ONTARIO - KIRKLAND LAKE GOLD (based in the town of the same name) says the new, high-grade discoveries made during drilling from the 5300 level drift of the Macassa gold mine are growing steadily. Since the end of April 2006, contained gold in reserves and indicated resources has been increased to 306,000 oz, up 113% from 144,000 oz. Gold contained in inferred resources hit 402,000 oz, up 51% from 267,000 oz.
Cut to 120 g/t Au, proven and probable reserves total 244,037 tonnes at 19.20 g/t Au. The indicated resource estimate was 166,825 tonnes at 25.37 g/t Au, and the inferred resource was 510,753 tonnes at 24.34 g/t Au.
"Now that we have drifted into these new zones, not only are we able to drill shorter holes and add ounces to resources and reserves faster, but we are discovering many more mineralized zones than we anticipated," said company president Brian Hinchcliffe. "Moreover, these updates are calculated cutting all values above 3.5 ounces of gold. If not cut, the reserves and resources in the new ore system alone would be 585,000 ounces and the inferred resources would be 726,000 ounces grading, on average, greater than one ounce of gold per ton."
More good news about the Macassa mine may be found at www.KLGold.com