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(KGI.L) Kirkland Lake Gold Inc Buy/Sell
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| Date/Time | Headline | Source |
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| 18-03-10 | RNS |
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RNS Number : 7658I Kirkland Lake Gold Inc 17 March 2010
SCHEDULE 5
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS 1. Name of company Kirkland Lake Gold Inc. 2. Name of director George Milton 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest In respect of the holder in 2 above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified) George Milton 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s) In respect of the holder in 2 above 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary Purchase of common shares 7. Number of shares / amount of stock acquired 100,000 common shares 8. Percentage of issued class 0.14% of common shares 9. Number of shares/amount of stock disposed Nil 10. Percentage of issued class
N/A 11. Class of security Common shares 12. Price per share C$7.80 13. Date of transaction 17 March 2010 14. Date company informed 17 March 2010 15. Total holding following this notification 2,665,536 common shares 16. Total percentage holding of issued class following this notification 3.94% of common shares If a director has been granted options by the company please complete the following boxes. 17. Date of grant
N/A 18. Period during which or date on which exercisable
19. Total amount paid (if any) for grant of the option
20. Description of shares or debentures involved: class, number
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise
22. Total number of shares or debentures over which options held following this notification
23. Any additional information
24. Name of contact and telephone number for queries Dominic Morley, Panmure Gordon (UK) Limited, +44 (0) 20 7614 8329 25. Name and signature of authorised company official responsible for making this notification Sandra Lee, Corporate Secretary, 604-689-1428 Date of Notification 17 March 2010 This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-03-10 | AFX UK Focus |
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March 15 (Reuters) - Kirkland Lake Gold Inc:
2010
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-03-10 | RNS |
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RNS Number : 5468I Kirkland Lake Gold Inc 15 March 2010 KIRKLAND LAKE GOLD INC. P.O. Box 370 Kirkland Lake, ON P2N 3J1
OPERATIONS UPDATE & FINANCIAL RESULTS Q3 FISCAL 2010 Kirkland Lake Gold Inc.('Kirkland Lake Gold' or the 'Company'), an operating and exploration gold mining company located in Ontario, Canada, hasannounced an operations update and its third quarter 2010 fiscal results for the three months ended January 31, 2010. Harry Dobson, Kirkland Lake's Chairman, commented; "The mine has returned to a normal mining state, with twenty working stopes available and eight of these in the higher grade SMC area. We expect to produce and pour between 45,000 and 55,000 ounces in Fiscal 2010, despite the equivalent of a five month production interruption. In Fiscal 2011, we expect to produce and pour between 90,000 and 100,000 ounces, and will continue with our second phase of mine development aimed at increasing production to between 180,000 and 200,000 ounces yearly before Fiscal 2013." Highlights and Subsequent Events
· The Company took advantage of the production delay to initiate refurbishment activities and other project work in many areas of the Mine that directly support production. These projects were completed in Q3/10. This work primarily consisted of repairs and upgrades to both ground support in haulage ways and to mine infrastructure such as rail networks.
o Drill hole 53-1520 intersected 6.14 ounces of gold per ton (opt) uncut (1.87 opt cut) over a core length of 13.7 feet (estimated 11.8 feet true width). o Drill hole 53-1506 intersected a new zone 50 feet below and 196 feet east of the New South Zone and returned 8.60 opt uncut (3.5 opt cut) over a core length of 5.7 feet (estimated 5.2 feet true width). · On February 4, 2010 Kirkland Lake Gold announced it completed a private placement for 3,880,500 units at a price of $8.25 per unit for gross proceeds of approximately $32.0 million (net proceeds $30.3 million). The proceeds from the financing will be used for exploration and development of the mine infrastructure towards the production target rate of between 180,000 and 200,000 ounces annually and for general corporate purposes.
"As we make the transition from an exploration and development Company to an intermediate gold producer, the next twenty four months will focus on completing our mine refurbishment and infrastructure upgrade project using our existing cash resources and revenue from operations, while steadily increasing our production rates and expanding our total resource base towards our goal of five million ounces in all categories. We will also be studying options for further production increases beyond Fiscal 2013," concluded Mr. Dobson.
SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE
(All amounts in 000s of Canadian
Dollars, except shares and per share
figures)
activities
investing activities
outstanding
Qualified Persons The scientific and technical results of the Company's exploration programs and operations disclosed in this release have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological and production staff (which includes a 'qualified person' in each department, Stewart Carmichael P.Geo., the Company's Chief Exploration Geologist in respect of exploration results, and Steve Gray, P. Geo, the Company's Chief Production Geologist in respect of production results, for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators). They also supervised the preparation of the information that forms the basis of the technical disclosure in this release. Quality Assurance & Control The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. The drill core is sawn in half with half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to the Macassa mine laboratory for analysis. The other half of the core is retained for future assay verification. Other QA/QC includes the insertion of blanks, and the regular re-assaying of pulps/rejects at alternate certified labs (Polymet, Accurassay). Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values. For further information, please contact:
E-mail:bhinchcliffe@klgold.com E-mail:lcarpenter@klgold.com
E-mail:kkaczmarek@pelhambellpottinger.co.uk E-mail:skoyich@dskconsulting.ca
E-mail: guy.wilkes@oceanequities.co.uk Email:dominic.morely@panmure.com Website: www.klgold.com About Kirkland Lake Gold Inc. Kirkland Lake Gold Inc. is an operating and exploration gold mining company located in Ontario, Canada. It purchased the Macassa Mine and the 1,500 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced some 22 million ounces of gold, extend over seven kilometres between the Macassa Mine on the west and Wright Hargreaves on the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada. The Company's corporate goal is to expand its gold reserves and reduce its operating costs to become a profitable gold producer. The Company's common shares trade on the TSX (Toronto Stock Exchange) and on the AIM (Alternative Investment Market) of the London Stock Exchange. The Company's senior management and Board of Directors have extensive experience in the natural resource and mining sectors that include exploration, mining and marketing, as well as experience in the legal and corporate finance areas. Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward Looking Statements This Press Release may contain statements which constitute 'forward-looking statements' including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the Company's periodic filings with he Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. KIRKLAND LAKE GOLD INC.
