Kirkland Lake Gold Inc.: Operations Update & Financial Results Q1 Fiscal 2011; Record Gold Production in August 2010

Kirkland Lake Gold Inc. (TSX: KGI) announced an operations update and its first quarter fiscal 2011 results for the three months ended July 31, 2010.

The press release is quoted as saying:

16,621 ounces of gold were produced in Q1 2011, on target for yearly production of 90,000 to 100,000 ounces. 9,390 ounces of gold were produced in August, which is a monthly record; 26,011 ounces of gold were produced from ore grading 0.42 ounces per ton from May 1 to the end of August. Net income for fiscal Q1 2011 was $3.3 million or $0.05 per share. Operating costs were $256 per ton ($709 per ounce), on target to reduce operating costs to less than $250 per ton in fiscal year 2011. Cash resources (including short-term investments) as at July 31, 2010 were $48.6 million. Increased exploration continued as key drills moved to a seven day per week schedule after completion of the new worker changing facility.

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