Kirkland Lake Gold Inc. (TSX: KGI) has reported a net loss of $8.2 million for the quarter ending Jan. 31, 2010, a slight recovery from the $10.3 million loss from the previous quarter.
Kirkland Lake Gold Inc. (TSX: KGI) has reported a net loss of $8.2 million for the quarter ending Jan. 31, 2010, a slight recovery from the $10.3 million loss from the previous quarter.
This loss is up from the same period seen the previous year, which sat at $4.6 million.
As with the previous quarter, the third-quarter loss is being attributed to the collapse of a borehole in June 2009 which prevented pastefill from being delivered for more than three months. This strongly reduced production from mid-July 2009 to mid-January 2010.
A replacement hole and a backup hole have been completed, while a third is currently being drilled.
Gold production for the quarter was 8,221 ounces, though the company is planning to produce and pour between 45,000 and 55,000 ounces in fiscal 2010. This will increase to between 90,000 and 100,000 in fiscal 2011 and between 180,000 and 200,000 by fiscal 2013.
.jpeg;w=120;h=80;mode=crop)
