Canadian Mining Journal

News

GOLD: KLGold enters into royalty transaction with Franco-Nevada

ONTARIO – Kirkland Lake Gold, located in the town of the same name, has raised US$50 million by selling a 2.5% net smelter return royalty to Franco-Nevada Corp. of Toronto. The royalty, to be paid in either cash or bullion, will include...



ONTARIO – Kirkland Lake Gold, located in the town of the same name, has raised US$50 million by selling a 2.5% net smelter return royalty to Franco-Nevada Corp. of Toronto. The royalty, to be paid in either cash or bullion, will include production from the Macassa gold mine.

Proceeds of the sale will be used to further expand KLGold’s production in the Kirkland Lake gold camp. Besides the Macassa mine, the company is advancing the South claims and exploring the Gracie West and Kirkland Lake West properties.

David Harquail, president and CEO of Franco-Nevada, commented, “Great camps tend to keep on giving. We believe Kirkland Lake will continue to produce gold for a very long time making this a long term asset for Franco-Nevada.”

More information about KLGold is posted at KLGold.com.