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Kirkland Lake reports record production

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(Kitco News) - Kirkland Lake Gold (TSX:KL) reported production of 248,400 ounces and an increase in its cash position by 31% to $146 million in Q3 on Wednesday.

The company said production at Fosterville totalled 158,327 ounces, bringing YTD 2019 production at the mine to 427,472 ounces. 

Production at Fosterville is expected to increase from Q3 2019 levels in the final quarter of the year, with the mine on track to achieve its full-year 2019 guidance of 570,000 – 610,000 ounces.

Production at Macassa in Q3 2019 totaled 62,945 ounces, with YTD 2019 production totaling 184,918 ounces.

Tony Makuch, president and CEO of Kirkland Lake Gold, noted that production at Fosterville had increased every quarter of 2019.

“Record production in Q3 2019 resulted from strong results at our two high-grade mines, Fosterville and Macassa," said Makuch in a news release. "At Fosterville, production continued to ramp up in the Swan Zone, with both higher tonnage and improved grades being achieved compared to Q2 2019. Production at Fosterville has increased every quarter so far in 2019 and we expect this trend to continue, with the final quarter of 2019 targeted to be our strongest of the year.

"Turning to Macassa, tonnes processed increased substantially in Q3 2019 compared to the previous quarter. We also continued to achieve solid grade performance in stopes on the 5600, 5700 and 5800 levels of the South Mine Complex (“SMC”). The strong results at Fosterville and Macassa, combined with the impact of higher gold prices, drove a substantial build up in our cash position during Q3 2019, with cash and equivalents increasing over 30% during the quarter to $615 million at September 30, 2019.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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