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Kirkland Lake aiming to produce up to 290,000 gold ounces in FY'16

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Kirkland Lake aiming to produce up to 290,000 gold ounces in FY'16

Kirkland Lake GoldInc. said April 14 that it is targeting production of 270,000 ouncesto 290,000 ounces of gold in 2016 at a head grade of 7.7 g/t.

The production will include between 160,000 ounces and 170,000ounces at 15.1 g/t of gold from the Macassamine in Ontario and between 110,000 ounces and 120,000 ounces at 4.8 g/t of goldfrom the East Timminsoperations.

All-in sustaining costs are expected to lie between US$1,000per ounce and US$1,050 per ounce of gold sold.

Kirkland expects total CapEx of C$120 million in the year — C$70million at Macassa and C$50 million at East Timmins.

President and CEO George Ogilvie said the exploration budgetwas increased to about C$18 million, with C$10 million focused on the Kirkland LakeCamp and C$8 million at East Timmins, mainly for exploration at and Holloway.

Kirkland's total gold production reached 69,464 ounces in thefirst quarter from the Macassa and East Timmins operations.