|By Marketwired .||
|February 4, 2014 04:00 AM EST||
KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 02/04/14 -- Kirkland Lake Gold Inc. ("Kirkland Lake" or "the Company") (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company, announces operational results for the third quarter of its fiscal year 2014 and provides an update on its mine optimization plan.
Mr Harry Dobson, Chairman commented "I am very pleased with operational improvements and the impact which these, together with some cost reductions will have on the financial performance of the Company. Work is ongoing but the full extent of these changes will be observed by all shareholders in the current quarter ending April 30, 2014."
Operational improvements include:
-- In November, mining cut-off grades were raised to 0.22 ounces per ton ("opt") from 0.18 opt resulting in a head grade for January of 0.45 ounce per ton - a 46% increase compared to the year-to-date average. -- On January 19, the Company hoisted a record 3,118 tons in a 24-hour period consisting of 1,738 tons of ore and 1,380 tons of waste. -- On January 29, the Company poured 4,706.65 troy ounces at 85% fineness totalling 4,000 fine ounces - the Company's largest gold pour in a one week period. -- Gold production in January was excellent with 13,483 ounces produced. Total gold production during the quarter was 31,022 ounces. -- Dry commissioning of the new ball mill has started and will be completed in February. -- Underground stope development and sustaining capital resources over the next 12 months will focus on increasing mining ratios from high grade workplaces on the 5,400' and 5,600' levels in the SMC. Significantly less stope development will take place in the '04/Main Break. -- Revised full year guidance resulting from this new six-month mine-plan results in a reduction in fiscal 2014 (ending April 30, 2014) production guidance to 120,000 - 125,000 ounces. This nevertheless represents a 30% - 36% increase over fiscal 2013.
Mr. George Ogilvie, President and CEO commented, "The new mine plan focuses on raising head grades, requiring less tons and lowering cash costs per ounce produced. These changes began to reflect themselves in January's results; however material improvements in production and cost performance should be fully reflected in the fourth quarter and beyond. The Company is planning for a head grade of 0.38 opt throughout Q4/14."
Cost saving initiatives result in annual savings of approximately $23.3 million. The Company has also now completed its $95.0 million expansion capital spend.
-- As of January 31, 144 employees had been released from employment saving the Company approximately $15.0 million annually and all contractors are now offsite. -- The Company has also cancelled non-essential capital spending saving $6.0 million, ended its travel allowance policy saving $2.0 million and is retiring older inefficient equipment.
Mr. John Thomson, CFO, commented, " The migration away from a tonnage focussed strategy to a plan focussed on mining at historic reserve grades, together with the completion of all expansion projects, results in a business model focussed on a more sustainable and realistic increase in gold production at lower cash costs which is going to return the Company to profitability and free cash-flow in the near future. The operating cost metrics communicated at the start and throughout the expansion project remain very achievable."
The Company is also pleased to announce that a new reserve and resource update will be published in the Q1/15. This update will include a first-time official resource calculation on the Company's surface drilling program.
The Company's third quarter operating results are summarized in the below table:
Nov'13 Dec'13 Jan'14 Tonnes Produced (short tons) 35,328 31,909 30,680 Gold Produced (Oz) 8,427 9,112 13,483 Tonnes Milled (short tons) 27,895 37,297 30,420 Head Grade (Oz per short ton) 0.26 0.29 0.45 Mill Recovery (%) 94% 95% 96% Gold Recovered (Oz) 6,970 10,110 13,145 Gold Poured (Oz) 9,903 9,726 14,162
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 mining to the reserve grade, generating profits and free cash flow for the shareholders. The Company will also look to take advantage of its increased infrastructure capacity in the appropriate gold price environment. 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.
Over the last several years the Company has invested significant capital to improve the infrastructure of the business including upgrading the production hoist, skips, mill, underground mobile equipment and capital development.
From initial discovery to present day there have been over 24 million ounces of gold mined from the Kirkland Lake camp while the current reserve and resource provides for potentially 10 years of mining with significant exploration upside.
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. Forward-looking statements used in this Press Release include, but may not be limited to, statements regarding the acceptance of the Rights Plan by the TSX and the timing thereof, the approval of the Rights Plan by shareholders of the Company, the Company's production capacity and its exploration program. 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 such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, its ability to complete the strategic and mine plan review and its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, 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 outcome of the strategic review process the Board has implemented, 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, 2013 and the Company's Management's Discussion and Analysis for the interim period ended October 31, 2013 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.
Kirkland Lake Gold Inc.
George Ogilvie, P.Eng
+1 709 532 5716
+1 705 568 6444 (FAX)
Kirkland Lake Gold Inc.
Director of Investor Relations
+1 705 568 6444 (FAX)
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart / Adam James
+44 (0) 20 7886 2500
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Dec. 6, 2016 11:28 AM EST
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 11:15 AM EST Reads: 345
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 6, 2016 11:00 AM EST Reads: 539
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 6, 2016 10:59 AM EST Reads: 102
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Dec. 6, 2016 10:30 AM EST Reads: 1,152
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:30 AM EST Reads: 953
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:15 AM EST Reads: 531
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 6, 2016 09:15 AM EST Reads: 2,141
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 6, 2016 09:00 AM EST Reads: 3,965
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Dec. 6, 2016 09:00 AM EST Reads: 5,810
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 09:00 AM EST Reads: 707
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 6, 2016 08:45 AM EST Reads: 7,125
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Dec. 6, 2016 08:30 AM EST Reads: 1,336
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 6, 2016 08:30 AM EST Reads: 880
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 6, 2016 08:15 AM EST Reads: 1,673