UNAUDITED INTERIM FINANCIAL STATEMENTS THREE AND NINE MONTH PERIODS ENDED JANUARY 31, 2010
(EXPRESSED IN CANADIAN DOLLARS) The accompanying unaudited interim financial statements of Kirkland Lake Gold Inc. (the "Company") have been prepared by and are the responsibility of the Company's management. These unaudited interim financial statements have been approved by the Audit Committee and the Board of Directors of the Company. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by The Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor. KIRKLAND LAKE GOLD INC. Balance Sheets (Unaudited) As at January 31, 2010 and April 30, 2009 (expressed in Canadian dollars, except share amounts)
2010 2009
Assets
Current assets
Liabilities
Current liabilities
Shareholders' equity
Capital stock (Note 10)
Authorized
Unlimited common shares, without par value
Issued
Operations, going concern and measurement uncertainty (Note 1) Commitments (Notes 3 and 14) Subsequent events (Note 17) Approved by the Board of Directors:
KIRKLAND LAKE GOLD INC. Statements of Operations, Comprehensive Loss and Deficit (Unaudited) For the three and nine months ended January 31, 2010 and 2009 (expressed in Canadian dollars, except share amounts)
THREE MONTH PERIOD THREE MONTH PERIOD NINE MONTH PERIOD NINE MONTH PERIOD ENDED
ENDED ENDED ENDED JANUARY 31
JANUARY 31 JANUARY 31 JANUARY 31 2009
2010 2009 2010
Expenses
Stock*based compensation for
Other expenses
Stock*based compensation for
for the period
share
Weighted average number of
Operations, going concern and measurement uncertainty (Note 1) KIRKLAND LAKE GOLD INC. Statements of Cash Flows (Unaudited) For the three and nine months ended January 31, 2010 and 2009 (expressed in Canadian dollars)
THREE MONTH PERIOD THREE MONTH PERIOD NINE MONTH PERIOD NINE MONTH PERIOD ENDED
ENDED ENDED ENDED JANUARY 31
JANUARY 31 JANUARY 31 JANUARY 31 2009
2010 2009 2010
Cash flows used in operating
activities
Items not affecting cash
Changes in non*cash working
capital items
Accounts payable, accrued
liabilities
Cash flows from financing
activities
Net proceeds from issuance of
Cash flows from (used in)
investing activities
Purchase of property, plant
investments
Proceeds from sale of
Proceeds from disposal of
properties
Increase (decrease) in cash
Cash and cash equivalents *
Cash and cash equivalents *
Supplemental cash flow information (Note 16) KIRKLAND LAKE GOLD INC. Notes to Unaudited Financial Statements For the three and nine months ended January 31, 2010 and 2009 (expressed in Canadian dollars) 1. Operations, going concern and measurement uncertainty Operations Kirkland Lake Gold Inc. (the Company) owns gold mining and milling operations in Kirkland Lake, Canada, which were inactive when acquired in December 2001. Going concern While the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations into the foreseeable future, certain historical adverse conditions and events could cast significant doubt on the validity of this assumption and, hence, the appropriateness of the use of accounting principles applicable to a going concern. During the years ended April 30, 2009 and 2008, the Company incurred losses of $10.5 million and $3.3 million, respectively. Cash flow required for operating activities, including exploration costs charged to operations of $7.5 million, aggregated $3.0 million for the two years in total. The funds required to continue operations and exploration activities during this period have been financed primarily from the issue of equity. At January 31, 2010, the Company has working capital of $34.2 million. In addition, and as disclosed in Note 17 to these financial statements, on February 4, 2010, the Company raised a further $30.3 million (net) which further increased this working capital balance. Management projects that these funds, together with cash flow from operations, will be sufficient to meet the Company's obligations and capital expenditure plans for the foreseeable future. Nevertheless, differences are likely to occur between actual results and those projected by management, and those differences may be material. It is possible that the operations will not generate sufficient cash flow for the Company to continue in the normal course without funding being provided from outside sources. Management has been successful in obtaining sufficient funding for the Company's operating and capital exploration requirements in the past and will pursue additional funding in the future, if necessary. There is, however, no assurance that such funding will be available to the Company, or that it will be available on terms which are acceptable to management. If (i) operations do not generate sufficient cash flow and (ii) sufficient funding for the Company's operating and capital expenditure requirements on terms acceptable to management is not available, the Company may not be able to continue as a going concern. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. Measurement uncertainty The Company's history of operating losses from mining operations indicate that the recorded costs for mineral properties and related fixed assets may not be recoverable. Management estimates, using a constant gold price of $1,051 per ounce versus the average gold price of $1,064 in Q3/10 and operating costs similar to historical costs incurred over the past year, that annual production of 65,000 to 80,000 ounces for each year would be required to cover costs of operations and estimated capital expenditures required for mining operations. To date, the Company has not been successful in sustaining this higher rate of production. There is significant uncertainty associated with the ability of the Company to recover the carrying value of the mineral property and related assets. Gold price or Canadian/U.S. dollar exchange rate movements, the success of the Company in realizing the benefit of the production improvements noted above, adverse changes in the costs of labour and the other costs or unforeseen production difficulties all would have an impact on the ability of the Company to achieve its goals from operations. In spite of the increased working capital currently available for use by the Company an adverse development could have a significant impact on the Company's operations and ability to recover costs.
