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Kirkland raises FY'17 gold production guidance on solid Q3

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Kirkland raises FY'17 gold production guidance on solid Q3

Kirkland Lake Gold Ltd. said Oct. 11 that it was on track to achieve an improved 2017 production guidance of 570,000 to 590,000 ounces of gold following an increase in third-quarter output.

The Toronto-based producer previously expected full-year production to be between 530,000 and 570,000 ounces of gold.

Consolidated gold production for the third quarter totaled 139,100 ounces, an increase of 4% from the same quarter of 2016 and 29% higher excluding production from mines currently on care and maintenance.

President and CEO Tony Makuch said the Fosterville mine in Victoria, Australia, achieved its second-best quarter with production of 61,500 ounces, while the third quarter for the Macassa and Holt operations in Ontario was among their best quarters with output of 48,200 ounces and 17,000 ounces, respectively.

"Grades at Fosterville doubled from Q3 2016 and are expected to increase in the fourth quarter and to improve further over the next year, particularly as we ramp up production from the Swan Zone," he said.

"At Macassa, grades improved from both the same period in 2016 and last quarter, and are expected to remain at or above current levels over the remainder of the year."