Kirkland Lake Gold Inc.: Fiscal 2012 First Quarter Financial Results; Gold Production Expansion on Track
(firmenpresse) - KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 10/05/11 -- Kirkland Lake Gold Inc. (TSX: KGI)(AIM: KGI) ('Kirkland Lake' or the 'Company'), an operating and exploration gold mining company located in Ontario, Canada, announces an operations update and its first quarter financial results for its fiscal 2012 year ended July 31, 2011. This was the Company's first reporting period under IFRS (International Financial Reporting Standards) and the impact of this conversion was relatively immaterial to its first quarter numbers.
Mr. Harry Dobson, Chairman commented, "The first quarter of the fiscal year progressed well with production of 25,061 ounces and grade coming in slightly ahead of budget. Our mine expansion remains on track and our forecast remains to deliver 110,000 - 130,000 ounces of gold this fiscal year. Tonnage is planned to steadily increase throughout the year, a key transition year to production targets of 180,000 - 200,000 ounces in the subsequent fiscal year. On the exploration front, drill hole 53-1685 intersected 8.16 ounces of gold per ton over 46.7 feet true width, a record result in the camp's 100 year history of gold discoveries."
KEY HIGHLIGHTS OF THE QUARTER
Production guidance for Fiscal Year 2013 remains estimated at 180,000 to 200,000 ounces of gold due to an allowance for a ramp-up in production between May 2012 and November 2012. Full production of 210,000 to 250,000 ounces is not currently being forecast until FY 2014 as a precaution against late completion of any critical portion of the Expansion Project and any delays on the commissioning of new equipment.
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.
Qualified Person
The results of the Company's diamond drilling program have been approved by the Company's Chief Exploration Geologist, Stewart Carmichael, P.Geo., a 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain statements which constitute forward-looking information, 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 . 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.
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
1 416 850 1617 (FAX)
Pelham Bell Pottinger
Lorna Spears / Philippe Polman
+44 (0) 20 7861 3232
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
NOMAD: Panmure Gordon (UK) Limited
Katherine Roe / Callum Stewart
+44 20 7459 3600
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Unternehmensinformation / Kurzprofil:
Datum: 05.10.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 72894
Anzahl Zeichen: 0
contact information:
Town:
KIRKLAND LAKE, ONTARIO
Kategorie:
Mining & Metals
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