Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced the Company’s full-year guidance for 20211, including
production of 1,300,000 – 1,400,000 ounces, driven by strong growth
at Detour Lake Mine, with all-in sustaining costs (“AISC”) per
ounce sold2 on track to remain unchanged from 2020 levels. Guidance
for 2021 includes increased capital spending largely in support of
future production growth at Detour Lake, and a greater commitment
to exploration to follow up on recent drilling success at all three
of the Company’s cornerstone assets. All dollar amounts are
expressed in U.S. dollars unless otherwise noted.
The Company also announced today three-year
production guidance which demonstrates the sustainability of solid
operating performance and includes growth to 1,405,000 – 1,545,000
ounces in 2023. During this period, the Company will continue to
work towards achieving a number of significant, and potentially
transformational, milestones. Among these milestones is completing
the current $50 million dollar drilling program at Detour Lake and
releasing a new mine plan in 2022. Drilling to date at Detour Lake
provides increasing evidence that the Main, West and North pit
locations involve one large, continuous deposit that can support
the transition to a “super pit” concept and can lead to
substantially higher levels of production. At Macassa, the #4 shaft
project is continuing and remains on track for completion in late
2022, when production is expected to increase to 400,000 ounces at
improved unit costs in 2023. In Australia, the Company is planning
its largest exploration program at Fosterville since acquiring the
mine in 2016, including $85 – $95 million of drilling and
development. The primary objective of the program is to identify
additional high-grades zones to provide future high-grade
production. The 2021 exploration plan will largely follow up on
existing drill results that included the intersection of quartz
with visible gold, found in large concentrations and at exceptional
grades in the Swan Zone, in multiple other locations.
Highlights of
2021 guidance
include:
-
Production of 1,300,000 – 1,400,000 ounces (2020
guidance: 1,350,000 – 1,400,000 ounces including 29,391 ounces from
Holt Complex)3
-
Operating cash costs per ounce
sold2 of $450 – $475 (2020 guidance: $410 – $430)
-
AISC per ounce
sold2 of $790 – $810 (2020 guidance: $790
– $810)
-
Sustaining capital expenditures2 of $280 – $310
million (2020 guidance: $390 – $400 million)
- Growth capital
expenditures2 of $250 – $275 million (2020 guidance: $95 –
$105 million)
-
Exploration expenditures4 of $170 – $190 million
(2020 guidance: $130 – $150 million).
(1) Guidance numbers and statements
provided in this press release are considered forward-looking
statements and represent management’s best estimates and
expectations of future results as at December 10,
2020.(2) See the “Non-IFRS Measures” section starting on
page 34 of the Company’s MD&A for the three and nine months
ended September 30, 2020 filed on the Company’s profile on SEDAR at
www.sedar.com. (3) 2021 guidance does not include
production, costs or expenditures from the Holt Complex in Northern
Ontario or from the Company’s assets in the Northern Territory,
which are currently on care and maintenance.(4) Includes
both expensed and capitalized exploration expenditures.
Tony Makuch, President and Chief Executive
Officer, commented: “Our business plan for 2021 positions Kirkland
Lake Gold for another year of strong operating and financial
results and continued industry-leading financial strength. The plan
also includes higher levels of investment, reflecting the
significant growth potential and exploration upside at all three of
our cornerstone assets, as well as the payment of over $200 million
in dividends to shareholders. We have made significant progress
returning capital to shareholders in 2020, and plan to continue
this trend in the coming year at the same time as we build our cash
position.
“Looking at our cornerstone assets, Detour Lake
is set to significantly grow in 2021, with production for the year
targeted at 680,000 – 720,000 ounces at AISC per ounce better than
$900 per ounce. We regard the 2021 production level as a benchmark
to be sustained and ultimately increased going forward. Under
current assumptions, including receiving required permits and
approvals, we expect production to grow to approximately 800,000
ounces in 2025 within the current mine plan. Having said that, we
plan to present a new mine plan in 2022, following completion of
the current drilling program, which we believe could transform and
significantly improve the longer-term outlook for Detour Lake, with
the establishment of a “super pit” concept based on the potential
existence of a much larger, continuous deposit around the existing
pit locations and Mineral Reserves.
“Production at Macassa is expected to ramp up
over the next three years, reaching 400,000 ounces in 2023
following completion of the #4 Shaft. Production in 2021 is
targeted at 220,000 – 255,000 ounces at AISC per ounce sold
averaging below $750. With completion of the #4 Shaft on track for
late 2022 and production commencing from near surface zones using a
surface ramp, we anticipate production rising to 295,000 – 325,000
ounces in 2022 before increasing to 400,000 – 425,000 ounces in
2023.
