Kirkland Lake Gold Inc.
TSX : KGI
AIM : KGI

Kirkland Lake Gold Inc.

November 18, 2008 02:00 ET

Kirkland Lake Gold Inc.: Drilling Continues to Expand Gold Zones Within the South Mine Complex on the South Claims JV

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2008) - Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI)(AIM:KGI) and Queenston Mining Inc. ("Queenston") (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) are pleased to announce recently completed drilling within the South Mine Complex ("SMC") on the jointly held (50%-50%) South Claims Joint Venture located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario. Intersections include 1.04 ounces of gold per ton ("opt") over a core length of 21.6 feet (10.5 feet true width) and 1.82 opt uncut (1.10 opt cut) over a core length of 9.3 feet (4.7 feet true width).

The South Claims were purchased by KL Gold and Queenston in April of 2007 to cover the potential down-dip extension of the SMC. To date, the SMC has been outlined over a strike length 2500 feet on the property holdings of KL Gold to the north and west of the South Claims (see KL Gold and Queenston press releases dated April 17, 2007). A joint venture was formed between KL Gold and Queenston in 2007 and an underground diamond drilling program commenced on the South Claims. In February, the joint venture drilling intersected the down-dip extension of the SMC on the property (see news release dated February 13, 2008) and in July the joint venture announced an indicated mineral resource of 43,000 tons grading 1.11 opt and an inferred mineral resource of 73,000 tons grading 1.24 opt (see KL Gold and Queenston joint news release dated July 16, 2008).

Four new diamond drill holes were completed from the end of the Macassa 5300 level cross cut and one wedged drill hole from the Macassa 5000 level to further test and expand the mineralization previously reported by both companies. Three of the four holes to the west and the single wedged hole to the east returned high-grade gold mineralization (see figure 1).

"From a Kirkland Lake Gold view point, we are pleased to see the mineralization expand on the joint venture claims while maintaining high-grade intersections consistent with the South Mine Complex," said Stewart Carmichael, Chief Exploration Geologist. He added, "We're also seeing a new hanging wall system developing in addition to the New South and New South Hanging Wall zones."

Charles Page, President and CEO of Queenston commented, "Results from the recent drilling have intersected quality gold mineralization deeper into the joint venture property where the South Mine Complex remains open. The advanced underground drilling program continues with the goal of expanding the existing high-grade mineral resource further east and to the south."

Highlights of the current results:

- 1.04 opt over a core length of 21.6 feet (10.5 feet true width) and 1.32 opt over a core length of 2.3 feet (1.2 feet true width) in hole 50-901W.

- 0.95 opt over a core length of 4.3 feet on a new hanging wall vein, 1.82 opt uncut (1.10 opt cut) over a core length of 9.3 feet (4.7 feet true width) and 1.89 opt over a core length of 4.0 feet (1.1 feet true width) in hole 53-1087.

- 1.25 opt over a core length of 6.4 feet (4.1 feet true width) in hole 53-1086 on the New South hanging wall zone. Drill hole 53-1084 assayed 1.53 opt over a core length of 1.0 feet (0.7 feet true width) on the same zone 90 feet east of 53-1086.

- The intersections in holes 53-1086 and 53-1087 are the furthest west intersections to date on the joint venture property and are located 200 feet west of previously released drill hole 53-909 which assayed 2.54 opt (uncut) over a true width of 10.7 feet (see KL Gold and Queenston press releases dated February 13, 2008). These drill holes have also extended the New South Hanging Wall zone 180 feet down-dip to the -5560 foot elevation from previously released hole 53-909.

- Drill hole 50-901W is a wedged hole from previously released drill hole 50-901 and intersected the New South Zone 55 feet up-dip from 50-901. This hole was incorporated in the most recent resource estimates for the South Claims Joint Venture (See KL Gold and Queenston press releases July 16, 2008).

- A second phase of drilling is currently in progress, located midway between the programs described in this release.

The figure referred to in this release may be viewed at KL Gold's and Queenston's websites, www.klgold.com or www.queenston.ca and will provide context to the above statements. Figure 1 is a plan view showing the latest drilling results. To view Figure 1, you may also click on the following link: http://media3.marketwire.com/docs/kgi1118.jpg.