Basis of presentation These unaudited interim financial statements are prepared in accordance with Canadian generally accepted accounting principles ("GAAP"). They do not include all of the information and disclosures required by Canadian GAAP for annual financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these financial statements. The interim financial statements should be read in conjunction with the Company's audited financial statements including the notes thereto for the year ended April 30, 2009. Adoption of new accounting standards Effective May 1, 2009, the Company adopted Canadian Institute of Chartered Accountants ("CICA") Handbook Section 3064, Goodwill and Intangible Assets. The initial adoption of this new standard had no material impact on the Company's financial statements. Accounting changes The following Canadian accounting pronouncements were issued and not yet adopted by the Company:
Restricted cash includes: JANUARY 31 APRIL 30
2010 2009
Letters of Credit:
Ministry of Northern Development, Mines and Forestry $4,452,597 $4,452,597
Letters of credit are secured by the GIC investments as disclosed in Note 4 below.
Investments include: JANUARY 31 APRIL 30
2010 2009
0.15%, matures April 1, 2010
0.6%, matures October 34, 2010
0.65%, matures May 14, 2009
0.6%, matures May 14, 2009
0.3%, matures June 11, 2009
0.3%, matures June 11, 2009
0.25%, matures July 23, 2009
Letters of credit are in place with the Ministry of Northern Development, Mines and Forestry to cover the estimated total costs of reclamation and site restoration (Note 9), for $4,452,597, and with the Independent Electricity System Operator of Ontario to secure the provision of electricity, for $500,000. The letters of credit are secured by a portion of the $10,000,000 Guaranteed Investment Certificate purchased during the current period.
JANUARY 31 APRIL 30
2010 2009
Mine operating supplies $2,005,215 $1,559,459
JANUARY 31 APRIL 30
2010 2009
Balance * Beginning of period $43,319,425 $36,947,885
COST ACCUMULATED JANUARY 31 APRIL 30
DEPLETION 2010 2009
Underground development
COST ACCUMULATED JANUARY 31
AMORTIZATION 2010
COST ACCUMULATED APRIL 30
AMORTIZATION 2009
JANUARY 31
2010
payments of $8,487. The lease matures in 10 months.
The Company has filed a reclamation and site restoration plan in connection with the Kirkland Lake properties and this plan is currently being discussed with the Ontario Ministry of Northern Development and Mining (MNDM). The Company's best estimate of the total costs of reclamation and site restoration at January 31, 2010 are $5,415,814 and financial assurance has been provided to the MNDM by way of a letter of credit in the amount of $4,452,597 (Note 4). A reconciliation for asset retirement obligations is as follows: JANUARY 31 APRIL 30
2010 2009
The Company continues to correspond with the MNDM regarding the Wright Hargreaves property. The Company has retained a consultant to assist in the identification of any potential hazards and related obligations to the Company. This process is currently ongoing, the outcome of which is currently indeterminable at this time. The provision for asset retirement obligations is based on the following key assumptions.
The Company has a stock option plan which allows the Company to grant options to directors, senior officers and employees of or consultants to the Company or employees of a corporation providing management services to the Company. The aggregate number of common shares which may be subject to issuance pursuant to options granted under this plan is 6,353,213 shares. The plan provides that the exercise price of a stock option granted under the plan will not be less than the market price at the time of granting of the stock option. Notwithstanding that stock options can have a maximum term of 10 years it is presently the policy of the Company to issue stock options for terms of five years.
The changes in stock options issued during the 9 month period ended January 31, 2010 are as follows:
beginning of period
period
period The following table summarizes information about stock options outstanding and exercisable at January 31, 2010:
Exercise price Options outstanding Options exercisable Outstanding options Exercisable options
The fair value of each stock option at the date of grant was estimated using the Black-Scholes option-pricing model.
APRIL 30
2009
Expected stock price volatility 53.3 * 88.84%
Option pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate. The value ascribed to unexercised stock options recorded as a component of shareholders' equity is as follows: JANUARY 31 APRIL 30
2010 2009
The changes in warrants outstanding are as follows:
beginning of period
period
JANUARY 31 APRIL 30
2010 2009
The following related party transactions occurred during the period: The Company paid office facilities and administration services in the amount of $31,500 (2009 * $31,500) to a company related by a director in common. These transactions were in the normal course of operations and were measured at the exchange value, which represented the amount of consideration established and agreed to by the related parties.
As at January 31, 2010, capital commitments included:
(All commitments in 000s of Canadian Dollars)
A net smelter royalty is payable to Kinross Gold Corporation on a sliding scale commencing at 2% if the price of gold sold is equal to or greater than US$300 per ounce and increasing to 4% if the price of gold sold is equal to or greater than US$500 per ounce. The royalty amount due is payable quarterly and terminates upon a maximum aggregate payment of $15 million. During the period ended January 31, 2010, royalties under this agreement amounted to $1,422,336 (2009 * $1,010,926). Of the $15 million the Company had paid $7,753,028. As at January 31, 2010, the Company had an outstanding commodity contract with Johnson Matthey Plc. to fix the price of 2,076 ounces of gold at an average price of $1,177 per ounce to be delivered under this contract. Fair value was not significantly different from stated value when the gold was delivered. As part of the commodity contract Johnson Matthey Plc. has a right to make a margin call if the price of gold falls below the price of the commodity contract until the full amount of the commodity contract has been satisfied. At period end $61,653 was on deposit with Johnson Matthey Plc. An agreement between Queenston Mining Inc. and the Company was formed in April 2007 to explore the Morgan property. The Company has agreed to spend $770,000 on exploration of the property for the fiscal year 2010. Under its obligations pursuant to the Morgan Property purchase agreement, the Company completed the issuance of the final tranche of shares and made the final cash payment to the vendor.