“Production at Fosterville in 2021 will be
lowered from the levels achieved in 2019 and 2020. We have a large
orebody at Fosterville, but the high-grade components of the
existing Mineral Reserve involve a short production life. When you
consider that we have identified a number of large mineralized
systems, all including intersections containing quartz with visible
gold, we remain optimistic that additional high-grade zones can be
identified. Our challenge is to maintain a sustainable and economic
operation while we continue to drill to identify the next
high-grade area for future mining. The result of our work is a
production profile that includes 400,000 – 425,000 ounces in 2021,
moving to a range of 325,000 – 400,000 ounces in 2022 and 2023.
Longer term, we will work to sustain operations at that level of
production for a number of years, subject to continued drilling
success. Our budget for exploration at Fosterville in 2021 is $85 –
$95 million, by far our largest commitment since we acquired the
mine in November 2016.”
Three-year production
guidance
- Consolidated:
Production targeted at 1,300,000 – 1,400,000 ounces in 2021,
1,300,000 – 1,445,000 ounces in 2022 and 1,405,000 – 1,545,000
ounces in 2023.
- Detour Lake:
Production targeted at 680,000 – 720,000 ounces in 2021, 2022 and
2023.
- Macassa:
Production to total 220,000 – 255,000 ounces in 2021, 295,000 –
325,000 ounces in 2022 and 400,000 – 425,000 ounces in 2023
-
Fosterville: Production targeted
at 400,000 – 425,000 ounces in 2021 and 325,000 – 400,000 ounces in
both 2022 and 2023.
Distribution of production in
2021
Production in 2021 is expected to be weighted to
the second half of the year largely reflecting mine sequencing,
with lower grades expected at all three cornerstone assets early in
the year, particularly in the first quarter. For the first half of
2021, production is targeted at 600,000 – 650,000 ounces, which is
expected to increase to 700,000 – 750,000 ounces during the final
six months of the year. Based on the weighting of production, as
well as the timing for sustaining capital expenditures, AISC per
ounce sold are expected to average over $900 in the first six
months of the year, improving to approximately $700 during the
second half of 2021.
2021
Guidance1
($
millions unless otherwise stated) |
Macassa |
Detour Lake |
Fosterville |
Consolidated |
Gold production (kozs) |
220 – 255 |
680 – 720 |
400 – 425 |
1,300 - 1,400 |
Operating cash costs/ounce
sold2 |
$450 - $470 |
$580 - $600 |
$230 - $250 |
$450 - $475 |
AISC/ounce sold ($/oz)2 |
|
|
|
$790 - $810 |
Operating cash costs ($M)2 |
|
|
|
$600 - $630 |
Royalty costs ($M) |
|
|
|
$82 – $88 |
Sustaining capital ($M)2,3 |
|
|
|
$280 - $310 |
Growth capital ($M)2,3 |
|
|
|
$250 - $275 |
Exploration ($M)4 |
|
|
|
$170 - $190 |
Corporate G&A ($M)5 |
|
|
|
$50 - $55 |
(1) The Company’s 2021 guidance assumes an
average gold price of $1,800 per ounce as well as a US$ to C$
exchange rate of 1.31 and a US$ to A$ exchange rate of 1.39.
Assumptions used for the purposes of guidance may prove to be
incorrect and actual results may differ from those
anticipated.(2) See “Non-IFRS Measures” set out starting on
page 34 of the MD&A for the three and nine months ended
September 30, 2020 for further details. The most comparable IFRS
Measure for operating cash costs, operating cash costs per ounce
sold and AISC per ounce sold is production costs, as presented in
the Consolidated Statements of Operations and Comprehensive Income,
and total additions and construction in progress for sustaining and
growth capital. (3) Capital expenditures exclude capitalized
depreciation.(4) Exploration expenditures include capital
expenditures related to infill drilling for Mineral Resource
conversion, capital expenditures for extension drilling outside of
existing Mineral Resources and expensed exploration. Also includes
capital expenditures for the development of exploration drifts.
(5) Includes general and administrative costs and severance
payments. Excludes share-based payment expense.Review of
2021 Guidance
-
Consolidated gold production in 2021 is targeted
at 1,300,000 – 1,400,000 ounces, which compares to current
full-year 2020 production guidance of 1,350,000 – 1,400,000 ounces.