The following table summarizes the latest drilling results. (Imperial values)



---------------------------------------------------------------------------
HOLE AZI-
DIP MUTH
DRILL (de- (de-
HOLE FROM TO gre- gre- ASSAY
No. ZONE (feet) (feet) es) es)(oz per ton/feet)
---------------------------------------------------------------------------
50-901W New South 2,728.6 2,750.2 -15 109 1.04/21.6' CL equals 10.5'
TW
Incl. 2,731.6 2,734.6 1.46/3.0' CL equals 1.5'
TW, VG
and 2,746.5 2,748.9 5.39/2.4' CL equals 1.2'
TW, VG
New South HW 2,767.3 2,769.6 1.32/2.3' CL equals 1.2'
TW, VG
---------------------------------------------------------------------------
53-1084 New 183.8 190.0 -74 168 0.11/6.2' CL equals TW
Unknown
New South HW 222.8 223.8 1.53/1.0' CL equals 0.7' TW
New South 253.0 271.0 0.10/18.0' CL equals 11.3'
TW
---------------------------------------------------------------------------
53-1085 New 221.7 226.0 -63 149 0.41/4.3' CL equals TW
Unknown
New South HW 322.2 328.0 2.42/5.8' CL equals 3.0'
TW, Uncut
0.88/5.8' CL equals 3.0'
TW, Cut
Incl. 322.2 323.3 11.60/1.1' CL equals 0.6'
TW, VG
New South 369.0 383.5 0.10/14.5' CL equals 6.4'
TW
---------------------------------------------------------------------------
53-1086 New 194.2 196.0 -62 207 0.25/1.8' CL equals TW
Unknown
New South HW 261.3 267.7 1.25/6.4' CL equals 4.1' TW
Incl. 261.3 264.0 2.03/2.7' CL equals 1.7'
TW, VG
and 264.0 266.0 1.00/2.0' CL equals 1.3'
TW, VG
New South 312.9 317.0 0.14/4.1' CL equals 2.7' TW
---------------------------------------------------------------------------
53-1087 New 232.3 236.6 -58 183 0.95/4.3' CL equals TW
Unknown
Incl. 232.3 234.5 1.48/2.2' CL equals TW
Unknown, VG
New South HW 344.7 354.0 1.82/9.3' CL equals 4.7'
TW, Uncut
1.10/9.3' CL equals 4.7'
TW, Cut
Incl. 344.7 346.1 6.29/1.4' CL equals 0.7'
TW, VG
and 352.5 354.0 5.38/1.5' CL equals 0.8'
TW, VG
New South 386.0 390.0 1.89/4.0' CL equals 2.1' TW
Incl. 386.0 388.0 3.28/2.0' CL equals 1.1'
TW, VG
---------------------------------------------------------------------------

TW equals True Width, CL equals Core Length, VG equals Visible Gold, HW
equals Hanging Wall, CUT equals cut to 3.5 opt


The following table summarizes the latest drilling results. (Metric values)



---------------------------------------------------------------------------
HOLE AZI-
DIP MUTH
DRILL (de- (de-
HOLE FROM TO gre- gre- ASSAY
No. ZONE (m) (m) es) es)(grams per tonne/m)
---------------------------------------------------------------------------
50-901W New South 831.9 838.5 -15 109 35.66/6.6m CL equals 3.2m
TW
Incl. 832.8 833.7 50.06/0.9m CL equals 0.5m
TW, VG
and 837.3 838.1 184.80/0.8m CL equals 0.4m
TW, VG
New South HW 843.7 844.4 45.26/0.7m CL equals 0.4m
TW, VG
---------------------------------------------------------------------------
53-1084 New 56.0 57.9 -74 168 3.77/1.9m CL equals TW
Unknown
New South HW 67.9 68.2 52.46/0.3m CL equals 0.2m
TW
New South 77.1 82.6 3.43/5.5m CL equals 3.4m TW
---------------------------------------------------------------------------
53-1085 New 67.6 68.9 -63 149 14.06/1.3m CL equals TW
Unknown
New South HW 98.2 100.0 82.97/1.8m CL equals 0.6m
TW, Uncut
30.17/1.8m CL equals 0.6m
TW, Cut
Incl. 98.2 98.6 397.72/0.4m CL equals 0.2m
TW, VG
New South 112.5 116.9 3.43/4.4m CL equals 2.0m TW
---------------------------------------------------------------------------
53-1086 New 59.2 59.8 -62 207 8.57/0.6m CL equals TW
Unknown
New South HW 79.7 81.6 42.86/1.9m CL equals 1.3m
TW
Incl. 79.7 80.5 69.60/0.8m CL equals 0.5m
TW, VG
and 80.5 81.1 34.29/0.6m CL equals 0.4m
TW, VG
New South 95.4 96.7 4.80/1.3m CL equals 0.8m
TW
---------------------------------------------------------------------------
53-1087 New 70.8 72.1 -58 183 32.57/1.3m CL equals TW
Unknown
Incl. 70.8 71.5 50.74/0.7m CL equals TW
Unknown, VG
New South HW 105.1 107.9 62.40/2.8m CL equals 1.4m
TW, Uncut
37.71/2.8m CL equals 1.4m
TW, Cut
Incl. 105.1 105.5 215.66/0.4m CL equals 0.2m
TW, VG
and 107.5 107.9 184.46/0.4m CL equals 0.2m
TW, VG
New South 117.7 118.9 64.80/1.2m CL equals 0.6m
TW
Incl. 117.7 118.3 112.46/0.6m CL equals 0.3m
TW, VG
---------------------------------------------------------------------------

