From the Wires
Kirkland Lake Gold Inc.: Fiscal 2013 Production Guidance Maintained and Service Cage Project Update
By: Marketwired .
Feb. 4, 2013 02:00 AM
KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 02/04/13 -- Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company, announces that its current Fiscal Year 2013 production guidance is being maintained; and that the Service Cage Project has been completed, and that the Service Cage is in service.
Based on preliminary production results to the end of January, the Company is on track to meet its previously announced guidance for Fiscal Year 2013 of 90,000 to 110,000 ounces of gold sold. Final production results for the Company's third quarter (November, December, and January) and for the first nine months of the year are expected to be released February 11. The Company's fiscal year ends April 30, 2013.
Kirkland Lake is also pleased to announce that work on the Service Cage Project expected to be complete by January 31 has been completed. The cage is in service and will be utilized initially to clear a heavy backlog in material waiting to go underground, and to free up the main production hoist to reduce a heavy backlog of ore and waste ready to be hoisted to surface and of equipment waiting to be slung underground.
With the Service Cage in operation, the planned production ramp up to the Company's second milestone production rate of from 1400 to 1600 tons per day will begin in February. That milestone is expected to be reached in the second quarter of Fiscal Year 2014 (August to October 2013). The Company will provide an additional operations update in mid-March with its third quarter earnings Management Discussion and Analysis.
About the Company
Kirkland Lake Gold's corporate goal is to create a self sustaining and long lived intermediate Gold Mining Company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life,, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2012 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
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