Production guidance in 2020 includes 29,391 ounces of production at
Holt Complex, where operations were suspended effective April 2,
2020. Production in 2021 will be led by Detour Lake, which is
targeting 680,000 – 720,000 ounces compared to current guidance of
520,000 – 540,000 ounces for 11 months in 2020. In addition to the
impact of a full year of operations at Detour Lake in 2021, the
increase in production in the coming year is expected to be driven
by a higher average grade and increased mill throughput. Production
is also expected to increase at Macassa in 2021, with guidance for
the year of 220,000 – 255,000 ounces. Production at Fosterville is
targeted to decline as the mine transitions to a lower-grade
profile, with the impact of reduced grades to be only partially
offset by higher tonnes processed. Production at Fosterville in
2021 is targeted at 400,000 – 425,000 ounces.
-
Operating cash costs per ounce sold are expected
to average $450 – $475, which compares to current full-year 2020
guidance of $410 – $430. The increase from full-year 2020 guidance
mainly reflects the impact of higher tonnes mined and lower grades
at Fosterville, which is expected to more than offset improved
operating cash costs per ounce sold at both Detour Lake and
Macassa.
-
AISC per ounce sold are targeted
to average $790 – $810, unchanged from full-year 2020 guidance.
AISC per ounce sold at Detour Lake and Macassa are targeted to
improve in 2021 to better than $900 and $750, respectively, while
AISC per ounce sold at Fosterville are expected to increase
reflecting a lower average grade and higher sustaining capital
expenditures.
-
Operating cash costs for 2021 are estimated at
$600 – $630 million, which compares to the current guidance for
full-year 2020 of $560 – $580 million, with the increase mainly
related to a full year of results for Detour Lake versus 11 months
in 2020.
- Royalty
costs in 2021 are estimated at $82 – $88 million, similar
to re-issued full-year 2020 guidance.
-
Sustaining capital expenditures in 2021 are
targeted at $280 – $310 million compared to guidance for full-year
2020 of $390 – $400 million. The reduction in 2021 from 2020 is
mainly related to lower deferred stripping costs at Detour Lake
being included in sustaining capital expenditures, with the
majority of deferred stripping costs in 2021 included in growth
capital expenditures. Higher sustaining capital expenditures at
Fosterville in 2021, largely reflecting increased mobile equipment
procurement, are expected to be largely offset by lower sustaining
capital expenditures at Macassa.
- Growth
capital expenditures are estimated at $250 – $275 million
in 2021 compared to current guidance for 2020 of $95 – $105
million, with the increase largely reflecting higher growth capital
expenditures at Detour Lake. Of planned growth capital expenditures
in 2021, Detour Lake accounts for $160 – $170 million, with
approximately $90 million relating to deferred stripping and the
remainder to a number of growth capital projects, including
investments in mill improvements, increased tailings capacity,
completion of an assay lab (construction commenced in 2020) and
other enhancements to site infrastructure. Deferred stripping costs
at Detour Lake in 2021 mainly relate to a significant stripping
campaign as part of Phase 4, which will support production in
future years. Growth capital expenditures at Macassa are targeted
at $85 – $95 million, with the #4 Shaft project expected to account
for $55 – $60 million and the remainder largely related to
completion of a ventilation upgrade project, mill improvements and
increased development to support future mine production. Growth
capital expenditures at Fosterville in 2021 are targeted at $5 –
$10 million reflecting the completion of a number of key projects
during 2020.
-
Exploration expenditures in 2021 are estimated at
$170 – $190 million. Of total exploration expenditures,
approximately $85 – $95 million are targeted for Fosterville, where
drilling will continue to focus on identifying new high-grade zones
at key targets, including Lower Phoenix, Cygnet, Robbin’s Hill and
Harrier, as well as drilling to replace Mineral Reserves.
Exploration expenditures in Canada are also expected to total $85 –
$95 million, with expenditures of $45 – $50 million at Macassa and
$40 – $45 million at Detour Lake.
- Corporate G&A
expense in 2021 is estimated at $50 – $55 million, unchanged from
re-issued 2020 guidance.
Qualified Persons
The technical contents related to Kirkland Lake
Gold Ltd. mines and properties, have been reviewed and approved by
Natasha Vaz, P.Eng., Senior Vice President, Technical Services and
Innovation and Eric Kallio, P.Geo, Senior Vice President,
Exploration. Ms. Vaz and Mr. Kallio are “qualified persons” as
defined in National Instrument 43-101 and have reviewed and
approved disclosure of the scientific technical information and
data in this press release. For a description of the key
assumptions, parameters and methods used to estimate mineral
reserves and resources at Kirkland Lake Gold’s material properties,
as well as data verification procedures and a general discussion of
the extent to which the estimates of scientific and technical
information may be affected by any known environmental, permitting,
legal title, taxation, sociopolitical, marketing or other relevant
factors, please see the technical reports for the company’s
material properties as filed by Kirkland Lake Gold on SEDAR at
www.sedar.com
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a growing gold
producer operating in Canada and Australia that is on track to
produce 1,350,000 – 1,400,000 ounces of gold in 2020. The
production profile of the Company is anchored by three high-quality
operations, including the Macassa Mine and Detour Lake Mine, both
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 expertise.
