Kirkland Lake Releases Q1 Results, Reports 2016 Guidance

Kirkland Lake Gold Inc. (TSX:KGI) released its production results for the first quarter of 2016, stating that output came in at 69,464 ounces.
Other highlights include:

• Macassa Mine Complex achieves 365 days (1 year) without a lost time injury.
• 2016 guidance provided including production of between 270,000 – 290,000 ounces of gold; Cash Operating Costs of between $800 – $850 (US$600 – US$650); and All-In Sustaining Costs² of between $1,300 – $1,350 (US$1,000 – US$1,050).
• Closing cash balance as at March 31, 2016 of $130.5 million.

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

We are pleased to report a solid first quarter of production from the Macassa Mine Complex of 41,054 ounces at a head grade of 15.4 g/t. We have been working diligently on the integration process and are happy to report production from the East Timmins Operations of 21,221 ounces of production, with grades at Taylor averaging 7.6 g/t for the reported period.
We are providing guidance for 2016 which includes total production of between 270,000 to 290,000 ounces of gold. We are anticipating a total capital spend of $120 million dollars of which $52 million will be focused on advancing capital development at the East Timmins Operations. The exploration budget has been increased to approximately $18 million, with $10 million focused on the Kirkland Lake Camp and $8 million on the East Timmins Operations, mainly for exploration at Taylor and Holloway. We continue to assess the East Timminsproperties in order to properly plan for a regional exploration program late in 2016 or beginning in 2017.
 

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