The Company has one operating segment consisting of a mining and milling operation located in Kirkland Lake, Canada. During the periods ended January 31, 2010 and 2009 all of the Company's property, plant and equipment, revenues earned and operations were in Canada.
Cash and cash equivalents comprise cash on deposit with Canadian chartered banks, lines of credit and treasury bills. JANUARY 31 JANUARY 31
2010 2009
On February 4, 2010 the Company announced it completed a private placement for 3,880,500 units at a price of $8.25 per unit for gross proceeds of approximately $32.0 million. Each unit consisted of one common share and one*third of a share purchase warrant. Each whole warrant is exercisable to purchase one common share at a price of $10 until March 4, 2011. The common shares issued and issuable pursuant to the private placement will be subject to restrictions on their transfer for a period of four months from the date of their issue. KIRKLAND LAKE GOLD INC. Management's Discussion & Analysis ('MD&A') Period Ending January 31, 2010 - Q3 Fiscal 2010 This MD&A, including appendices, is intended to help the reader understand Kirkland Lake Gold Inc. (*us*, *KGI* or *the Company*), our operations and our present business environment. It has been prepared as of March 12, 2010 and covers the results of operations for the quarter ended January 31, 2010. It is intended to supplement the unaudited Financial Statements and notes thereto which are expressed in Canadian Dollars and prepared in accordance with Canadian Generally Accepted Accounting Principles (*GAAP*). This MD&A should be read in conjunction with both the annual audited financial statements and notes thereto for the year ended April 30, 2009 and the related annual MD&A. Additional information relating to the Company is available from the Company*s Annual Information Form (*AIF*) filed with the Canadian securities regulators on SEDAR at www.sedar.com. Kirkland Lake Gold Inc. P.O. Box 370 Kirkland Lake, ON P2N 3J1
CONTENTS
CONTENTS
COMPANY OVERVIEW
HIGHLIGHTS OF THE QUARTER
OUTLOOK
CAPITAL PROJECTS UPDATE
OPERATIONS REVIEW
REVIEW OF FINANCIAL RESULTS
SUBSEQUENT EVENT
SUMMARY OF QUARTERLY RESULTS LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION
APPENDIX 1 SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE
APPENDIX 2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
CHANGES IN ACCOUNTING POLICIES
APPENDIX 3
OTHER MATTERS Outstanding Share, Option & Warrant Data Forward Looking Information
COMPANY OVERVIEW The Company is an operating gold mining company located in Kirkland Lake, Ontario, Canada, which owns the Macassa Mine and Mill and four contiguous formerly producing gold mining properties. The Company's goal is to expand its gold reserves and resources to approximately five million ounces, and reduce its unit operating costs by increasing its production rate in order to become a profitable and sustainable intermediate gold producer. The Company's common shares trade on the TSX (Toronto Stock Exchange) and AIM (Alternative Investment Market of the London Stock Exchange). Over the past year, the Company has announced a number of projects intended to increase production in two eighteen month phases. Phase I, to be completed by July, 2010, aims to double production to 600 to 700 tons per day, containing roughly 90,000 to 100,000 ounces of gold per year. Phase II, to be completed by January, 2012, aims to double production again to 1,200 to 1,400 tons per day, containing roughly 180,000 to 200,000 ounces of gold per year. Both projects include major expansions of the Company's exploration and development programs. The Company has established the following operating priorities: 1) Maintaining Safety and Environmental - including Loss Control, Security, and Closure activities. 2) Improving availability of Plant and Equipment and generally upgrading the mine infrastructure. 3) Progressing development, including rehabilitation of existing workings. 4) Expediting construction, including the creation of new facilities and refurbishment of existing installations. 5) Driving forward our exploration program. 6) Growing production in a sustainable way. The focus of the Company is on sustainability and future growth. The Company's directors and management are focussed on building a successful mining operation in Kirkland Lake.