For further information on Kirkland Lake Gold
and to receive news releases by email, visit the website at
www.kl.gold.
Non-IFRS Measures
The Company has included certain non-IFRS
measures in this document, as discussed below. The Company believes
that these measures, in addition to conventional measures prepared
in accordance with IFRS, provide investors an improved ability to
evaluate the underlying performance of the Company. The non-IFRS
measures are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These measures do not
have any standardized meaning prescribed under IFRS, and therefore
may not be comparable to other issuers. Please refer to page 34 of
the Company’s Management Discussion and Analysis for the three and
nine months ended September 30, 2020 for the most recent non-IFRS
reconciliations.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release
constitute ‘forward looking information’ and ‘forward-looking
statements’, under applicable Canadian securities legislation and
within the meaning of the Unites States Private Securities
Litigation Reform Act of 1995. 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, expected
production and costs, the expected cash position of the Company at
the end of next year, the expected amounts of dividends to be paid
next year, the expected amount of share repurchases, if any, to be
made throughout the year, future exploration and drilling programs,
the anticipated timing of the release of the updated mine plan for
the Detour Lake Mine and anticipated effects thereof, the
anticipated timing of the completion of the #4 shaft at the Macassa
Mine and anticipated effects thereof and the ability to identify
additional high grade zones at the Fosterville Mine. 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, among others, the development of the Company’s properties
and the anticipated timing thereof, expected production from, and
the further potential of the Company’s properties, the potential to
increase the levels of mineral resources and mineral reserves and
potential conversion of mineral resources; the anticipated timing
and commencement of exploration programs on various targets within
the Company’s land holdings and the implication of such exploration
programs (including but not limited to any potential decisions to
proceed to commercial production), the anticipated overall impact
of the Company’s COVID19 response plans, including measures taken
by the Company to reduce the spread of COVID19, including but not
limited to the rapid testing implemented at Detour Lake, the
ability to lower costs and gradually increase production, the
ability of the Company to successfully achieve business objectives,
the ability of the Company to achieve its longer-term outlook and
the anticipated timing and results thereof, the performance of the
Company’s equity investments and the ability of the Company to
realize on its strategic goals with respect to such investments,
the effects of unexpected costs, liabilities or delays, the
potential benefits and synergies and expectations of other
economic, business and or competitive factors, including the
ability of the Company to realize on certain planned synergies
associated with the acquisition of Detour Gold Corporation, 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 US
dollar), mark-to-market derivative variances, 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, 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, risks related to information
technology and cybersecurity, timing and costs associated with the
design, procurement and construction of the Company’s various
capital projects, including but not limited to potential future
impacts and effects of COVID19, including but not limited to
potential future delays and unanticipated suspension or
interruption of operations, the #4 Shaft project at the Macassa
Mine, the ventilation, paste plant, transformer and water treatment
facility at the Fosterville Mine, the ability to obtain all
necessary permits associated with the Detour Lake Mine, the ability
to obtain the necessary permits in connection with all of its
various capital projects, including but not limited to the
rehabilitation of the Macassa tailings facility and the development
of a new tailings facility and the anticipated results associated
therewith, the West Detour project, processing plant expansion at
the Detour Lake Mine, the ability to obtain renewals of certain
exploration licences in Australia, native and aboriginal heritage
issues, including but not limited to ongoing negotiations and
consultations with the Company’s First Nations partners, risks
relating to infrastructure, permitting and licenses, exploration
and mining licences, government regulation of the mining industry,
risks relating to foreign operations, uncertainty in the estimation
and realization of mineral resources and mineral reserves, quality
and marketability of mineral product, environmental regulation and
reclamation obligations, including but not limited to risks
associated with reclamation and closure obligations relating to the
Northern Territory projects, risks relating to the Northern
Territory wet season, risks relating to litigation and
unanticipated costs to assume the defence of such litigation, risks
relating to applicable tax and potential reassessments thereon,
risks relating to changes to tax law and regulations and the
Company's interpretation thereof, foreign mining tax regimes and
the potential impact of any changes to such foreign tax regimes,
competition, currency fluctuations, 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 AIF
of the Company for the year ended December 31, 2019 filed with the
securities regulatory authorities in certain provinces of Canada
and available on SEDAR 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 be as
anticipated, estimated or intended. The forward-looking statements
included in this release are made as of the date of this press
release. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements except as
otherwise required by applicable law.
