KIRKLAND LAKE, ONTARIO--(Marketwired - Feb. 3, 2016) - Kirkland Lake Gold Inc. ("Kirkland Lake", or the "Company") (TSX:KGI), this week poured it's one millionth ounce from the Macassa Mine Complex since operations commenced in 2003. This marks a historic milestone for the Company, adding to the historical production of this camp, which has now produced over 26 million ounces of gold.
The Company commenced operations at the Macassa Mine Complex in 2002, and with the discovery of the South Mine Complex, has been able to increase its level of production significantly over the past five years with the Company producing and selling over 570,000 ounces of gold. The Macassa Mine Complex currently has 1.5 million ounces in proven and probable reserves (2.4 million tonnes at an average grade of 19.2 g/t Au), and an additional 2.0 million ounces in measured and indicated resources (3.8 million tonnes at an average grade of 16.8 g/t Au).
Chris Stewart, Vice President of Operations at Kirkland Lake Gold Inc., commented, "We recently announced achieving one million man hours without a lost time injury, and are now announcing one million ounces of production at the complex. I'd like to commend our entire team for digging deep and allowing us to reach this milestone, and doing so in a safe and responsible manner."
Harry Dobson, founder and former Chairman of Kirkland Lake Gold Inc., commented, "It is very fulfilling to see the progress that Kirkland Lake has made over the past thirteen years. As an entrepreneur you start with a dream and a vision, and work as hard as you can to make them a reality. I am very proud of everyone that has contributed to the success of the company and I continue to support management and the entire team at Kirkland Lake in their efforts for continued growth prospects."
Eric Sprott, Chairman of Kirkland Lake Gold Inc., commented, "One million ounces is a tremendous accomplishment and on behalf of the Board of Directors, I wish to express sincere thanks to all the hard work that was put into achieving this milestone. I truly believe in the prolific nature of this camp, and with the recent regional exploration success, I have no doubt that we will continue to add significant ounces to this tally in the future."
Qualified Person
The Company's exploration programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of Mr. Stewart Carmichael, P.Geo., Manager of Exploration. Mr. Carmichael is the 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and has reviewed and approved this news release.
Technical Information
The Company's Macassa Mine Property is the subject of a technical report prepared by Glenn R. Clark, P.Eng., titled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario at January 1, 2015, dated May 22, 2015, which has been filed on SEDAR (www.sedar.com).
About Kirkland Lake Gold Inc.
Kirkland Lake Gold Inc. is a Canadian focused, intermediate gold producer with assets in the historic Kirkland Lake gold camp, and east of the Timmins gold camp, both in northeastern Ontario. The Company is currently targeting annual gold production of between 260 - 310 thousand ounces from four operations including its cornerstone asset, the Macassa Mine Complex and the recently acquired Holt, Taylor and Holloway mines.
The Company is committed to building a sustainable mining company that is recognized as a safe and responsible gold producer.
Cautionary Note Regarding Forward Looking Statements
This Press Release contains statements which constitute "forward-looking statements" within the meaning of applicable securities laws, 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", "should", "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 such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, including but not limited to; the potential expansion and future development of the Macassa Mine Complex. Such opinions, assumptions and estimates, 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 reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, 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, 2015, and the Company's Management's Discussion and Analysis for the interim period ended October 31, 2015, filed with the securities regulatory authorities in certain provinces of Canada and available 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 to 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.