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Kirkland Lake Gold Ltd
Symbol C : KL
Shares Issued 209,857,162
Close 2018-11-29 C$ 27.10
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Kirkland raises 2018 Fosterville guidance to 330,000 oz

2018-11-30 07:14 ET - News Release

Mr. Anthony Makuch reports


Kirkland Lake Gold Ltd.'s Fosterville mine is on track for record quarterly production in the fourth quarter of 2018, with full-year 2018 production now expected to exceed 330,000 ounces versus current guidance of 300,000 to 310,000 ounces. Fosterville's strong fourth quarter 2018 performance largely reflects higher-than-expected grades and the advancement of two additional stopes from the high-grade Swan zone into the mine's fourth quarter 2018 production plan. Based on the improved outlook for Fosterville, the company now anticipates that full-year 2018 consolidated production will exceed the current target range of 655,000 to 670,000 ounces.

On a quarter-to-date basis, the mill grade at Fosterville in fourth quarter 2018 has averaged over 35.0 grams per tonne, well above target levels for the quarter. The outperformance largely relates to increased operating development activity around the Swan zone and higher-than-planned grades from development tonnes processed. In addition, recent stope production from both the Swan and Eagle zones achieved substantially higher-than-expected grades. With increased operating development metres being completed, the company has added two Swan zone stopes to the mine plan for the fourth quarter of 2018, which is also expected to contribute to increased levels of production.

Tony Makuch, president and chief executive officer of Kirkland Lake Gold, commented: "Fosterville is clearly firing on all cylinders heading towards the end of the year, with fourth quarter 2018 production on track to easily beat the current production record of 90,618 ounces, achieved last quarter. We continue to see significant grade outperformance from stopes in both the Swan and Eagle zones. We have also benefited from higher-than-expected grades when processing development tonnes taken from around the Swan zone and have been able to add two Swan stopes to the fourth quarter 2018 production plan based on development metres completed. The higher-than-expected grades from both development and run-of-mine production, along with the exceptionally high grades reported from recent drilling results, provide confirmation that the presence of high-grade quartz veins with visible gold is more prolific than estimated in the current block model. Higher-than-planned grades are leading to increased levels of production in 2018 and are expected to favourably impact production levels in both 2019 and 2020. Strong results at Fosterville during the fourth quarter of 2018, as well as a solid performance from our Canadian operations to date in the quarter, are positioning us to end 2018 with total production for the full year exceeding our current target range of 655,000 to 670,000 ounces."

Qualified persons

Troy Fuller, MAIG, geology manager, Fosterville gold mine, and Ion Hann, FAusIMM, general manager, Fosterville gold mine, are qualified persons as such term is defined in National Instrument 43-101 and have reviewed and approved the technical information and data included in this news release.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold is a mid-tier gold producer with 2018 production targeted at 655,000 to 670,000 ounces of gold from mines in Canada and Australia. The production profile of the company is anchored by two high-grade, low-cost operations, including the Macassa mine located in Northeastern Ontario and the Fosterville mine located in the state of Victoria, Australia.

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