🕐05.04.11 - 08:27 Uhr
Kirkland Lake Gold: Reserve and Resource Update
Please find attached the December Year-End Reserve and Resources Update
for Kirkland Lake Gold (TSX / AIM: KGI).
Highlights are below.
Kind regards,
Philippe
April 5, 2011
December Year-End Reserve & Resources Update
High Grade Gold Ounces Added and Replaced During 7-Month Shortened Year
Kirkland Lake Gold Inc.
(the "Company") presents its annual gold reserve
and resource estimates (now based on a December 31st year end) for its
operations in Kirkland Lake, Ontario on both the historic Main Break and
the Companys high grade South Mine Complex (SMC) discovered in 2005 its
high grade South Mine Complex (SMC).
During the months of May through December 2010, the Company concentrated
its exploration efforts on expanding the SMC, replacing the ounces mined
in the Main Break, and developing drill locations from which new
exploration initiatives could be launched on both the SMC and the Main
Break.
During this period, the Company drilled 133,000 feet of
underground drilling and 13,000 feet of surface drilling.
This reserve
and resource update is based on seven months of exploration drilling due
to a change in year-end reserve date, and one month lost due to various
logistical challenges and drill movements.
"Our exploration and development programs during the last 7 months of
2010 successfully advanced the SMC to a critical mass of 1.34 million
ounces of gold with a further 723,000 ounces in the inferred category
grading 0.79 opt.
The Companys exploration strategy remains to convert
inferred resources to indicated status, test previously unexplored areas
and replace all ounces mined in the Main Break and SMC," said Company
President, Brian Hinchcliffe.
"Exploration efforts continued to generate
additions to the reserve and resource base well in excess of 20,000
ounces per month including additional Main Break ounces that will likely
be mined in the short term due to proximity to the #3 production shaft."
Highlights of the Current Reserve and Resource Estimates
The highlights of the current reserve and resource estimates include:
* Proven and probable reserves in the SMC increased by 5% and now
stand at 1,030,000 tons at a grade of 0.74 ounces of gold per ton (opt)
for a total of 758,000 ounces.
Measured and indicated resources
increased by 17% and now stand at 864,000 tons at a grade of 0.67 opt
for a total of 578,000 ounces.
Inferred resources increased by 7% to
911,000 tons at a grade of 0.79 opt or 723,000 ounces.
* Proven and probable reserves for the entire mine now stand at
2,647,000 tons at a grade of 0.55 opt or 1,465,000 contained ounces.
Measured and indicated resources now stand at 2,760,000 tons at a grade
of 0.48 opt or 1,328,000 contained ounces.
Inferred resources now stand
at 1,740,000 tons at a grade of 0.60 opt or 1,043,000 contained ounces.
* Exploration efforts in the Main Break targeted a replacing
ounces mined were successful in replacing the 17,000 ounces mined during
the same period.
Exploration strategy in the Main Break areas includes
the delineation of new resources proximal to current mining blocks.
* New drilling platforms have been established to drill the Main
Break from the 42, 45, 47, 50 and 53 levels.
Drills have moved into most
of these locations however the drill programs are still in their
infancy.
Most of the new platforms are located strategically to
accommodate drilling from the hanging wall side of the Main Break to
explore both the Main Break and the SMC.
* Ramping commenced near calendar end above the 34 level to
provide drill platforms to target the Main Break and hanging wall
structures up to and above the 30 level.
Philippe Polman
Account Manager
Direct line: +44(0)20 7861 3921
Mobile: +44 (0)7841 672 830
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
PLEASE NOTE OUR NEW OFFICE
ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010
.......................................
A CarbonNeutral(r) company
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