Kirkland Lake Gold is reporting its strongest ever production results, attributing the positive return to its newly implemented strategy.
During the first quarter, 93,880 tons were milled at a head grade of 0.45 ounces per ton (15.4 gpt) and a recovery rate of 97 per cent for a total of 40,528 ounces of gold, with the company selling 38,543 ounces of gold in the quarter.
Kirkland Lake Gold is on track to achieve its fiscal year 2015 production guidance of 140,000 to 155,000 ounces of gold.
Company CEO Greg Ogilvie said these were the strongest production results in the company’s history.
"The new strategy of focusing on quality tons and increasing ounces produced is beginning to work, despite a 16 per cent reduction in the labour force (206 fewer employees).”
Ogilvie said reaching the 5400 level at the higher-grade South Mine Complex played a contributing factor to the success. The company expects to mine five stops from the 5400 level in 2015.
It’s also aiming to reach the 5600 level in time for fiscal year 2016.
"I believe the turnaround in our company is well on track and that there are many more opportunities for further productivity and efficiency gains within our business,” Ogilvie said. “I'm confident through the execution of our business plan we can create significant return on investment for our shareholders and a long lived sustainable business benefiting all stakeholders."