Kirkland Lake Gold Inc.: Operations Update & Year End Results, Fiscal 2010

Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI) announced an operations update and its year end results for the financial year ended April 30, 2010.

The press release is quoted as saying:

Some key points of the financial results are: Gold poured for the year was 48,447 ounces, eleven percent higher than in the previous year (43,581 ounces) but significantly below budgeted production rates due to the lack of paste-fill and unavoidable conflicts with some project work which interfered briefly with production. As a consequence of increased costs, the Company reports a net loss for the year ended April 30, 2010 of $12,261,567 or $0.20 per share, which compares with a net loss of $10,483,055 or $0.19 per share for the previous year. Cash flows used in operating activities were $954,098 for the year, 81% lower than the previous fiscal year ($5,137,862). Cash resources (including short-term investments) as at April 30, 2010 were $59,555,993 and as of July 6, 2010 were $50,998,883.

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