Kirkland Lake Gold Inc.: Fiscal 2013 Q3 Operational and Financial Results
(firmenpresse) - KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 03/11/13 -- Kirkland Lake Gold Inc. (the "Company") (TSX: KGI)(AIM: KGI), an operating and exploration gold mining company, announces financial and operational results for the third quarter of its fiscal year 2013 (November, December 2012, and January 2013).
Mr. Harry Dobson, Chairman commented, "The new service cage went into operation at the end of the quarter, a significant milestone for delivery of the Company's growth plans. With this in operation, hoisting capacity was expected to increase from 1,000 tons per day to 1,800 tons per day. Based on February trials this capacity has been achieved. Daily hoisting rates in excess of 1,800 tons per day (up to 2,160 tons per day in one day) were achieved on several days during the month. The average hoisting rate during February was 1,300 tons per day of ore and waste and this is expected to increase steadily going forward. Significant progress has also been made towards reducing the backlog of ore and waste waiting to be hoisted, towards reducing the backlog in material waiting to go underground and in slinging heavy equipment into the mine. The increased capacity will support the planned development of new stopes in the higher-grade areas of the mine."
KEY HIGHLIGHTS OF THE QUARTER
SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE
About the Company
Kirkland Lake Gold's corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company 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, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life,, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2012 filed with the securities regulatory authorities in certain provinces of Canada and available at .
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 except as otherwise required by applicable law.
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.
Contacts:
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
+1 705 567-5208
+1 705 568-6444 (FAX)
Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
+1 416-840-7884
+1 705 568-6444 (FAX)
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart
+44 (0) 20 7 8862500
NOMAD: Panmure Gordon (UK) Limited
Adam James
+44 (0) 20 7 8862500
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Unternehmensinformation / Kurzprofil:
Datum: 11.03.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 237789
Anzahl Zeichen: 0
contact information:
Town:
KIRKLAND LAKE, ONTARIO
Kategorie:
Mining & Metals
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