HIGHLIGHTS OF THE QUARTER On June 23, midway through Q1/10, the borehole that delivers paste fill from surface to 34 Level collapsed due to ground failure after being in service for eighteen years. This risk had been identified by the Company and a directional drilling contractor had been booked and backup holes had been scheduled for drilling during Q2/10 as part of a Phase I Project. A new replacement borehole was drilled and put into service by late Q2/10, and a second backup hole was completed in Q3/10. A third hole is currently being drilled. However, the result of this significant event was that no paste fill could be delivered to the Mine for more than three months. Production at the Mine is directly proportional to the filling of stopes with paste fill. The lack of fill had a direct impact on production by taking most ore mining areas off line. Ore mining during the disruption was limited to exploration mining, completion of the current cuts in some cut and fill stopes, and the removal of broken ore out of some longhole stopes. As a consequence, most production crews were reallocated to refurbishment or other project work during Q2/10 and much of Q3/10, while the stopes were filled. The Company also took advantage of the production delay to initiate refurbishment activities and other project work in many areas of the Mine that directly support production and these projects were completed in Q3/10. This work primarily consisted of repairs and upgrades to both ground support in haulage ways and to mine infrastructure such as rail networks. Production in fiscal 2010 was severely reduced from mid July through mid January (late Q1 to late Q3) by these events. The Company completed 2009 as the third lowest in accident frequency in the Province of Ontario in the Large Mines category after finishing first in the Small Mines category in 2008, notwithstanding the number of new employees added in 2009 reaching 173, a 74% increase over 2008. The acceleration of training activities that began in the second quarter continued in the third quarter. A review and improvements to the Company's Planned Maintenance and Critical Spare Programs continued during the quarter. A significant number of infrastructure repair and upgrade projects in areas such as the mill, surface shops, other surface facilities, underground maintenance facilities, parking areas, roadways, headframe, electrical, communications, ventilation, backfill, and shaft and hoisting systems were completed, were underway, or were being planned in the quarter. Work to increase the hoisting capacity of the Mine by over 300% to 3600 tons per day as part of the Phase II Project was initiated and is expected to be completed by late in the third quarter of fiscal 2011. An expansion of the changing area for workers capable of accommodating an additional 300 persons is also well underway and expected to be completed in the first quarter of fiscal 2011. Additions and improvements to the surface maintenance facilities, warehouse, cold storage capacity, core handling facility, offices, compressor plant, and backfill plant also to be completed in fiscal year 2011 are now being planned. Level rehabilitation programs on the 53 Level reached areas that had been targeted by exploration for diamond drilling sites along the main break in the second quarter. After final site preparations are completed and the drills complete their current programs, significant new long term diamond drilling programs will be initiated targeting large areas east and west of the South Mine Complex (SMC). These programs will be similar in scope to the program that discovered the SMC. Gold production for the quarter was 8,221 ounces, 110% higher than in the previous quarter (3,912 ounces) but significantly below normal production rates due to the lack of paste fill and due to the completion of project work interfering with production. Ore mining areas in the Main Break resumed production in late December. The 50 Level SMC production area came back on line in early January. The 53 Level SMC area, the largest and highest grade production area in the Mine, resumed production in late January. This sequence was dictated by the completion of the related infrastructure projects. Cash flows used in operating activities were $9,694,843 for the quarter. As a consequence of the above factors, the Company reports a net loss for the quarter ended January 31, 2010 of $8,262,648 or $0.13 per share, which compares with a net loss of $10,334,700 or $0.17 per share for the previous quarter and a loss of $4,688,372 or $0.08 per share for the same quarter in fiscal 2009. Cash resources (including short-term investments) as at January 31, 2010 were $35,426,931 and as of March 12, 2010 were $65,503,952.
OUTLOOK The Mine returned to a normal mining state by the end of Q3/10, with twenty stopes in the production cycle, and twelve additional stoping development projects underway or planned to begin shortly. Six of these are on the main break and six of these are in the SMC. Many of these stopes and stoping projects will not be fully manned until after the upgrades to the hoist plant and other facilities are completed during fiscal year 2011. A large number of longer term development, stoping, exploration and other mining projects are also awaiting the completion of these infrastructure upgrades. As a result of the filling problems, and due to the prioritization of some non-production related work, it is anticipated that fiscal year 2010 production will be in the range of 45,000 to 55,000 ounces, despite the five month production delay. The Company will continue to prioritize the work and investment required to meet our goals of attaining 5,000,000 ounces in total gold reserves and resources; and of reaching a profitable production rate of 180,000 to 200,000 ounces of gold per year by fiscal year 2013. See 'Forward Looking Information' for a description of the factors that may cause actual results to differ from forecast.
CAPITAL PROJECTS UPDATE During the quarter the Company spent $3.1 million on underground capital development and $2.2 million on property, plant, and equipment. Underground development spending consisted of $1.3 million for Phase I Project development and $1.8 million for ongoing development. The Phase I Project will continue until July 2010 and consists of development work required to bring the SMC zone into sustained production at a rate of 300 to 350 tons per day. Ongoing development carried out concurrently with Phase I is required to sustain production in the Main Break area at a rate of 300 to 350 tons per day. Property, plant and equipment purchases included $0.2 million for Phase I Project equipment, $0.4 million for ongoing capital equipment, and $1.6 million for Phase II Project related equipment, plant, and engineering. The goal of Phase II is to increase overall mine production from 600 to 700 tons per day to 1200 to 1400 tons per day. Phase II is expected to be complete by January 2012. Some of the work for Phase I and Phase II is also being carried out concurrently.
OPERATIONS REVIEW
REVIEW OF FINANCIAL RESULTS
SUBSEQUENT EVENT On February 4, 2010 the Company announced it completed a private placement for 3,880,500 units at a price of $8.25 per unit for gross proceeds of approximately $32.0 million (net proceeds $30.3 million). Each unit consisted of one common share and one-third of a share purchase warrant. Each whole warrant is exercisable to purchase one common share at a price of $10 until March 4, 2011. The proceeds from the financing will be used for exploration and development of the mine infrastructure towards the production target rate of between 180,000 and 200,000 ounces annually and for general corporate purposes. The common shares issued and issuable pursuant to the private placement will be subject to restrictions on their transfer for a period of four months from the date of their issue.
SUMMARY OF QUARTERLY RESULTS The quarterly results for the Company for the last eight fiscal quarters are set out in the following table.
