Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA)
announced today that Eric Sprott, Chairman of the Company’s Board
of Directors (the “Chairman”) will retire as Chairman and a member
of the Board following the Company’s 2019 Annual General Meeting of
Shareholders (“AGM”) on May 7, 2019 (the “AGM”). Mr Sprott has
served as the Chairman of the Board since November 2016 and was the
Chair of Kirkland Lake Gold Inc. since February 2015.
Tony Makuch, President and CEO of Kirkland Lake
Gold, commented: “I consider myself very fortunate to have had the
opportunity to work with Eric over the last 2.5 years. Not only is
he a great business leader with an accurate and informed view of
the market, he has been a mentor and confidant to me, providing
solid advice and direction. I will certainly miss our early morning
calls and meetings. During his tenure as Chairman, Kirkland Lake
Gold has emerged as a top performing gold company, one that is well
positioned for continued growth and value creation in the years to
come. On behalf of the Company’s Board of Directors, management,
employees and stakeholders, I would like to express our thanks to
Eric for his dedication and leadership over the past five years and
wish him all the best in his retirement. As we advance our growth
plans, we look forward to receiving his continued input and
support.”
Eric Sprott, Chairman of the Board said, “During
the past five years, we have succeeded in creating a truly unique
gold company which continues to have significant upside potential.
While I have decided that now is the right time for my retirement,
I fully expect to remain a very interested and engaged shareholder
of the Company.”
The Board has determined that following the
retirement of Mr. Sprott, Mr. Jeff Parr will assume the role as
Interim Chairman of the Board, pending his re-election to the Board
at the AGM. Mr. Parr has served as a director of the Company since
November 2016 and was previously a director of Kirkland Lake Gold
Inc. from October 2014. As an independent director, Mr. Parr is
currently the Chair of the Audit Committee, and serves on both the
Compensation and Technical Committees.
Mr. Parr is a Chartered Professional Accountant
(CPA, CA 1984) and has over 30 years of executive management
experience in the mining and service provider industries. He joined
Centerra Gold in 2006 and was appointed Chief Financial Officer in
2008 where he served until his retirement in 2016. From 1997 to
2006 he worked for Acres International as Chief Financial Officer
and from 1988 to 1997, held progressively senior financial
positions at WMC International (a subsidiary of Western Mining
Corporation responsible for operations and exploration in the
Americas), ultimately serving as the Company’s Executive Vice
President. He is also a member of the Board and Chair of the Audit
Committee of Discovery Metals Corp. He is a member of the Canadian
Institute of Chartered Professional Accountants and has obtained
the ICD.D designation from the Institute of Corporate
Directors.
Following the AGM, the Corporate Governance and
Nominating Committee will commence a review of the composition of
the Board to determine whether the size of the Board should be
increased and, where appropriate, nominate suitable candidates.
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a growing gold
producer operating in Canada and Australia that produced 723,701
ounces in 2018 and is on track to achieve significant production
growth over the next three years, including target production of
920,000 – 1,000,000 ounces in 2019, 930,000 – 1,010,000 ounces in
2020 and 995,000 – 1,055,000 ounces in 2021. The production profile
of the Company is anchored by two high-grade, low-cost operations,
including the Macassa Mine located in Northern Ontario and the
Fosterville Mine located in the state of Victoria, Australia.
Kirkland Lake Gold's solid base of quality assets is complemented
by district scale exploration potential, supported by a strong
financial position with extensive management and operational
expertise.
Cautionary Note Regarding
Forward-Looking Information
This press release contains statements which
constitute “forward-looking information” within the meaning of
applicable securities laws, including statements regarding the
plans, intentions, beliefs and current expectations of Kirkland
Lake Gold with respect to future business activities and operating
performance. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and, in this press release, include information
regarding the retirement of the Chairman of the Board and the
potential nomination of additional candidates to the Board in
future.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
the Company's management's expectations, estimates or projections
concerning future results or events based on the opinions,
assumptions and estimates of management considered reasonable at
the date the statements are made. Although Kirkland Lake Gold
believes that the expectations reflected in such forward-looking
information are reasonable, such information involves risks and
uncertainties, and undue reliance should not be placed on such
information, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the Company. Among the key factors that could cause
actual results to differ materially from those projected in the
forward-looking information are the following: the future
development of the Canadian and Australian operations; the
potential anticipated annual increase in production; future
exploration activities; changes in general economic, business and
political conditions, including changes in the financial markets;
changes in applicable laws; and compliance with extensive
government regulation. This forward-looking information may be
affected by risks and uncertainties in the business of Kirkland
Lake Gold and market conditions. This information is qualified in
its entirety by cautionary statements and risk factor disclosure
contained in filings made by Kirkland Lake Gold, including Kirkland
Lake Gold's annual information form dated December 31, 2017 and the
annual consolidated financial statements and related MD&A for
the period ended December 31, 2018, which are 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 information prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although Kirkland
Lake Gold 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. Kirkland Lake Gold does not intend, and do
not assume any obligation, to update this forward-looking
information except as otherwise required by applicable law.
For more information, please
contact:
Anthony Makuch, President, Chief Executive
Officer & DirectorPhone: +1 416-840-7884E-mail:
tmakuch@klgold.com
Mark Utting, Vice President, Investor
RelationsPhone: +1 416-840-7884E-mail: mutting@klgold.com
Website : www.klgold.com
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