Mineral resources are not mineral reserves, and
do not have demonstrated economic viability, but do have reasonable
prospects for eventual economic extraction. Measured and indicated
resources are sufficiently well defined to allow geological and
grade continuity to be reasonably assumed and permit the
application of technical and economic parameters in assessing the
economic viability of the resource. Inferred resources are
estimated on limited information not sufficient to verify
geological and grade continuity or to allow technical and economic
parameters to be applied. Inferred resources are too speculative
geologically to have economic considerations applied to them to
enable them to be categorized as mineral reserves. There is no
certainty that Measured or Indicated mineral resources can be
upgraded to mineral reserves through continued exploration and
positive economic assessment.
Financial Outlooks and Future-Oriented
Financial Information
To the extent any forward looking statements in
this press release constitute “financial outlooks” within the
meaning of applicable Canadian securities legislation, such
information is being provided as certain estimated financial
metrics and the reader is cautioned that this information may not
be appropriate for any other purpose and the reader should not
place undue reliance on such financial outlooks. Financial
outlooks, as with forward-looking statements generally, are,
without limitation, based on the assumptions and subject to various
risks as set out herein. The Company’s actual financial position
and results of operations may differ materially from management’s
current expectations and, as a result, the Company’s cash position
and the amount of dividends to be paid in 2021 may differ
materially from values provided in this press release.
Information Concerning
Estimates of Mineral
Reserves and Measured,
Indicated and Inferred
Resources
This press release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of United States
securities laws. The terms “mineral reserve”, “proven mineral
reserve” and “probable mineral reserve” are Canadian mining terms
as defined in accordance with Canadian National Instrument
43-101-Standards of Disclosure for Mineral Projects (“NI 43-101”)
and the Canadian Institute of Mining, Metallurgy and Petroleum (the
“CIM”)-CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended. These definitions
differ from the definitions in SEC Industry Guide 7 under the
United States Securities Act of 1993, as amended (the “Securities
Act”).
The SEC has adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC under the
Securities Exchange Act of 1934 (“Exchange Act”). These amendments
became effective February 25, 2019 (the “SEC Modernization Rules”)
and, following a two-year transition period, the SEC Modernization
Rules will replace the historical property disclosure requirements
for mining registrants that were included in SEC Industry Guide 7.
Following the transition period, as a foreign private issuer that
files its annual report on Form 40-F with the SEC pursuant to the
multi-jurisdictional disclosure system, the Company is not required
to provide disclosure on its mineral properties under the SEC
Modernization Rules and will continue to provide disclosure under
NI 43-101 and the CIM Definition Standards. If the Company ceases
to be a foreign private issuer or loses its eligibility to file its
annual report on Form 40-F pursuant to the multi-jurisdictional
disclosure system, then the Company will be subject to the SEC
Modernization Rules which differ from the requirements of NI 43-101
and the CIM Definition Standards. The SEC Modernization Rules
include the adoption of terms describing mineral reserves and
mineral resources that are “substantially similar” to the
corresponding terms under the CIM Definition Standards. As a result
of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources”. In addition,
the SEC has amended its definitions of “proven mineral reserves”
and “probable mineral reserves” to be “substantially similar” to
the corresponding CIM Definitions. U.S. investors are cautioned
that while the above terms are “substantially similar” to CIM
Definitions, there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources
that the Company may report as “proven mineral reserves”, “probable
mineral reserves”, “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources” under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules.
U.S. investors are also cautioned that while the
SEC will now recognize “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources”, investors
should not assume that any part or all of the mineralization in
these categories will ever be converted into a higher category of
mineral resources or into mineral reserves. Mineralization
described using these terms has a greater amount of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, investors are cautioned not
to assume that any measured mineral resources, indicated mineral
resources, or inferred mineral resources that the Company reports
are or will be economically or legally mineable. Further, “inferred
mineral resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Therefore, U.S. investors are also cautioned not to
assume that all or any part of the “inferred mineral resources”
exist. Under Canadian securities laws, estimates of “inferred
mineral resources” may not form the basis of feasibility or
pre-feasibility studies, except in rare cases.
FOR FURTHER INFORMATION PLEASE
CONTACT
Anthony Makuch, President, Chief Executive
Officer & DirectorPhone: +1 416-840-7884E-mail:
tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor RelationsPhone: +1
416-840-7884E-mail: mutting@kl.gold
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