Kirkland Precious Metals Corp. Returns Kirkland Lake Properties to Golden Dawn Minerals Inc.; Provides Corporate Update

VANCOUVER, Nov. 1, 2013 /CNW/ - Kirkland Precious Metals Corp. (the "Company" or "KPM") wishes to announce that it has notified the CEO of Golden Dawn Minerals Inc. ("GOM") that it intends to return the property rights to the Central Catharine Claims, the Link Catharine Claims and the 80 Foot Fall Claims (the "Kirkland Properties") to GOM.

In February 2010, Nass Valley Gateway Ltd. ("NVG") acquired the property rights to the Kirkland Properties by way of acquisition agreement with GOM. In October 2012, the Company acquired the property rights to the Kirkland Properties by way of the plan of arrangement (the "Arrangement") with NVG. By returning the Kirkland Properties, KPM would remove the financial and exploration commitments set forth in the acquisition agreement with GOM and provide greater flexibility for the Company going forward.

The Company also announces that at its recently held Annual General Meeting (the "AGM"), Messrs. Melvin Stevens, Andrew von Kursell, David Jackson and Dieter Peter were re-elected as Directors of the Company and Manning Elliott LLP, Chartered Accountants were re-appointed as the Company's auditors.

The Company's shareholders passed the resolution approving and ratifying the Company's stock option plan, which is a 10% rolling plan. At the board meeting held immediately after the AGM, the following officers and committee members were appointed:

The Company also granted an aggregate of 400,000 incentive stock options to its officers, directors and employees at an exercise price of $0.05 per share. These options are granted for a two-year period and the grant is subject to vesting provisions.

The Board of Directors welcomed Michael Kelm who assisted the CEO, mostly on corporate administration, and the Company's CFO in his corporate secretarial duties.

Michael Kelm received his Bachelor of Arts Degree in Economics and Political Science from the University of British Columbia in 2004 and a Diploma of Technology in Business Administration - with Honours - from the British Columbia Institute of Technology in 2005.

The Board is looking forward to the addition of Mr. Kelm to its management team.

SOURCE Kirkland Precious Metals Corp.