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Kirkland Lake Gold Revises 2017 Output Guidance Higher

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Kirkland Lake Gold Ltd. (TSX: KL; OTCQX: KLGDF) upped 2017 production guidance after a profitable first quarter. The company listed quarterly production of 130,425 ounces of gold, more than double output in the same period a year ago. Kirkland Lake upwardly revised its 2017 guidance to between 530,000 and 570,000 ounces, from 500,000 to 525,000 previously, and reduced its outlook for all-in sustaining costs per ounce sold to $850 to $900. The company says this is underpinned by Fosterville's revised guidance of 200,000 to 225,000 ounces. Net first-quarter earnings were $13.1 million, or 6 cents per share, with adjusted net earnings of $16.1 million, or 8 cents. Fosterville achieved record quarterly output of 46,083 ounces of gold. Tony Makuch, president and chief executive officer, cites confidence in an increasing grade profile at Fosterville. “As a result, we have updated our consolidated outlook to reflect predictable and achievable operational improvements,” he says. Makuch later adds, “Subsequent to the quarter end, we have decided to temporarily suspend production at the Cosmo Mine to allow the company to conduct a review of operations and obtain a better understanding of near mine exploration targets, including the newly discovered Lantern Deposit to support future profitable organic growth.”

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