Archive | Kirkland Lake

Kirkland Lake rejects alternative Gold Fields, Silver Standard bids valued at C$1.44bn – by Henry Lazenby (MiningWeekly.com – November 12, 2016)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Canadian miner Kirkland Lake Gold has rebuffed several alternative transactions, including three joint unsolicited offers by South Africa-based Gold Fields and Vancouver-based Silver Standard Resources, valued at up to C$1.44-billion.

In response to media rumours and a request on Friday by the Investment Industry Regulatory Organisation of Canada, Kirkland Lake issued a statement identifying the suitors and provided details of the sweetened offers, reaffirming that the revised proposal was not financially superior to the company’s C$1-billion all-scrip deal with Newmarket Gold, announced on September 29.

Kirkland Lake acknowledged that it recently received a sweetened revised acquisition proposal from Silver Standard Resources worth C$1.44-billion payable in cash and Silver Standard shares. The latest offer represented a premium of about 50% to Kirkland Lake’s market capitalisation Friday. Continue Reading →

Eric Sprott ‘driving the bus’ on Kirkland-Newmarket merger: McCreath (Business Network News – September 29, 2016)

http://www.bnn.ca/

Kirkland Lake Gold (KLG.TO) has agreed to join forces with Newmarket Gold (NMI.TO 0.83%) in an all-stock deal worth about $1 billion.

Retail and institutional investors are likely to take a shine to both the deal and the new gold company, according to Andrew McCreath, BNN Markets Commentator and founder of Forge First Asset Management.

“This is a deal that is trying to make a stock more interesting to more shareholders … and also to lower the cost of production of the combined entity with a higher production base,” he said on Thursday. Continue Reading →

U.S. analyst John Tumazos gives a contrarian view on Kirkland Lake Gold – by Barry Critchley (Financial Post – June 21, 2016)

http://business.financialpost.com/

John Tumazos is a U.S.-based metals and forest products analyst who has a particular interest in the Canadian gold sector. For many years Tumazos plied his trade on the street — where he was a perennial all-star. For the past few years he has run his own research company — known as Very Independent Research, LLC — where he sells the service to more than 30 institutional investors. He is also an investor in some of the companies that he researches.

Recently he weighed in on Kirkland Lake Gold, which owns five former high-grade mines in the Kirkland Lake, Ont., area and which expects to produce 270,000-290,000 ounces of gold this year. The company recently replaced its chief executive, George Ogilvie, with Tony Makuch who is expected to arrive in a few weeks. In February 2015, Eric Sprott was named chairman.

Tumazos has now downgraded Kirkland Lake, a stock that he owns, to neutral from overweight. He gave two reasons: price appreciation (over the past year the stock is up by 86.90 per cent) and “future direction uncertainties.” Continue Reading →

NEWS RELEASE: Kirkland Lake Gold Appoints New Chief Executive Officer

TORONTO, ONTARIO — (Marketwired) — 06/12/16 — Kirkland Lake Gold Inc., (“Kirkland Lake Gold” or the “Company”) (TSX:KGI) an intermediate gold producer with operations in Ontario, Canada, announced today that George Ogilvie has resigned from the Company and that the Board of Directors has appointed Anthony (Tony) P. Makuch as Chief Executive Officer. Mr. Makuch will join Kirkland Lake Gold in the coming weeks after finishing in his current role, and Barry Olson, Director, will assume the role of Interim Chief Executive Officer until that time.

“After careful consideration, the Board of Directors has determined that Tony is ideally positioned to lead Kirkland Lake Gold into the next stage of its development,” said Eric Sprott, Chairman of the Board of Directors. “Tony’s track record of leadership in the gold mining industry and his demonstrated ability to grow and optimize production will be excellent assets for Kirkland Lake Gold.”

