Kirkland Lake Gold Inc. (TSX:KGI, AIM:KGI), released its operational results for the first quarter (May, June, July 2014) of Fiscal Year 2015. The company reported that this was its strongest ever quarterly production.
Highlights from the quarter include:
- 93,880 tons milled at a head grade of 0.45 ounces per ton (“opt”) (15.4 grams per ton (“gpt”))
- Head grades improved by a further 22% from 0.37 opt (10.6 gpt) in the three months to April 2014 to 0.45 opt (15.4 gpt).
- 38,543 ounces of gold sold in the quarter
- Company on track to achieve its FY 2015 production guidance of 140,000 to 155,000 ounces of gold
George Ogilvie, Chief Executive Officer, commented,
These are the strongest production results ever seen in the Company’s history. The new strategy of focusing on quality tons and increasing ounces produced is beginning to work, despite a 16% reduction in the labour force (206 fewer employees). “It was also pleasing to see that the head grades for both June (0.47 opt, 16.1 gpt) and July (0.51 opt, 17.4 gpt) were at the reserve grade. For this first quarter, our actual head grade of 0.45 opt (15.4 gpt) is 21.6% above our FY 2015 guidance of 0.37 opt (12.7 gpt). “I believe the turnaround in our Company is well on track and that there are many more opportunities for further productivity and efficiency gains within our business. I’m confident through the execution of our business plan we can create significant return on investment for our shareholders and a long lived sustainable business benefiting all stakeholders.
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