TW equals True Width, CL equals Core Length, VG equals Visible Gold, HW
equals Hanging Wall, CUT equals cut to 120.0 grams/tonne


KL Gold's Cautionary Note Regarding NI 43-101

The disclosure attributed in this release to KL Gold has been reviewed, verified (including sampling, analytical and test data) and compiled by its geological staff (which includes a 'qualified person', Stewart Carmichael; P.Geo., KL Gold's Chief Exploration Geologist, for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. Mr. Carmichael also supervised the preparation of the information that forms the basis of the technical disclosure in this release.

Queenston's Cautionary Note Regarding NI 43-101

The disclosure attributed in this release to Queenston has been reviewed, verified (including review of sampling, analytical and test data) and compiled by its President, Charles Page, P. Geo., a 'qualified person', for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. Mr. Page also aided in the preparation of the information that forms the basis of the technical disclosure in this release.

Quality Assurance & Control

KL Gold and Queenston have implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. The drill core is sawn in half with half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to Polymet Resources Inc in Cobalt, Ontario. The other half of the core is retained for future assay verification. Other QA/QC includes the insertion of blanks, and the regular re-assaying of pulps/rejects at alternate certified labs (Polymet Resources Inc., Swastika Laboratories). Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values.

Reserve Report

The SMC is the subject of a reserve report prepared by Glenn R. Clark, P.Eng., entitled: Review of Resources and Reserves of, Macassa Mine, Kirkland Lake, Ontario dated July 15, 2008, a copy of which has been filed on SEDAR (www.sedar.com).

About Kirkland Lake Gold Inc.

Kirkland Lake Gold Inc. purchased the Macassa Mine and the 1,500 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced some 22 million ounces of gold, extend over seven kilometres between the Macassa Mine on the west and Wright Hargreaves on the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.

About Queenston Mining Inc.

Queenston has assembled significant land packages in proven Canadian mining camps and its strategy is to return to producer status. The first step is in progress through the advancement of its primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki, Upper Canada) and in Cadillac, Quebec (Ironwood) towards NI 43-101 resource status. In the western portion of the Kirkland Gold camp, Queenston is carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims property and on its 100% owned AK property.

Cautionary Note Regarding Forward Looking Statements

This Press Release may contain statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the companies, and their directors, or officers with respect to the future business activities and operating performance of the companies. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the companies, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the companies' future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the companies' Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR 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 companies have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The companies do not intend, and do not assume any obligation, to update these forward-looking statements.

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.

Contact Information

  • Kirkland Lake Gold Inc.
    Brian Hinchcliffe
    President
    (705) 567-5208
    (705) 568-6444 (FAX)
    Email: bhinchcliffe@klgold.com
    Website: www.klgold.com
    or
    Kirkland Lake Gold Inc.
    Scott Koyich
    Investor Relations
    (403) 215-2579
    Email: info@klgold.com
    or
    Pelham Public Relations
    Chelsea Hayes
    020 7743 6675
    Email: chelsea.hayes@pelhampr.com
    or
    Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001
    or
    Queenston Mining Inc.
    Hugh D. Harbinson
    Chairman
    (416) 364-0001
    (416) 364-5098 (FAX)
    Email: info@queenston.ca
    Website: www.queenston.ca
    or
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    or
    NOMAD: Panmure Gordon (UK) Limited
    Katherine Roe/Ashton Clanfield
    +44 20 7459 5744
    Email: katherine.roe@panmure.com