Kirkland Lake Gold Inc.: Temporary Power Interruption Disrupts Production
KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 03/26/12 -- Kirkland Lake Gold Inc., ('Kirkland Lake' or the 'Company') (TSX: KGI)(AIM: KGI), an operating and exploration gold mining company located in Ontario, Canada, announces that on Sunday March 18th a failure of equipment at the interface between the external Hydro One power grid and internal Mill Site power grid interrupted the primary power supply to the Mill and the Crushing Plant.
As a result, all processing of ore ceased with that power failure. The mine and mining operations were not affected by this power failure, and underground ore was stockpiled during the mill downtime.
Hydro One crews completed repairs to the interface on Sunday March 25 and restored power to the Mill Site power grid. The Mill was restarted and full ore processing was restored by Monday, March 26.
No long term impact to production will result from this power interruption. However, some gold production expected in the final quarter of Fiscal Year 2012, ending April 30, 2012, will be pushed back into the first quarter of Fiscal Year 2013.
About the Company
The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced approximately 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
1 705 567 5208
1 705 568 6444 (FAX)
bhinchcliffe@klgold.com
Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
1 416 840 7884
416 850 1617 (FAX)
lcarpenter@klgold.com
www.klgold.com
Pelham Bell Pottinger
Lorna Spears / Philippe Polman
+44 (0) 20 7861 3232
pr@pelhambellpottinger.co.uk
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
guy.wilkes@oceanequities.co.uk
NOMAD: Panmure Gordon (UK) Limited
Katherine Roe
+44 20 7459 3600
katherine.roe@panmure.com
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart
+44 20 7459 3600
callum.stewart@panmure.com
