KIRKLAND LAKE, ONTARIO — (Marketwire) — 07/05/12 — Kirkland 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.“
FINANCIAL AND OPERATIONAL RESULTS
Key Highlights of the Year:
Key Highlights of the Quarter
Corporate News
The Company also announces the appointment of Investec Bank plc as its joint broker, together with Panmure Gordon (UK) Ltd and Ocean Equities Ltd., for the AIM Market of the London Stock Exchange. The appointment is effective immediately.
In accordance with AIM Rule 20, the Company announces that it will shortly be posting its annual report and accounts to shareholders. The annual report and accounts are also available at .
About the Company
The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties – Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves – in December 2001. These properties, which have historically produced approximately 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
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 statement. 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 .
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.
Contacts: Kirkland Lake Gold Inc. Brian Hinchcliffe President 1 705 567 5208 1 705 568 6444 (FAX)
Kirkland Lake Gold Inc. John Thomson Chief Financial Officer 1 705 642 7183 or +44 78 7647 4609
Kirkland Lake Gold Inc. Lindsay Carpenter Director of Investor Relations 1 416 840 7884 416 850 1617 (FAX)
Pelham Bell Pottinger Lorna Spears +44 (0) 20 7861 3232
NOMAD: Panmure Gordon (UK) Limited Katherine Roe +44 20 7459 3600
NOMAD: Panmure Gordon (UK) Limited Callum Stewart +44 20 7459 3600
Ocean Equities Ltd. Guy Wilkes +44 20 7786 4370