Mr. Makuch brings over 25 years of management, operations and technical experience in the mining industry, most notably as President and Chief Executive Officer of Lake Shore Gold. Continue Reading →

Kirkland Lake CEO: Mergers To Pick Up In Gold Sector; Company In Transitional Year – by Allen Sykora (Kitco News – May 19, 2016)

http://www.kitco.com/

(Kitco News) – Mergers between gold-mining companies may start picking up again as officials look to replace reserves after reduced exploration efforts in recent years when lower prices dented revenues, says George Ogilvie, president and chief executive officer of Kirkland Lake Gold Inc. (TSX: KGI).

However, there is likely to be a focus on acquiring quality assets rather than simply adding ounces, the CEO said in an interview with Kitco News. Ogilvie noted that his company is in a transitional year as output rises in the aftermath of the St Andrew Goldfields Ltd. acquisition completed in January.

Several years ago, when gold was on its way to record highs, many producers were racing to hike output through organic growth and merger-and-acquisition activity. Subsequently, when gold went into a bear market, producers collectively lowered their long-term gold price assumptions and undertook massive asset write-downs. Continue Reading →

Kirkland Lake Gold says fire scare at their mine was handled well – by Alan S. Hale (Timmins Daily Press – March 16, 2016)

http://www.timminspress.com/

Kirkland Lake Gold is pleased with how professionally all their employees handled a fire scare at their mine on Monday afternoon. Within an hour of a potential fire being reported, all the underground workers had been accounted for and were gathered in the mine’s refuge stations waiting for the all-clear.

Vice-president of operations Chris Stewart said the situation could not have gone more smoothly.

“From out perspective, everything in the emergency response plan did exactly what it was supposed to do. Having everyone in a mine as spread out as ours reporting in and accounted for in one hour is certainly a benchmark time,” he said. “Overall, it turned out essentially to be a drill. But you don’t know that when you go down there.” Continue Reading →

Canada mining firm strikes gold as oil price falls – by Martin Flanagan (The Scotsman – February 6, 2016)

http://www.scotsman.com/

THE slump in oil prices has boosted a Canadian gold mining company whose fortunes have been transformed since a Scottish industry veteran took over as chief executive two and a half years ago.

Motherwell-born George Ogilvie, president and chief executive of Kirkland Lake Gold, which last week poured its one millionth ounce of gold from its Macassa mine complex in Ontario since operations started in 2003, said: “The collapse of the oil price has definitely helped us. The industry is seen as a safe haven, a last resort. Other things have also helped gold’s popularity for investors, such as the collapse of Asian stock markets, which have seen a dep¬reciation of about 50 per cent since last year and created jitters.”

Ogilvie said weak oil prices, which led to energy major Shell revealing last week that its profits fell 80 per cent in 2015, has boosted the company by putting pressure on the Canadian dollar, as the country is a big energy producer. Continue Reading →

NEWS RELEASE: Kirkland Lake Gold Pours Its One Millionth Ounce From The Macassa Mine Complex

http://www.klgold.com/Home/default.aspx

KIRKLAND LAKE, ONTARIO–(Marketwired – Feb. 3, 2016) – Kirkland Lake Gold Inc. (“Kirkland Lake”, or the “Company”) (TSX:KGI), this week poured it’s one millionth ounce from the Macassa Mine Complex since operations commenced in 2003. This marks a historic milestone for the Company, adding to the historical production of this camp, which has now produced over 26 million ounces of gold.

The Company commenced operations at the Macassa Mine Complex in 2002, and with the discovery of the South Mine Complex, has been able to increase its level of production significantly over the past five years with the Company producing and selling over 570,000 ounces of gold. The Macassa Mine Complex currently has 1.5 million ounces in proven and probable reserves (2.4 million tonnes at an average grade of 19.2 g/t Au), and an additional 2.0 million ounces in measured and indicated resources (3.8 million tonnes at an average grade of 16.8 g/t Au). Continue Reading →

Exploration at standstill: prospectors – by Rick Owen (Kirkland Lake Northern News – December 14, 2015)

http://www.northernnews.ca/

KIRKLAND LAKE – A Northern Prospectors’ Association member is involved in a process that includes the Wabun Council and the provincial government, in an attempt to coming to some sort of resolution that will allow prospectors back to work in the bush.

