Kirkland Lake Gold Inc.

Kirkland Lake Gold Inc.

May 11, 2006 17:31 ET

Kirkland Lake Gold Inc.: Private Placement of Units for Proceeds of up to $15 Million

KIRKLAND LAKE, ONTARIO--(CCNMatthews - May 11, 2006) -


Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) is pleased to announce it intends to privately place up to 1,630,435 units at a price of $9.20 per unit for gross proceeds of up to $15 million. Each unit shall consist 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 recent rise in the gold price has advanced the priority of the re-commissioning of the #5 Shaft of the former Lake Shore property to support exploration and development in the eastern half of the Company's seven kilometre long property," commented Brian Hinchcliffe, President.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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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