Kirkland Lake Gold Reports Quarterly Gold Output of 33,511 Ounces

Kirkland Lake Gold Inc. (TSX:KGI) released its production results for August 1, 2015 to October 31, 2015, the second quarter of its 2015 stub year. The company put out 33,511 ounces for the period.
Other production highlights include:

• Milled 85,869 tons of ore at a head grade of 0.40 ounces per ton (“opt”) or 13.7 grams per tonne (“g/t”) at a recovery rate of 97.3% and recovered 33,511 ounces of gold.
• Poured 34,642 ounces of gold and sold 34,606 ounces during the quarter.
• On track to meet production guidance with year to date (“YTD”) production of 74,993 ounces of gold recovered and 75,810 ounces of gold sold.
• As at November 13, 2015, the Company had cash and cash equivalents of $88.5 million.

George Ogilvie, president and CEO of Kirkland Lake, commented:

During the second quarter, scheduled repair work to the 5100 Level loading pocket, as well as the delayed delivery of new haulage equipment, temporarily impacted the team’s ability to move rock. I’m pleased to report that the new haulage equipment is now fully operational, performing well and has assisted tremendously in alleviating the trucking bottleneck. In addition, stopes within the “Q Complex” on 5300L are back online with some ongoing rehabilitation work in the main access drift following a minor rock-burst in mid-October. While production this quarter was temporarily impacted by these constraints, we reiterate our production guidance of between 90,000 – 110,000 ounces for the full eight month period. Heading into the final two months of the year, we are encouraged to see the balance sheet grow for a sixth consecutive quarter, coupled with our ability to move our $7.9 million asset retirement obligation out of restricted cash. Further, our recently released regional and South Mine Complex exploration results, solidifies our commitment to the expansion potential in the camp.

Click here to read the full Kirkland Lake Gold Inc. (TSX:KGI) press release.