Kirkland Lake Gold Inc.

Kirkland Lake Gold Inc.

February 17, 2009 18:18 ET

Kirkland Lake Gold Inc.: Second Tranche of Private Placement Completed With 620,000 Units Issued for Proceeds of CDN$3.007 Million

KIRKLAND LAKE, ONTARIO--(Marketwire - Feb. 17, 2009) - Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) is pleased to announce it has completed the second tranche of a non-brokered private placement by the issuance of 620,000 units at a price of CDN$4.85 per unit for gross proceeds of CDN$3.007 million. Each unit consisted of one common share and one quarter of a share purchase warrant. Each whole warrant is exercisable to purchase one common share for a period of 12 months at a price of CDN$5.50.

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

The common shares issued and issuable pursuant to the private placement will be subject to restrictions on their transfer for a period of four months from the date of their issue. Application has been made to the AIM Market of the London Stock Exchange for the shares issued on closing to be admitted for trading on February 18, 2009. Trading in such shares will commence following the expiry of the four month hold period.

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.

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