Dollars, except Loss per share figures)
Fiscal 2010
Fiscal 2009
Fiscal 2008
During Q4/08 the Company placed emphasis on cost saving initiatives and worked towards becoming profitable. The Company achieved this with $0.9 million income in Q4/08. In Q1/09, a net loss of $3.4 million made management aware that maintaining profitability would not be possible through cost saving initiatives alone and that increased levels of production would be required to build a profitable and sustainable mining operation. Fortunately, successful exploration initiatives had built a large and rapidly growing reserve and resource base within a large and highly prospective target area. This realization resulted in the development of an aggressive multistage plan to upgrade site infrastructure and develop additional mining areas in both the Main Break and SMC in order to achieve a level of sustained profitability. The losses during Q2 and Q3/09 were a result of the increased spending required to initiate these development and infrastructure upgrades. By Q4/09, some of the foundation work had been completed and the Company began operating at a higher level of production which resulted in income of $2.3 million. This higher level of production was maintained into Q1/10 until the borehole plugged and essentially halted production. During Q2/10, revenues declined dramatically due to the lack of backfill and corresponding reduction in ore mined, however, costs remained similar to previous quarters as production personnel and some capital development personnel were placed on the infrastructure upgrade program which resulted in a $10.3 million loss. The effects of the borehole blockage continued to be felt throughout much of Q3/10, however, the Mine returned to a normal production rate and to a normal pace of infrastructure upgrade work and mine development by late in the quarter, which decreased the loss to $8.3 million. LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION To date, the Company has relied on private placement financings of equity securities to finance its operations. Expenses have often in the past exceeded income. Even with substantially increased current cash resources, if this were to continue, the liquidity risk could be material. Success will depend, for the most part, upon increasing production in stages, adding to reserves and resources as cost effectively as possible, and maintaining tight controls over material price increases and expenditures generally. Sales of gold dor?ars and the majority of the Company's expenses are incurred in Canadian dollars. The Company is, therefore, substantially protected against movements in foreign exchange. The Company's principal exchange rate risk relates to movements between the Canadian dollar and US dollar. The Company's holding of cash balances is kept under constant review and surplus funds are held on deposit. Given the current climate, the Company has taken a very risk averse approach to manage cash resources by investing in Government of Canada Treasury Bills of varying denominations and maturity dates. There are no fixed, floating rate or interest free financial liabilities by way of debt. Cash and short-term investment resources, (cash, cash equivalents and short-term investments) were as follows:
2010 2009
Short-term Investments 25,228,454 11,615,657
Interest received on Canadian dollar deposits range from 0.05 - 0.06% per year. A breakdown of restricted cash and investments is available in Notes 3 and 4 of the financial statements for the quarter. The cash flow statement shows that the Company used $9.7 million in cash for operations in the quarter. This cash outflow was mainly a consequence of an $8.3 million loss in the period combined with changes in non-cash working capital items. Net proceeds from financing activities during the quarter amounted to $0.8 million from the issuance of common shares and warrants. Net investing activities of $14.6 million were attributable to net purchase of short-term investments of $20.1 million offset by expenditures on mine equipment of $2.2 million and capital development of $3.1 million. As at March 12, 2010 the Company's cash resources are $65.5 million. These funds are expected to be sufficient to fund the Company's planned exploration and development activities for the next twelve months. Financial Instruments The Company's financial instruments as at year end consist of cash and cash equivalents, short-term investments, security deposits, restricted cash, capital leases, accounts receivable, accounts payable, and accrued liabilities. At January 31, 2010, the carrying values of these instruments approximate their fair values based on the nature of these instruments. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. As at January 31, 2010, the Company had an outstanding commodity contract with Johnson Matthey Plc. to fix the price of 2,076 ounces of gold at an average price of $1,177 per ounce to be delivered under this contract. As part of the commodity contract Johnson Matthey Plc. has a right to make a margin call if the price of gold falls below the price of the commodity contract until the full amount of the commodity contract has been satisfied. At the end of the quarter, $61,653 was on deposit to cover the margin calls made by Johnson Matthey Plc. Commitments As at January 31, 2010, capital commitments included:
Capital Commitments
(All commitments in 000s of Canadian Dollars)
The Company also has a capital lease bearing interest at 8% per annum, repayable in monthly payments of $8,487. The lease matures in 10 months. Further detail on the lease is available in Note 8 of the financial statements for the quarter. A net smelter royalty is payable on a sliding scale commencing at 2% if the price of gold is equal to or greater than US$300 per ounce and increasing to 4% if the price of gold sold is equal to or greater than US$500 per ounce. The royalty terminates upon aggregate payments of $15 million. During the 9 month period ended January 31, 2010, such royalties amounted to $1,422,366 (2009: $1,010,926). Of the $15 million payable the Company has paid $7,753,028. An agreement between Queenston Mining Inc. and the Company was formed in April 2007 to explore the Morgan Property. The Company has agreed to spend $770,000 on exploration of this property for the fiscal year 2010. Under its obligations pursuant to the Morgan Property purchase agreement, the Company completed the issuance of the final tranche of shares and made the final cash payment to the vendor. During the quarter, the Company issued 5,236 shares valued at $50,000 ($9.55 per share) and paid $50,000. This now completes the Company's purchase obligations. On February 1, 2008 the Company submitted a revised end of mine life closure plan to the Ministry of Northern Development & Mines (MNDM) of the Province of Ontario. At the same time, the Company put in place a letter of credit for $4,452,597 in favour of the MNDM which, in turn, refunded the Company the original mine closure bond for $2,235,829 on April 17, 2008. The MNDM advised the Company on May 12, 2008 that the amended closure plan submitted on February 1, 2008 did not address all of the prescribed requirements for a certified closure plan and on September 25, 2008 the Company received from the MNDM technical comments regarding the plan's shortcomings. As a consequence, in the spring of 2009 the Company engaged a third party consultant to provide assessments and reporting, which is still ongoing. The Wright Hargreaves Property is not included in the amended closure plan nor is there any financial assurance in place with respect to this property. A letter from the MNDM dated October 27, 2008 requires that the Company provide a schedule to determine how and when any hazards on this property will be rehabilitated. In its response on March 5, 2009 the Company issued a letter to MNDM explaining that a consultant has been retained to assist in the identification of potential hazards and related obligations, if any. This process is currently ongoing. Related Party Transactions Pursuant to an agreement between the Company and Ionic Management Corp., the Company pays $3,500 per month to Ionic in consideration of it providing corporate and administrative services to the Company. Year to date, the total fees paid to Ionic for services performed under the agreement were $31,500 (2009: $31,500). Ionic is a private management company and has one director (Brian E. Bayley) in common and a corporate secretary (Sandra Lee) in common with the Company.
