TORONTO – Kirkland Lake Gold
reports that it produced 130,425 oz. of gold in the first three months of 2017. That means the company is on track to meet its 2017 guidance of 500,000 to 525,000 oz. of gold.
The Macassa mine in Kirkland Lake, Ont., produced 48,723 oz. from ore grading 17.1 g/t gold at the mill head and recovery of 97.1%.
[caption id="attachment_1003718039" align="alignleft" width="300"] Gold in quartz from the Fosterville mine in Australia.
The Fosterville mine in Australia’s Victoria state set a record – 46,083 oz. of gold –from mill head grades of 11.1 g/t gold and a recovery of 93.7%.
Tony Makuch, president and CEO of KLGold said, " During the quarter, we substantially increased our cash position by $45 million to $280 million, underpinned by solid operational results from our Fosterville & Macassa Mines. The company's strong cash position and confidence in the outlook for 2017 support the board's decision to initiate a dividend policy to our shareholders."
KLGold also had production from the Holloway, Holt and Taylor mines in Ontario as well as the Cosmo, Stawell, and Union Reefs mines in Australia.
More details about these projects is available at www.KLGold.com.