Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced that the Company’s Fosterville Mine is on track for
record quarterly production in the fourth quarter of 2018 (“Q4
2018”), with full-year 2018 production now expected to exceed
330,000 ounces versus current guidance of 300,000 – 310,000 ounces.
Fosterville’s strong Q4 2018 performance largely reflects higher
than expected grades and the advancement of two additional stopes
from the high-grade Swan Zone into the mine’s Q4 2018 production
plan. Based on the improved outlook for Fosterville, the Company
now anticipates that full-year 2018 consolidated production will
exceed the current target range of 655,000 – 670,000 ounces.
On a quarter-to-date basis, the mill grade at
Fosterville in Q4 2018 has averaged over 35.0 grams per tonne, well
above target levels for the quarter. The outperformance largely
relates to increased operating development activity around the Swan
Zone and higher than planned grades from development tonnes
processed. In addition, recent stope production from both the Swan
and Eagle zones achieved substantially higher than expected grades.
With increased operating development metres being completed, the
Company has added two Swan Zone stopes to the mine plan for Q4
2018, which is also expected to contribute to increased levels of
production.
Tony Makuch, President and CEO of Kirkland Lake
Gold, commented: “Fosterville is clearly firing on all cylinders
heading towards the end of the year, with Q4 2018 production on
track to easily beat the current production record of 90,618
ounces, achieved last quarter. We continue to see significant grade
outperformance from stopes in both the Swan and Eagle zones. We
have also benefited from higher than expected grades when
processing development tonnes taken from around the Swan Zone and
have been able to add two Swan stopes to the Q4 2018 production
plan based on development metres completed. The higher than
expected grades from both development and run-of-mine production,
along with the exceptionally high grades reported from recent
drilling results, provide confirmation that the presence of
high-grade quartz veins with visible gold is more prolific than
estimated in the current block model. Higher than planned grades
are leading to increased levels of production in 2018 and are
expected to favourably impact production levels in both 2019 and
2020. Strong results at Fosterville during Q4 2018, as well as a
solid performance from our Canadian operations to date in the
quarter, are positioning us to end 2018 with total production for
the full year exceeding our current target range of 655,000 –
670,000 ounces.”
Qualified Persons
Troy Fuller, MAIG, Geology Manager, Fosterville
Gold Mine, and Ion Hann, FAusIMM, General Manager, Fosterville Gold
Mine, are "qualified persons" as such term is defined in National
Instrument 43-101 and have reviewed and approved the technical
information and data included in this News Release.
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a mid-tier gold
producer with 2018 production targeted at over 670,000 ounces of
gold from mines in Canada and Australia. The production profile of
the Company is anchored by two high-grade, low-cost operations,
including the Macassa Mine located in Northeastern 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.
For further information on Kirkland Lake Gold and to receive
news releases by email, visit the website www.klgold.com.
Cautionary Note Regarding Forward-Looking
Information
This press release contains “forward looking
statements” and "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 include information regarding: (i) the amount of
future production over any period; (ii) assumptions relating to
revenues, operating cash flow and other revenue metrics set out in
the Company's disclosure materials; (iii) future exploration plans;
(iv) changes in Mineral Resources and conversion of Mineral
Resources to proven and probable reserves; and (v) other
information that is based on forecasts of future operational or
financial results and estimates of management.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
Kirkland Lake Gold'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 combined company. Exploration results that
include geophysics, sampling, and drill results on wide spacings
may not be indicative of the occurrence of a mineral deposit. Such
results do not provide assurance that further work will establish
sufficient grade, continuity, metallurgical characteristics and
economic potential to be classed as a category of Mineral Resource.
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 and growth potential of
the Canadian and Australian operations; the future exploration
activities planned at the Canadian and Australian operations and
anticipated effects thereof; 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 its annual information form, financial statements and
related MD&A for the financial year ended December 31, 2017,
and its interim financial statements and related MD&A for the
period ended September 30, 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 Definitions
The terms "Mineral Resource" and "measured
Mineral Resource" are defined in and required to be disclosed 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").
However, these terms are not defined terms under SEC Industry
Guide 7 under the United States Securities Act of 1933, as amended,
and the Exchange Act, 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.
FOR FURTHER 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
Kirkland Lake Gold (TSX:KL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kirkland Lake Gold (TSX:KL)
Historical Stock Chart
From Sep 2023 to Sep 2024