Kirkland Lake Gold reported higher gold production in its fourth quarter following upgrades at its Macassa mine.
In a May 14 release, the company reported production increased by 46 per cent (31 503 ounces) in its third quarter (21, 601 ounces).
"With the increased hoisting capacity available this quarter, the company is now starting to realize the benefits of its production expansion plans and develop higher-grade stopes on the lower levels of the South Mine Complex (SMC),” said company chairman Harry Dobson in a statement.
Kirkland Lake Gold produced 89,384 tons at a head grade of 0.3673 ounces per ton with a 95.64 per cent recovery rate during the fourth quarter.
During the financial year, which ended on April 30, the company sold 91,756 ounces and produced 91,518 ounces, down 8.7 per cent from the gold produced in 2012.
Kirkland Lake Gold's properties include the Macassa, Lake Shore, Wright-Hargreaves, Teck-Hughes and Kirkland Minerals.
The company is forecasting gold production for 2014 to be between 150 000 and 180 000 ounces.
