Press release from Marketwire
Kirkland Lake Gold Completes Final Payment on 4% Net Smelter Royalty
Wednesday, November 09, 2011
KIRKLAND LAKE, ONTARIO--(Marketwire - Nov. 9, 2011) - Kirkland Lake Gold Inc. ('Kirkland Lake' or the 'Company') (TSX:KGI)(AIM:KGI), an operating and exploration gold mining company located in Ontario, Canada, is pleased to announce it has now paid in full the $15 million net smelter royalty payable to Kinross Gold Corporation.
Under the property purchase agreement, production from the Macassa Mine Complex was subject to a 4% net smelter royalty, capped at $15 million, payable to its former owner, Kinross Gold Corporation. All of Kirkland Lake Gold's royalty payment obligations to Kinross Gold have now been fulfilled.
About the Company
The Company purchased the Macassa Mine and the 1,450 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 approximately 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to 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.
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute 'forward-looking, 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 periodic filings with the 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.
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Brian Hinchcliffe Kirkland Lake Gold Inc. President 1 705 567 5208 1 705 568 6444 (FAX) email@example.com
Lindsay Carpenter Kirkland Lake Gold Inc. Director of Investor Relations 1 416 840 7884 1 416 850 1617 (FAX) firstname.lastname@example.org www.klgold.com
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