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Profitable fiscal year for Kirkland Lake Gold

Kirkland Lake Gold reported a healthy fourth quarter and fiscal year-end results. The northeastern Ontario mid-tier producer reported a net and comprehensive income of $7.9 million for the quarter and $19.8 million for the year.
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Kirkland Lake Gold reported a healthy fourth quarter and fiscal year-end results.

Kirkland Lake Gold reported a healthy fourth quarter and fiscal year-end results.

The northeastern Ontario mid-tier producer reported a net and comprehensive income of $7.9 million for the quarter and $19.8 million for the year.

Generated free cash flow was $7.9 million for the quarter and $30.7 million overall for the year.

The company produced 153,957 ounces during the 2014/15 fiscal year, achieving a head grade of 14.7 grams per tonne.

"We are pleased with the improved financial performance and in particular, reporting a fourth consecutive quarter of profitability, positive cash flow from operations and free cash flow,” said John Thomson, the company’s CFO, in a July 9 news release. “We have also met and in certain instances exceeded our original guidance parameters for the year."

Kirkland Lake Gold CEO George Ogilvie was pleased with the company’s turnaround over the last 12 months.

“However, there are still challenges ahead that will require time and effort before the business is fully functioning at an optimum level. I am however, confident that we are on the right track and that the management team we have assembled, in conjunction with our motivated workforce, is qualified and capable of addressing these challenges.”

Underground work at the South Mine Complex continues with main ramp development advancing toward the 5600 level. A fourth stope was brought into production on the 5400 level. The company anticipates having a fifth and sixth stope in production at that level by late August.

On the exploration side, an underground drilling program on the ’04 Break, east of the shaft at the mine complex returning significant intersections on elevations that were the highest to date in the history of the Macassa Mine, and within a large unexplored area of the mine.