KIRKLAND LAKE, ONTARIO--(Marketwired - May 7, 2014) - Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI) (the "Company"), an operating and exploration gold mining company, announces operational results for the fourth quarter (February, March, April 2014) and fiscal year 2014.
During the fourth quarter, 84,462 tons were produced at a head grade of 0.37 ounces per ton ("opt") and a recovery rate of 96% to produce 29,721 ounces of gold. Average daily ore tonnage during the quarter was 949.
For fiscal year 2014 (ended April 30, 2014) total production was 385,837 tons at a head grade of 0.33 and a recovery rate of 95% to produce 122,309 ounces, meeting the Company's revised guidance of 120,000 - 125,000 ounces. Ounces produced were 34% higher than the previous fiscal year.
Since January 2014 when the new mine strategy was adopted and expansion projects completed, average head grades improved by 27% from 0.31 opt to 0.39 opt. The changes made to the mine plan focussing on a lower tonnage, higher-grade strategy are proving effective. The Company will continue this approach to operations during the current fiscal year 2015, with a focus on mining the highest ratio of South Mine Complex to Main Break stopes since the SMC was discovered (66% SMC, 34% Main Break). As previously announced, the Company expects to increase annual production to between 140,000 - 155,000 ounces.
Mr. Harry Dobson commented, "These full year production numbers are a good result and together with lower costs, more efficient use of labour and the expansion project now being completed, the team are focussed on making the Company profitable in fiscal 2015."
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements
This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in this Press Release include, but may not be limited to, statements regarding the Company's production capacity and its exploration program. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2013 and the Company's Management's Discussion and Analysis for the interim period ended January 31, 2014 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 statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.