APPENDIX 1
SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE
(All amounts in 000s of Canadian
Dollars, except shares and per
share figures)
activities
investing activities
outstanding
APPENDIX 2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES The details of the Company's accounting policies are presented in accordance with Canadian GAAP as set out in Note 2 to the financial statements for the quarter. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The preparation of the Company's financial statements depends upon estimates of proven and probable reserves, measured and indicated mineral resources and recoverable ounces, assumptions of operating costs and future gold prices and possible values assigned to potential resources on exploration properties. Such estimates and assumptions affect the cost recovery of long-lived assets and the rate at which depletion and amortization are charged to earnings. In addition, management must estimate costs associated with mine reclamation and closure costs. The following estimates are considered by management to be the most critical for investors to understand some of the processes and reasoning that go into the preparation of the Company's financial statements, providing some insight also to uncertainties that could impact the Company's financial results. Going Concern While the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations into the foreseeable future, certain historical adverse conditions and events, could cast significant doubt upon the validity of this assumption and hence the appropriateness of the use of accounting principles applicable to a going concern. During the years ended April 30, 2009 and 2008, the Company incurred losses of $10.5 million and $3.3 million, respectively. Cash flow required for operating activities, including exploration costs charged to operations of $7.5 million, aggregated $3.0 million for the two years in total. The funds required to continue operations and exploration activities during this period were financed primarily from the issue of equity. At January 31, 2010, the Company had working capital of $34.2 million. In addition, and as disclosed in Note 17 to these financial statements, on February 4, 2010, the Company raised a further $30.3 million (net) which further increased this working capital balance. Management projects that these funds, together with cash flow from operations, will be sufficient to meet the Company's obligations and capital expenditure plans for the foreseeable future. Nevertheless, differences are likely to occur between actual results and those predicted by management, and those differences may be material. It is possible that the operations will not generate sufficient cash flow for the Company to continue in the normal course without funding being provided from outside sources. Management has been successful in obtaining sufficient funding for the Company's operating and capital exploration requirements in the past and will pursue additional funding in the future, if necessary. There is, however, no assurance that such funding will be available to the Company, or that it will be available on terms which are acceptable to management. If (i) operations do not generate sufficient cash flow and (ii) sufficient funding for the Company's operating and capital expenditure requirements on terms acceptable to management is not available, the Company may not be able to continue as a going concern. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. Measurement Uncertainty The Company's history of operating losses from mining operations indicate at April 30, 2009, that the recorded costs for mineral properties and related fixed assets may not be recoverable. Management estimates, using a constant gold price of $1,051 per ounce versus the average gold price of $1,064 in Q3/10 and operating costs similar to historical costs incurred over the past year, that annual production of approximately 65,000 to 80,000 ounces for each year would be required to cover costs of operations and estimated capital expenditures required for mining operations. To date, the Company has not been successful in sustaining this higher rate of production. There is significant uncertainty associated with the ability of the Company to achieve the increase in production or reduction in costs necessary to recover the carrying value of the mineral property and related assets. Gold price or Canadian/U.S. dollar exchange rate movements, the success of the Company in realizing the benefit of the production improvements noted above, changes in the costs of labour, and the other costs or unforeseen production difficulties all would have an impact on the ability of the Company to achieve its goals from operations. In spite of the increased working capital currently available for use by the Company an adverse development could have a significant impact on the Company's operations and ability to recover costs. Mineral Reserves & Deferred Exploration Costs The Company expenses exploration expenditures and near term ore development costs as incurred. Property acquisition costs and longer term development costs incurred to expand ore reserves are deferred and depleted on a units*of*production basis over proven and probable reserves which are currently accessible by the Company. Management's estimate of gold price, recoverability, proven and probable reserves, operating capital and reclamation costs are subject to risk and uncertainties affecting the recoverability of the Company's investment in mineral properties. The Company assesses capitalized costs for recoverability on an annual basis or more frequently if changes in circumstances suggest that possible impairment. Where information is available and conditions suggest impairment, estimated future net cash flows are calculated using estimated future prices, reserves and operating, capital and reclamation costs on an undiscounted basis. If the net carrying value of the property exceeds the estimated future undiscounted net cash flows, the property will be written down to fair value. Closure Costs The Company has an obligation to reclaim its properties after the minerals have been mined from the site, and has estimated the costs necessary to comply with existing reclamation standards. These estimates are recorded as a liability at their fair values in the periods in which they occur. If the estimate of reclamation costs proves to be inaccurate, the Company could be required to increase the provision for site closure and reclamation costs, which would increase the amount of future reclamation expense, resulting in a reduction in the Company's earnings and net assets. Internal Control over Financial Reporting As at the financial year ended April 30, 2009, the Chief Executive Officer and Chief Financial Officer evaluated the design and operating effectiveness of the Company's internal control over financial reporting. