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Message: Reviews plan to fast-track development / Mining Weekly

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Reviews plan to fast-track development / Mining Weekly

posted on Apr 24, 09 07:00AM

http://www.miningweekly.com/article/...

Kirkland Lake Gold reviews plan to fast-track development

TORONTO (miningweekly.com) – Canadian junior Kirkland Lake Gold is working on a review of the first and second phases of development at its Ontario operations, and plans to present a “combined and fast-tracked” project plan to the board for approval by midyear.

The new plan is expected to contain “significant” schedule and capital cost improvements, the firm said on Tuesday.

Kirkland Lake bought the Macassa mine, a 1 500-t/d mill, along with four former producing gold properties, in December 2001, from Kinross Gold.

The firm has now also started mining from the high-grade South Mine complex (SMC), and produced 7 377 oz in March – its highest monthly production ever, the company reported on Tuesday.

The number of available ore faces was doubled by developing new stopes in both the main mine and SMC areas and the mine now operates on a seven-day-a-week basis.

Daily ore production during March beat expectations, at 608 t/d, the firm reported.

Kirkland announced in December that it had changed its mind about using contract miners to develop the SMC, and hired 150 miners and underground workers during January and February.

The company aims to produce 100 000 oz in its 2010 financial year, which begins on May 1, this year.

"The operating team did a superb job recruiting, hiring and putting to work 150 new miners and underground workers in just two months," said chairperson Harry Dobson.

"Moreover, in March, the first month of our expanded production, we were pleased to see the cost per ton at C$238/t, below our target figure of C$250/t."

Earlier this month, the mine's ventilation boosting system was also completed, which increased ventilation flows by 91% minewide (45% more than expected) and a significant 284% for the SMC.

Kirkland Lake has received two safety accolades – the firm won the 2008 Mines and Aggregates Safety and Health Association award for excellence for safety in underground mines with less than 250 employees in the province of Ontario, as well as the 2008 Angus D Campbell Safety award, presented annually to the company operating in north-east Ontario with the lowest frequency of accidents.

Shares in the company rose 1,33% on Tuesday morning, to C$6,84 apiece by 10:24 in Toronto.