SYS-CON MEDIA Authors: Liz McMillan, Zakia Bouachraoui, Elizabeth White, Pat Romanski, Yeshim Deniz

News Feed Item

Kirkland Lake Gold Inc.: Fiscal 2014 First Quarter Operating Results

KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 08/22/13 -- Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company, announces operational results for the first quarter of fiscal 2014 (May, June, July, 2013).

During the first quarter, 97,788 tons were produced at a head grade of 0.3246 ounces per ton ("opt") and a recovery rate of 95.04% to produce 30,316 ounces of gold. Ore tonnage produced was a quarterly record and the average daily ore tonnage rate of 1,063 tons per day was a record as well. Sold ounces for the quarter were 30,253 at an average sales price of $1,426 per ounce.

Notwithstanding the record ore tonnage rates, production was impacted during the quarter by a number of planned shutdowns related to the work required to increase the mine hoisting capacity and the capacity of the processing plant. This impact had been outlined in the Company's year end Management Discussion and Analysis document. During these shutdowns, work was completed that was required to increase the average mine hoisting capacity to 2,200 tons per day, including replacing the 10.0 ton skips with 12.5 ton skips, and to optimize the existing mill grinding circuit and bring the new crushing circuit on line. The estimated impact of these shutdowns was 2-3 weeks of normal production over the quarter, which was slightly longer than expected. As a result, the production tonnage was 4.6% under planned production for the quarter.

The head grade for the year is expected to fluctuate between 0.30 opt and 0.40 opt, dependant on the availability of higher grade ore mining workplaces in the mining sequence. Recovery was low in the first quarter due to circuit disruptions related to unexpected power disruptions caused by outside factors, and due to issues related to working with new equipment.

The processing plant will be impacted this year by several planned shutdowns required to bring other new equipment on line. These shutdowns may affect the timing of production, but should not affect overall production, as the remaining processing plant upgrades are off the critical path. A planned shutdown of the hoisting plant in August has been eliminated due to the updated work plan and to more work than expected being completed in the first quarter. The remaining hoisting plant upgrades are no longer on the critical path, as demonstrated by the establishment of a new record hoist of over 2,800 tons of ore and waste being hoisted in a single day (approximately 19 hours of hoisting).

Sixty-two ore mining workplaces are currently in the production mining cycle, with thirty-two additional workplaces being developed (Q4: 49 mining workplaces and 21 workplaces being developed). The number of ore mining workplaces in the cycle is expected to increase to approximately one hundred over the next year, as additional miners are hired and trained and as these additional workplaces are developed and brought on line. These activities are the critical path activities for the remainder of the mine expansion project.

The Company remains on track to produce 150,000 to 180,000 ounces of gold this fiscal year. Production is planned to increase quarterly over the course of the year. The rate of increase will be dependent on the rate at which the critical path activities are completed.

About the Company

Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day by fiscal year 2015 in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.

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", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. 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, and 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, 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 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 from those expected, there may be others that cause results not to be as anticipated. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law.

Contacts:
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
+1 705 567 5208
+1 705 568 6444 (FAX)
[email protected]

Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
+1 416-840-7884
+1 705 568 6444 (FAX)
[email protected]
www.klgold.com

NOMAD: Panmure Gordon (UK) Limited
Callum Stewart / Adam James
+44 (0) 20 7886 2500

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Dito announced the launch of its "Kubernetes Kickoff" application modernization program. This new packaged service offering is designed to provide a multi-phased implementation and optimization plan for leveraging Kubernetes on Google Kubernetes Engine (GKE). Kubernetes, a relatively new layer of the modern cloud stack, is a production-ready platform that allows companies to deploy and manage containerized applications, update with zero downtime, and securely scale their deployments.
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The KCSP program is a pre-qualified tier of vetted service providers that offer Kubernetes support, consulting, professional services and training for organizations embarking on their Kubernetes journey. The KCSP program ensures that enterprises get the support they're looking for to roll out new applications more quickly and more efficiently than before, while feeling secure that there's a trusted and vetted partner that's available to support their production and operational needs.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Serverless Architecture is the new paradigm shift in cloud application development. It has potential to take the fundamental benefit of cloud platform leverage to another level. "Focus on your application code, not the infrastructure" All the leading cloud platform provide services to implement Serverless architecture : AWS Lambda, Azure Functions, Google Cloud Functions, IBM Openwhisk, Oracle Fn Project.
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
DevOps has long focused on reinventing the SDLC (e.g. with CI/CD, ARA, pipeline automation etc.), while reinvention of IT Ops has lagged. However, new approaches like Site Reliability Engineering, Observability, Containerization, Operations Analytics, and ML/AI are driving a resurgence of IT Ops. In this session our expert panel will focus on how these new ideas are [putting the Ops back in DevOps orbringing modern IT Ops to DevOps].
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Intel is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley. It is the world's second largest and second highest valued semiconductor chip maker based on revenue after being overtaken by Samsung, and is the inventor of the x86 series of microprocessors, the processors found in most personal computers (PCs). Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel also manufactu...
Serverless applications increase developer productivity and time to market, by freeing engineers from spending time on infrastructure provisioning, configuration and management. Serverless also simplifies Operations and reduces cost - as the Kubernetes container infrastructure required to run these applications is automatically spun up and scaled precisely with the workload, to optimally handle all runtime requests. Recent advances in open source technology now allow organizations to run Serv...
GCP Marketplace is based on a multi-cloud and hybrid-first philosophy, focused on giving Google Cloud partners and enterprise customers flexibility without lock-in. It also helps customers innovate by easily adopting new technologies from ISV partners, such as commercial Kubernetes applications, and allows companies to oversee the full lifecycle of a solution, from discovery through management.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, will discuss how to use Kubernetes to setup a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace....
SUSE is a German-based, multinational, open-source software company that develops and sells Linux products to business customers. Founded in 1992, it was the first company to market Linux for the enterprise. Founded in 1992, SUSE is the world's first provider of an Enterprise Linux distribution.