TORONTO, ONTARIO--(Marketwired - May 19, 2015) - Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI) ("Kirkland Lake Gold" or the "Company"), an operating and exploration gold mining company, announces that it is changing its fiscal year-end to December 31st, from its current fiscal year-end of April 30th.
This change will better align the Company's financial reporting periods to that of other industry participants in the mineral resources sector and facilitate marketplace assessment of the Company's business performance.
The Company will report the audited results for its eight-month transitional fiscal year (May 1, 2015 - December 31, 2015) in March 2016. Thereafter, Kirkland Lake Gold will revert to a customary quarterly reporting calendar based on a December 31st financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.
The Company's next financial reporting events will be as follows:
At the beginning of calendar 2016, the Company will provide revised guidance parameters for the new 2016 financial year which will run from January 1, 2016 to December 31, 2016.
About the Company
Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake gold camp, as well as to explore opportunities for growth in other safe mining jurisdictions. The Company plans to do this by mining to the reserve grade, generating profits and free cash flow with a view to maximising value for the shareholders. The Company will also look to take advantage of its increased infrastructure capacity in the appropriate gold price environment. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years.
Over the last several years the Company has invested significant capital to improve the infrastructure of the business including upgrading the production hoist, skips, mill, underground mobile equipment and capital development. From initial discovery to present day there have been over 24 million ounces of gold mined from the Kirkland Lake gold camp while the current reserve and resource provides for potentially 14 years of mining with significant exploration upside.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this news release.