02:24 PM EDT, 03/28/2017 (MT Newswires) -- Kirkland Lake Gold (KL.TO) is down 3.7% in afternoon trade. The company reported its 2016 year end mineral reserves and resources highlights.

Highlights:

Macassa Mine Mineral Reserves increased from December 31, 2014 by 37% to 2.01 million ounces of gold, after two years of depletion totalling 336,000 ounces. Mineral Reserve grade increased by 7% to 20.8 g/t Au from the previous grade of 19.3 g/t Au.

Fosterville Mine Mineral Reserves increased from December 31, 2015 by 66% to 643,000 ounces of gold, after depletion of 151,755 ounces. Mineral Reserve grade increased 27% to 9.2 g/t Au from 7.3 g/t Au. Excluding Carbon-In-Leach Residues, after depletion, Fosterville's Mineral Reserves increased over 100% to 490,000 ounces at an average grade of 9.8 g/t Au (1.56 million tonnes).

Total Canadian Mineral Reserves increased by 20% between 2014 and 2016 to 2.75 million ounces of gold.

Total Australian Mineral Reserves increased by 24% from December 31, 2015 to 952,000 ounces of gold, mainly attributable to the 66% increase in Proven and Probable Mineral Reserves at Fosterville underpinned by down-plunge extensions of the high-grade, visible gold-bearing Lower Phoenix Gold Zone and the discovery of visible gold-bearing Harrier Zone.

Price: 9.10, Change: -0.35, Percent Change: -3.7