KIRKLAND LAKE, ONTARIO--(Marketwire - May 17, 2012) - Kirkland Lake Gold Inc., ('Kirkland Lake' or the 'Company') (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company located in Ontario, Canada, announces its full year fiscal 2012 gold production results for the year ended April 30, 2012. The Company's fiscal year 2013 began on May 1, 2012.
In fiscal 2012, a total of 281,634 tons of ore were milled at a head grade of 0.37 ounces of gold per ton (opt) and a recovery of 96.13% to produce 100,275 ounces of gold, which is in line with the Company's revised guidance.
Mr. Harry Dobson, Chairman, commented, "We are pleased with this year's results. Produced ounces for the year are 22% higher and daily ore tonnage is 35% higher than in fiscal 2011, demonstrating the expansion project designed to increase the scale of the operation is beginning to take effect. Fiscal 2013 will be a transitional year as the Company seeks to achieve significantly higher tonnage rates of up to 2,200 tons per day by May 2013."
|Year Ending April 30||FY 2012||FY 2011||Change (%||)|
|Head Grade||0.37 ounces per ton||0.41 ounces per ton||(10%||)|
The reduction in the year over year head grade was caused by a cut of 0.04 opt to mining cut off grades as a result of significantly higher than budgeted gold prices. Ounces sold lagged ounces produced as a result of the eight day mill shutdown in March caused by an electrical power outage. Sold ounces are expected to catch up to recovered ounces by the end of May. The average amount of gold in inventory has increased as the daily tonnage rate through the mill has also increased from just over 600 tons per day in Q1 to over 900 tons per day in Q4 with a rate of 1000 tons per day realized in April.
The Company will provide a reserve and resource update later this month, and year end financial results will be published in mid-July.
About the Company
The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced approximately 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward- looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.