John Rapski has mineral claims that fall within Wabum Council’s traditional land, and he has been consulting for an extended period of time, to try and get access to explore his mineral claims. Currently, he is still being held on the sidelines instead of prospecting and exploring for new mineral finds.

Rapski said the problem is the Wabum Council wants prospectors to sign the same agreement that would apply to mining corporations and this doesn’t work for prospectors. He said if a prospector sighns the agreement they are personally libel and the agreement doesn’t look after the individual prospector. Continue Reading →

Taylor Mine is the newest mine in Ontario (Northern News – November 5, 2015)

http://www.northernnews.ca/

KIRKLAND LAKE – St Andrew Goldfields Taylor Mine project is now in commercial production and will increase the company’s gold production.

With the acceptance of the Taylor Mine closure plan the company has three gold producing mines in operation.

“We are pleased to declare Taylor the newest mine in Ontario, one which we anticipate will bolster the company’s gold production profile for 2016 by 40,000 – 50,000 ounces and provide much needed jobs and economic benefits to the communities in the region. I would personally like to thank the SAS team, the provincial government officials, the First Nations and our communities for their hard work and support in helping us bring Taylor into reality.

The mine is expected to be a significant contributor in the future as we are ramping up to full production by the end of this year,” said Duncan Middlemiss, President and Chief Executive Officer. “With the addition of Taylor to the portfolio of producing assets, we are also pleased to raise our 2015 full year production guidance to between 100,000 and 110,000 ounces of gold with the Taylor contributing 10,000 to 15,000 ounces of gold for the balance of 2015. Continue Reading →

Gold Grade is King at Kirkland Lake – by Lawrie Williams (Lawrieongold.com – October 8, 2015)

http://lawrieongold.com/

In general gold mining and exploration juniors have been having a horrendous three or four years since the gold price started its decline from its peak at the end of Q3 2011, but high grade, profitable operations like Kirkland Lake Gold (TSX: KGI) have tended to buck the overall trend – and here it is indeed the gold grade which is the key.

In short, Kirkland Lake gold is one of the highest grade operating gold mines in Canada – or indeed in the world. And it is being very successful in maintaining mill grade at very close to reserve grade – achieved by current management under George Ogilvie, former CEO of Rambler Metals and Mining, in not chasing tonnage, but rather putting the emphasis on grades to the mill.

It is thus running well under mill throughput capacity of over 2,000 tonnes a day, but generating excellent returns as a result – and leaves it with scope for expansion from existing operations, let alone from the excellent exploration potential across its land holdings. LawrieOnGold interviewed Ogilvie yesterday in London and these are the impressions gained. Continue Reading →

How smaller Canadian gold miners are thriving despite today’s gloomy price environment – by Peter Koven (National Post – September 19, 2015)

The National Post is Canada’s second largest national paper.

KIRKLAND LAKE, ONT. – Deep underground in Kirkland Lake, 300 kilometres north of Sudbury, it is hard to think about the rich veins of gold near at hand. The heat and humidity overpower everything else.

Crews are currently working 5,400 to 5,600 feet below surface, making it one of Canada’s deepest gold mines. And in this part of the world and at these depths, a first-time visitor would find the temperature suffocating.

Work crews start dripping with sweat almost as soon as they step out from the shaft underground to begin their shift. Mining this far down is technically challenging and not for the faint of heart. But more than 100 years after the first shaft was sunk in this sturdy Northern Ontario community, it looks as attractive as ever — even if it is surrounded by an environment of gloomy gold prices.

The Kirkland Lake operation, known as Macassa, is one of the world’s richest gold mines by any measure — the data service IntelligenceMine ranks it second overall. The mine’s owner, Kirkland Lake Gold Inc., likes to say that of the world’s 10 highest-grade operations, this is the only significant one that isn’t owned by a major company. Continue Reading →

Kirkland Lake mounts a comeback on the Southern Abitibi (Northern Miner – March 12, 2015)

The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.

