KIRKLAND LAKE GOLD ANNOUNCES RECORD APRIL, FOURTH QUARTER & FULL YEAR GOLD PRODUCTION NUMBERS FOR FISCAL 2011
Kirkland Lake Gold Inc. (‘Kirkland Lake Gold’ or the ‘Company’), an operating and exploration gold mining company located in Ontario, Canada, is pleased to announce its fourth quarter and full fiscal year 2011 gold production for the year ended April 30, 2011. The Company’s new fiscal year 2012 began May 1, 2011.
April was a record gold production month of 10,175 ounces, with a total of 22,000 tons milled at a rate of 733 tons per day at a head grade of 0.4805 ounces per ton, marking the first time the Company’s production rate exceeded 10,000 ounces. Production for the quarter (February, March, and April) totalled 23,466 ounces, bringing total yearly gold production to 81,860 ounces. These are both record production figures for Kirkland Lake Gold. The head grade for Q4 was 0.4434 ounces per ton and for the year was 0.4095 ounces per ton. Mill recovery for the year was 96.42%.
The Company’s Chairman, Harry Dobson, commented “We are very pleased with our production progress and other major accomplishments this fiscal year. In addition to setting new records on the production front, we hired 238 new employees and won the Ontario provincial safety award in calendar year 2010 for the lowest accident frequency for underground mines with more than 250 employees. Our first priority remains to safely and successfully complete our current expansion project.”
Exploration success continued during the year. The highlights were advancing the South Mine Complex, discovered in 2005, to a critical mass of 1.34 million ounces of gold (consisting of 111,000 ounces grading 0.65 ounces of gold per ton (opt) in proven reserves, 647,000 ounces grading 0.75 opt in probable reserves, 2,000 ounces grading 0.36 opt in measured resources and 576,000 ounces grading 0.67 opt in indicated resources). The SMC includes a further 723,000 ounces in the inferred mineral resource category grading 0.79 opt, (as announced in our news release dated April 5, 2011), and remains open in all directions and at depth. In addition, two new drill programs intersected high grade mineralization 2,000 feet west of the known mineralization of the SMC.
A further project update will be forthcoming in early June and our year end financial statements and MD&A will be released on July 7, 2011.
The foregoing reserve and resource estimates have been audited and verified by the Company’s independent reserve and resource engineer, Glenn R. Clark, P. Eng., of Glenn R. Clark & Associates Limited. He is a ‘qualified person’ under National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators.