Kirkland Lake Gold Inc.

Kirkland Lake Gold Inc.

May 25, 2006 02:00 ET

Kirkland Lake Gold Inc.: Private Placement of Units Completed for Proceeds of $16.3 Million

KIRKLAND LAKE, ONTARIO--(CCNMatthews - May 25, 2006) - Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) is pleased to announce it has privately placed 1,773,500 units at a price of $9.20 per unit for gross proceeds of $16,316,200. Each unit consisted of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable for a period of 12 months at a price of $10.50 per share. The Company paid a fee to brokers in Canada and the United Kingdom in consideration of introducing the placees to it.

The proceeds from the financing will be used for working capital and to fund further development of the Company's Kirkland Lake, Ontario mining operations.

Application will be made to the AIM Market of the London Stock Exchange for the shares issued on closing to be admitted for trading. It is expected that trading in such shares will commence on or about September 26, 2006 following the expiry of the four month hold period applicable under Canadian securities legislation. In addition, the Company has applied for the shares issuable on the exercise of the warrants to be admitted as a block with trading to commence after September 26, 2006 following the exercise of the warrants.

Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange plc has reviewed or accepts responsibility for the adequacy or accuracy of this news release.

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