Kirkland Lake Gold Ltd. (
“Kirkland Lake
Gold” or the “
Company”) (TSX:KL)
(NYSE:KL) (ASX:KLA) announces that as a result of a review by staff
of the Ontario Securities Commission, the Company has filed an
amended and restated technical report for its Macassa property
entitled, “ Macassa Property, Ontario, Canada, Updated NI 43-101
Technical Report” (the “Amended Report”) and is issuing the
following new release regarding its disclosure on the Macassa
property. The Amended Report addresses comments raised by the
Ontario Securities Commission to include after-tax life of mine
cash flow and net present value of the Macassa Mine (pre-tax
information previously provided) related to the #4 Shaft
project.
There are no material differences between the
original report filed April 1, 2019 and the Amended Report and
there are no differences with respect to the mineral reserve and
mineral resource estimates or the recommendations and conclusions
provided in the original report. The report, effective December 31,
2018, dated April 1, 2019 and amended and restated as of July 19,
2019, was prepared in compliance with National
Instrument 43-101 – Standards for Disclosure of Mineral Projects
(“NI 43-101”). The Amended Report is available under Kirkland Lake
Gold’s profile on SEDAR at www.sedar.com and on the Company’s
website at www.klgold.com.
Natasha Vaz, the Company’s Vice President,
Technical Services and a “qualified person” as set out under NI
43-101 has reviewed and approved the scientific and technical
information in this press release. The Amended Report was prepared
by Mariana Pinheiro Harvey, P. Eng., Robert Glover, P. Geo, William
Tai, P. Eng. and Ben Harwood, P. Geo, all of whom are “qualified
persons” as such term is defined in NI 43-101 and employees of the
Company. The Amended Report supports the scientific and technical
disclosure in the updated Mineral Resource and Mineral Reserve
estimates contained in the Company’s News Release dated February
21, 2019.
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 950,000 – 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 anticipated impact of the Amended Report; and; the
anticipated ability of the #4 Shaft to improve general working
conditions and future production sustainability as a result
thereof.
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, 2018 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.
Cautionary Note to U.S. Investors - Mineral
Reserve and Resource Estimates
All resource and reserve estimates included in
this news release or documents referenced in this news release have
been prepared 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 (the "CIM
Standards"). NI 43-101 is a rule developed by the Canadian
Securities Administrators, which established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. The terms "mineral
reserve", "proven mineral reserve" and "probable mineral reserve"
are Canadian mining terms as defined in accordance with NI 43-101
and the CIM Standards. These definitions differ materially from the
definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under
the United States Securities Act of 1933, as amended, and the
Exchange Act.
In addition, the terms "Mineral Resource",
"measured Mineral Resource", "indicated Mineral Resource" and
"Inferred Mineral Resource" are defined in and required to be
disclosed by NI 43-101 and the CIM Standards; however, these terms
are not defined terms under SEC Industry Guide 7 and are normally
not permitted to be used in reports and registration statements
filed with the U.S. Securities and Exchange Commission (the "SEC").
Investors are cautioned not to assume that all or any part of
mineral deposits in these categories will ever be converted into
reserves. "Inferred Mineral Resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an Inferred Mineral Resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in very limited circumstances.
Investors are cautioned not to assume that all or any part of a
Mineral Resource exists, will ever be converted into a Mineral
Reserve or is or will ever be economically or legally mineable or
recovered.
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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