VANCOUVER — The past two years have been a story of redemption for producer Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) at its Macassa and South Mine complex in the prolific the Southern Abitibi gold belt 46 km due southeast of Timmins, Ont. The company just wrapped up its third consecutive quarter of positive earnings and free cash flow, and looks poised to hit the upper end of its annual production guidance.

On March 11 Kirkland reported that it sold 39,700 oz. of gold last quarter at an average realized price of US$1,371 per oz., which resulted in cash flow from operations of $23.7 million. Over the past nine months the company has cranked out around 162,000 oz. of gold at all-in sustaining cash costs of US$1,289 per oz., which marks a material improvement over the 131,000 oz. it produced in 2014 at all-in costs of US$2,054 per oz.

The main driver for Kirkland has been higher grades encountered at the South Mine Complex (SMC), which has also resulted in improved throughput rates at the Macassa mill.

Average production rates last quarter were around 934 tonnes per day, which marks a 3% quarter-on-quarter increase. The good news for Kirkland is that it managed a further improvement in January, when throughput averaged 1,107 tonnes per day resulting in the delivery of around 34,500 tonnes of ore to the mill. Continue Reading →

Kirkland Lake explosives manufacturer aims for bigger market share – by Ian Ross (Northern Ontario Business – August 12, 2014)

Established in 1980, Northern Ontario Business provides Canadians and international investors with relevant, current and insightful editorial content and business news information about Ontario’s vibrant and resource-rich North. Ian Ross is the editor of Northern Ontario Business [email protected].

Maintaining the status quo doesn’t cut it with Nordex Explosives president and CEO Jim Taylor. “You’ve got to always be looking for something new. Whether it’s new clients, new ideas, or a new something, you’ve got to keep moving forward.”

That philosophy and a well-rounded product line have propelled the Kirkland Lake explosives maker’s expansion into Western Canada.

The 44-year-old, publicly-traded firm is a manufacturer and distributor of emulsion and ANFO (ammonium nitrate/fuel oil) products for the mining, quarry and construction industries.

Within the last year, it’s also become the exclusive Canadian manufacturer and supplier of the Buttbuster perimeter control products made by Johnex Explosives of Australia.

It’s led to the installation of an exclusive production line at the Kirkland Lake facility on Adams Mine Road late last year, and the hiring of 18 new employees to run it, with enough capacity to possibly go North America-wide. Continue Reading →

Top Ten Mining Events in Northern Ontario History – by Stan Sudol (March 22, 2014)

This column was also published on the Huffington Post – the “New York Times” of the web: http://www.huffingtonpost.ca/stan-sudol/ontario-mining_b_4885841.html

Klondike Versus Northern Ontario

For crying out loud, I continue to be astonished with our collective Canadian obsession over the Klondike Gold Rush while northern Ontario’s rich and vibrant mining history is completely ignored by the Toronto media establishment, especially the CBC.

Discovery Channel’s recent six-hour mini-series on the Klondike – vaguely based on Charlotte Gray’s book, “Gold Diggers: Striking It Rich in the Klondike – once again highlighted this glaring snub.

Unfairly, the Klondike did have the benefit of terrific public relations due to famous writers like Jack London, Robert W. Service and Pierre Berton, but I still don’t understand how this brief mining boom continues to dominate the “historical oxygen” in our national psyche.

At its peak, the Klondike only lasted a few years – 1896-1899 – and produced about 12.5 million ounces of gold. And unlike the California gold rush that created one of the largest and richest states in the union, the entire Yukon Territory’s population today is about 36,000. Contrast that with booming Timmins with 45,000 hardy souls who have dug out of the ground about 68 million ounces and counting of the precious metal, since the Porcupine Gold rush of 1909.

It’s enough to make to make Benny Hollinger, Jack Wilson and Sandy MacIntyre – the founders of this extraordinary deposit – spin in their collective graves! Continue Reading →