0901 14 3.70 50N M2-0702 145.3 1.30 350N M2-95830 9.9 3.05
200S M1-0742 20.5 3.20 350N M1-0417A 13.5 1.52 50N M1-0903 25.2 6.30 350N M2-0402 30.6 2.44
150S M1-0804 5.7 2.30 350N M1-0417B 5.9 3.80 100N M2-0413 7.7 7.90 350N M2-0513 95.2 1.49
100S M1-0701 12.8 2.44 350N M1-0417C 26.9 1.52 100N M2-0621 44.9 9.76 350N M2-0401 10.4 1.20
100S M1-90172 8.4 2.40 350N M1-0512D 17.7 2.67 100N M2-0703 9.8 6.85 350N M2-96853 10.3 1.50
50S M1-0411 10 6.40 350N M1-0417D 96.1 3.81 150N M2-0412 9.6 4.90 400N M1-0905 18.3 2.20
0 M1-0508 9.4 1.50 400N M1-95828 43 2.30 150N M1-0904 11 3.70 400N M2-0502A 47.5 2.44
50N M1-0619 24.8 8.54 400N M1-0403A 30.7 2.44 150N M2-0704 11.1 3.90 400N M2-0502B 14.7 3.44
100N M1-0711 11.6 2.30 400N M1-0403B 27 1.20 200N M2-0408 12.7 2.50 400N M2-0528 14.7 6.70
100N M1-8032 52.9 2.44 400N M1-0528 9.7 8.3 200N M2-0416 5.6 3.70
150N M1-0705 7 3.70 450N M1-0520 8.2 6.0
200N M1-0416 13.3 3.65
Source: March 2009 NI 43-101Report

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Main Zone Veins 1 & 2

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Main Zone High Grade Vein Core Sample

411 Grams (12 oz’s) per ton over five feet.

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 Visible Gold

Visible Gold

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 Fire Creek 2010 Drilling Program
¾ 40,000 feet of R/C and Core drilling budgeted. 
o 19 R/C and 10 Core holes
¾ Both in‐fill and step out drilling of IP targets.
¾ 22,300 feet of drilling completed to date.
¾ 9 R/C and 6 core holes.
¾ Results announced on 5 R/C and 6 core holes
¾ Identified 6 new gold vein structures
¾ Expanded resource to south and northwest
¾ Program expected to be completed by Q1 2011.

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Fire Creek 2010 Drilling Program

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2010 Surface Exploration Program

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¾ Existing resource requires in-fill drilling done most efficiently
¾ from underground stations.
¾ Nevada allows “exploration bulk sampling" of up to 120,000
short tons (limit of 36,500 short tons per year) over life of permit.
◦ Target main zone blocks averaging ~ 1 oz./ton 
◦ Bulk sampling cash flow to fund further exploration and development.
¾ Permit approvals expected by the end of Q1 2011.
¾ Small Mines Development (SMD) selected as underground
contractor.

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Proposed Decline Options - Top View

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Proposed Decline Options - Side View

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Surface Preparation Began Oct. 2010

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¾ Toll-mill at one of the nearby custom processing facilities.
¾ Purchase a mill within trucking distance in Nevada.
o KDX is considering four mills 75 - 350 miles away.
o Mills have capacity of 250, 400, 750 & 3,500* tpd.

¾ Construct a 1,000 tpd processing facility onsite.

*KDX's President is an officer of the owner and has a financial interest in the 3,500 tpd Gold Bar mill.

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Projected Receiving Full Production Permit Summer 2012
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Fire Creek Milestones Next 12 Months
¾ Receive Water Pollution Control Permit Q1
¾ Mobilization of Underground Mining Contractor Q1
¾ Begin Advance of the Underground Decline Q1
¾ Installation of Ground Water Monitoring Wells Q1 & Q2
¾ Construction of HDPE lined Pad and Ponds Q2
¾ Commencement of Underground In-Fill Drilling Q2
¾ Commencement of 60 Hole Surface Drill Program Q2
¾ Upgrade of Site Access Road Q2
¾ Installation of the Secondary Escape Raise Q3
¾ Extraction of First Bulk Sample Material Q4

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Share price
appreciation
since report.

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 Klondex Mines Ltd. in Ground Valuations
based on Shares Outstanding & Diluted Shares Outstanding

$25 $40 $50 $75 $100 $120

Resource valuations per oz per oz per oz per oz per oz per oz
Total Ounces M's (1) 2.149 2.149 2.149 2.149 2.149 2.149
Value of Ounces M's $ 53.7 $ 85.9 $ 107.4 $ 161.1 $ 214.9 $ 257.8
Implied share price (2) $ 1.47 $ 2.35 $ 2.94 $ 4.41 $ 5.88 $ 7.06
Implied share price per
diluted share (2) $ 1.30 $ 2.08 $ 2.60 $ 3.90 $ 5.20 $ 6.24
(1) Total ounces reflects 1,639,822 INDICATED ounces plus 508,799 INFERRED ounces.
(2) Based on 36,544,089 shares outstanding and 41,319,089 diluted shares at 12/31/10.

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¾ Analyst Coverage Initiated Jan 14th by Barry Allan of Mackie Research
¾ Resource: 2.15M indicated + inferred ounces (98.3% Gold) 
¾ Ideal location: North Central Nevada
¾ High‐Grade: average grade ~ 1/3 ounce/tonne
¾ High Profitability: Potential $600+/0z operating margin 
¾ Self‐financing: Bulk sampling funds further development
¾ Timing: Potential for significant cash generation starting mid 2011
¾ Low Risk: Well‐drilled, negligible geopolitical risk, permitting nearing
completion, term sheet for gold loan financing
¾ Proven management team with deep Nevada experience
¾ Blue Sky: Less than 20% of property explored to date
¾ Experienced mining contractor
¾ Small share base: ~ 36.5M shares out / 41.3 fully diluted
¾ Gold prices at all time high ranges
¾ Compelling valuation: Gross Gold value of $62.40 per share (1) 

(1) Based on 2.15M ounce gold resource (indicated + inferred) in the ground
x $1,200 per ounce / 41,319,089 diluted shares outstanding.
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 Illustration of Grade

1g 10 g 1 oz

Investor Contacts
Bryson Goodwin David Collins Brendan Donohoe 
Klondex Mines Ltd. Jaffoni & Collins  Klondex Mines Ltd. 
brysongoodwin@shaw.ca KDX@jcir.com Info@klondexmines.com
(604) 341‐1531 (212) 835‐8500 (203) 227‐8642

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