GOLD: Kirkland Lake updates reserve ounces and grade

ONTARIO – Kirkland Lake Gold has been working hard to expand the resources and reserves at its mines in the town of the same name, and the effort is paying off handsomely.

Proven and probable reserves at the Macassa mine complex have increased by 5.6% and the grade is also up, to 19.2 g/t Au (0.56 opt). At the end of 2014, the reserves stood at 2.35 million tonnes, net of depletion, or 1.5 million oz of gold.

The reserve base of the South mine complex has grown 16.7% and overall grade is up, too, to 22.3 g/t Au (0.65 opt). Reserves here contain 900,000 oz, net of depletion, in 1.33 million tonnes.

Property-wide, the measured and indicated resources decreased by 0.4% as 8,000 contained oz were moved into probable reserves. The inferred category increased 3.9% to 1.92 million tonnes grading 19.2 g/t or 1.18 million contained oz.

For the next fiscal year (ending April 30, 2016), Kirkland Lake anticipates spending $1.9 million on underground exploration drilling and $3.2 million on surface drilling.

More information is available at KLGold.com.