Kirkland Lake Gold Purchases Second 0.5% NSR Royalty on the HM Claim
TORONTO, ONTARIO--(Marketwired - May 26, 2015) - Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI) ("Kirkland Lake Gold" or the "Company"), an operating and exploration gold mining company, announces the exercise of its right to buy-out a 0.5% net smelter return ("NSR") royalty (the "Royalty"), for $250,000, on the HM claim.
The Royalty is part of a larger 1% NSR royalty which was held by two private parties (of which 0.5% was purchased in April for $250,000, see press release dated April 8, 2015). The HM claim was part of the Queenston Mining Joint Venture, located approximately 2,000 feet (610 metres) southeast of the #2 shaft at the Macassa Mine Complex.
Mr. George Ogilvie, President & Chief Executive Officer commented, "We are pleased to be able to purchase this second 0.5% NSR royalty on the HM Claim. It is our belief that these royalty purchases are prudent at this time and that going forward, significant additional value has been created for our shareholders."
About the Company
Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake gold camp, as well as to explore opportunities for growth in other safe mining jurisdictions. The Company plans to do this by mining to the reserve grade, generating profits and free cash flow with a view to maximising value for the shareholders. The Company will also look to take advantage of its increased infrastructure capacity in the appropriate gold price environment. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years.
Over the last several years the Company has invested significant capital to improve the infrastructure of the business including upgrading the production hoist, skips, mill, underground mobile equipment and capital development. From initial discovery to present day there have been over 24 million ounces of gold mined from the Kirkland Lake gold camp while the current reserve and resource provides for potentially 14 years of mining with significant exploration upside.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this news release.
Contact
Kirkland Lake Gold Inc.
George Ogilvie, P.Eng
Chief Executive Officer
+1 705 568 6444
+1 709 532 5716
gogilvie@klgold.com
Kirkland Lake Gold Inc.
Suzette N. Ramcharan, CPIR
Director of Investor Relations
+1 705 568 6444
+1 647-284-5315
sramcharan@klgold.com
www.klgold.com
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