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operating effectiveness of internal control over financial reporting was effective as at April 30, 2009 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian GAAP. During the period ended January 31, 2010, there has been no change in the Company's internal control over financial reporting that has materially affected the Company's internal control over financial reporting. Adoption of International Financial Reporting Standards (IFRS) The Canadian Accounting Standards Board (AcSB) and the Canadian Securities Administrators (CSA) have confirmed January 1, 2011 as the date IFRS will replace Canadian Generally Accepted Accounting Principles (Canadian GAAP) for publicly accountable, profit-oriented enterprises. Therefore, effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, IFRS will replace the standards and interpretations currently applicable to publicly accountable, profit-oriented enterprises under Canadian GAAP. Accordingly, the Company will issue its last financial statements prepared in accordance with Canadian GAAP for its fiscal year ending April 30, 2011. Starting from the first quarter of its 2012 fiscal year, the Company's financial statements will be prepared in accordance with IFRS, with previous year comparative figures and May 1, 2010 (being the date of transition to IFRS) opening balance sheet restated to conform with such IFRS, along with reconciliations from Canadian GAAP to IFRS, as per the guidance provided in IFRS 1, First-Time Adoption of International Financial Reporting Standards. The transition to IFRS is a change in the fundamental principles of financial reporting requiring significant analysis and planning to ensure a proper transition. The Company has completed a diagnostic review and further developed an implementation plan that comprises the following: · Identification of adequate resources to conduct the implementation · An ongoing extensive analysis of the expected accounting differences between Canadian GAAP and IFRS · An ongoing assessment of the expected impact of the accounting differences on its financial statements, including the review of choices available upon the initial adoption of IFRS · Initial training sessions provided to key finance personnel and management and the preparation of additional training sessions throughout the implementation process · A review of the potential impact on the business activities of the Company, on its disclosure controls and internal control over financial reporting, and on its financial reporting systems There were no significant changes to the implementation plan adopted by the Company during the period ended January 31, 2010. Furthermore, the IFRS project is progressing according to the implementation plan. The results of the assessment and key elements will be discussed in greater detail as information becomes available. CHANGES IN ACCOUNTING POLICIES Effective May 1, 2009, the Company adopted Canadian Institute of Chartered Accountants (CICA) Handbook Section 3064, Goodwill and Intangible Assets. The initial adoption of this new standard had no material impact on the Company's financial statements. Accounting Changes The following Canadian accounting pronouncements were issued and not yet adopted by the Company: · CICA Handbook Section 1582, Business Combinations. The new section prescribes how an organization recognizes, measures and discloses and business combination. This standard is not expected to have a significant impact on the Company's financial position or results. This is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2011. · CICA Handbook Section 1601, Consolidated Financial Statements. The new section prescribes consolidation accounting standards. This standard is not expected to have a significant impact on the Company's financial position or results. This is effective for fiscal years beginning on or after January 1, 2011. · CICA Handbook Section 1602, Non-Controlling Interests. The new section prescribes standards for the accounting for a non-controlling interest in business combination. This standard is not expected to have a significant impact on the Company's financial position or results. This is effective for fiscal years beginning on or after January 1, 2011. · Adoption of International Financial Reporting Standards (IFRS) - see above.
APPENDIX 3 OTHER MATTERSOutstanding Share, Option & Warrant Data As at the date of this MD&A the following securities are outstanding:
Certain statements in this MD&A constitute 'forward looking statements'. While these statements are made as of the date hereof they refer to future events. Any forward looking statements are based upon reasonable assumptions, but no guarantees or assurances can be given that actual results will be consistent with such statements. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other factors include, but are not limited to, the following: · Risks inherent in natural resource exploration, development and production
· Governmental regulation and environmental liability
A comprehensive list of the risks and uncertainties are set out in the Company's AIF. Readers should not place undue reliance on any forward looking statements. This information is provided by RNS The company news service from the London Stock Exchange END
QRTMMGMFFZZGGZZ More |
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| 18-02-10 | RNS |
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FOR: KIRKLAND LAKE GOLD INC. TSX, AIM SYMBOL: KGI February 18, 2010 Kirkland Lake Gold Inc.: Holdings in Company KIRKLAND LAKE, ONTARIO--(Marketwire - Feb. 18, 2010) - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) announces that on February 5, 2010, it received notification that Goodman & Company, Investment Counsel Ltd ("GCICL"), on behalf of one or more of the mutual funds or other discretionary client accounts managed by it, that GCICL now exercises control or discretion over 3,933,100 common shares and warrants to purchase a further 310,999 common shares. This shareholding represents an approximate interest of 5.82% in the outstanding shares of the Company. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Kirkland Lake Gold Inc. Brian Hinchcliffe President 1 705 567 5208 1 705 568 6444 (FAX) bhinchcliffe@klgold.com
OR Kirkland Lake Gold Inc. Lindsay Carpenter Director of Investor Relations 416-840-7884 lcarpenter@klgold.com
OR Kirkland Lake Gold Inc. Scott Koyich Investor Relations 1 403 215 5979 info@klgold.com www.klgold.com
OR Pelham Bell Pottinger Klara Kaczmarek +44 20 7337 1524 kkaczmarek@pelhambellpottinger.co.uk
OR NOMAD: Panmure Gordon (UK) Limited Dominic Morley +44 20 7459 3600 dominic.morley@panmure.com
OR NOMAD: Panmure Gordon (UK) Limited Ashton Clanfield +44 20 7459 3600 Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release. -0- Kirkland Lake Gold Inc. More |
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Test the gleam of gold shares
http://www.growthcompany.co.uk/features/1148248/test-the-gleam-of-gold-shares.thtml |
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just stick tight and all will prevail 2pon2p
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but this is sinking, whats going on? I bought into this at what I thought was a choice moment after watching the share for a couple of months - anyone any ideas?
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| 25-01-10 |
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Been watching KGI... as of today I have entered. Good value IMO with plenty of upside to come although I think the sp has been left behind somewhat when compared to other pm stocks.
Bill Matlock from scarsdale-equities has had KGI at a rating of 1 for quite awhile, here's his ratings: http://www.kitco.com/ind/matlack/jan182010.html GLA DTG |
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