Kirkland Lake Gold Inc. fiscal 2012 year end results
Thursday, Jul 05, 2012Kirkland Lake Gold Inc., ('Kirkland Lake' or the 'Company') (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company located in Ontario, Canada, announces an operations update and its year end results for the year ended April 30, 2012.
Mr. Harry Dobson, Chairman commented, "Fiscal 2012 was another year of excellent progress with production of 100,275 ounces as well as on the mine expansion and exploration fronts. A significant strategic achievement was the agreement to acquire Queenston Mining's joint venture properties, where drilling has commenced both underground, targeting the extension of the high grade South Mine Complex to both the east and west, and on surface, looking for new ore zones. We are now less than one year from realizing the expansion project's 2,200 tons per day of ore target, which should position the Company to earn very compelling profit margins. This fiscal year 2013, we will start to see the significant results of the expansion program take effect, with tonnage ramping up steadily beginning in the second quarter. The next two years will be transformational for Kirkland Lake Gold, and following our recent $50 million convertible debenture announcement, we are well funded and very excited about the next stages in the Company's growth and evolution as an intermediate gold mining company."