Kirkland Lake Gold total gold production registered of 69,464 ounces for the 1Q 2016 from the Macassa and East Timmins Operation. This number excludes production of 7,189 ounces at East Timmins during the first 25 days of January as the acquisition of St Andrew Goldfields Ltd, closed on January 26th. The Company also provides 2016 guidance metrics.
George Ogilvie, President & Chief Executive Officer commented, "We are pleased to report a solid first quarter of production from the Macassa Mine Complex of 41,054 ounces at a head grade of 15.4 g/t. We have been working diligently on the integration process and are happy to report production from the East Timmins Operations of 21,221 ounces of production, with grades at Taylor averaging 7.6 g/t for the reported period."
"We are providing guidance for 2016 which includes total production of between 270,000 to 290,000 ounces of gold. We are anticipating a total capital spend of $120 million dollars of which $52 million will be focused on advancing capital development at the East Timmins Operations.
The exploration budget has been increased to approximately $18 million, with $10 million focused on the Kirkland Lake Camp and $8 million on the East Timmins Operations, mainly for exploration at Taylor and Holloway. We continue to assess the East Timmins properties in order to properly plan for a regional exploration program late in 2016 or beginning in 2017.
Our team has worked hard over the past 2.5 years to reach where we are today. Currently we have a market capitalization of just under $1 billion; anticipated production between 270,000 – 290,000 ounces of gold; a solid balance sheet of $130.5 million cash in excess of our current obligations due in 2017; and strong future cash flows expected over the next two years” George adds.