Kirkland Lake Gold Announces Record April, FourthMay 24, 2011 02:00 ET
Kirkland Lake Gold Announces Record April, Fourth Quarter & Full Year Gold Production Numbers for Fiscal 2011
KIRKLAND LAKE, ONTARIO--(Marketwire - May 24, 2011) -Kirkland Lake Gold Inc. ('Kirkland Lake Gold' or the 'Company')(TSX:KGI)(AIM:KGI), an operating and exploration gold mining companylocated in Ontario, Canada, is pleased to announce its fourth quarterand full fiscal year 2011 gold production for the year ended April 30,2011. The Company's new fiscal year 2012 began May 1, 2011.
Aprilwas a record gold production month of 10,175 ounces, with a total of22,000 tons milled at a rate of 733 tons per day at a head grade of0.4805 ounces per ton, marking the first time the Company's productionrate exceeded 10,000 ounces. Production for the quarter (February,March, and April) totalled 23,466 ounces, bringing total yearly goldproduction to 81,860 ounces. These are both record production figuresfor Kirkland Lake Gold. The head grade for Q4 was 0.4434 ounces per tonand for the year was 0.4095 ounces per ton. Mill recovery for the yearwas 96.42%.
The Company's Chairman, Harry Dobson, commented "Weare very pleased with our production progress and other majoraccomplishments this fiscal year. In addition to setting new records onthe production front, we hired 238 new employees and won the Ontarioprovincial safety award in calendar year 2010 for the lowest accidentfrequency for underground mines with more than 250 employees. Our firstpriority remains to safely and successfully complete our currentexpansion project."
Exploration success continued during the year.The highlights were advancing the South Mine Complex, discovered in2005, to a critical mass of 1.34 million ounces of gold (consisting of111,000 ounces grading 0.65 ounces of gold per ton (opt) in provenreserves, 647,000 ounces grading 0.75 opt in probable reserves, 2,000ounces grading 0.36 opt in measured resources and 576,000 ounces grading0.67 opt in indicated resources). The SMC includes a further 723,000ounces in the inferred mineral resource category grading 0.79 opt, (asannounced in our news release dated April 5, 2011), and remains open inall directions and at depth. In addition, two new drill programsintersected high grade mineralization 2,000 feet west of the knownmineralization of the SMC.
A further project update will beforthcoming in early June and our year end financial statements andMD&A will be released on July 7, 2011.
The foregoing reserveand resource estimates have been audited and verified by the Company'sindependent reserve and resource engineer, Glenn R. Clark, P. Eng., ofGlenn R. Clark & Associates Limited. He is a 'qualified person'under National Instrument 43-101, Standards of Disclosure for MineralProjects, of the Canadian Securities Administrators.