Published on: 4/1/2014 10:10:16 AM Print | Font Sizes:  Normal Text Large Text

K-L Gold wraps up strategic review


By: Northern Ontario Business staff

Kirkland Lake Gold announced it is ending its strategic review process that began Jan.6.
Kirkland Lake Gold announced it is ending its strategic review process that began Jan.6.

Kirkland Lake Gold announced it is ending its strategic review process that began Jan.6.

The Toronto-based miner said a special committee comprised of independent directors conducted a strategic review of the alternatives available to the company, which included a canvass of prospective acquirers that included input from independent financial and legal advisors.

In a March 31 news release, the company reports it has received several expressions of interest, but a transaction has not materialized.

"The management team is committed to continuing the execution of its mine optimization plan to improve margins and return the company to profitability and free-cash flow, a strategy which has the support of significant shareholders and which we believe will deliver maximum value for the company,” said president-CEO George Ogilvie in a statement.

The company’s flagship is its namesake mine in Kirkland Lake.

The company said from initial discovery to the present day, the Kirkland Lake camp has produced more than 24 million ounces of gold with the current reserve and resource providing a potential for 10 more years of mining with “significant exploration upside.”

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