Kirkland Lake Gold hikes Fosterville Mine production view to over 330,000 ounces
Kirkland Lake Gold announced that the company's Fosterville Mine is on track for record quarterly production in the fourth quarter of 2018, with full-year 2018 production now expected to exceed 330,000 ounces versus current guidance of 300,000 - 310,000 ounces. Fosterville's strong Q4 2018 performance largely reflects higher than expected grades and the advancement of two additional stopes from the high-grade Swan Zone into the mine's Q4 2018 production plan. Based on the improved outlook for Fosterville, the company now anticipates that full-year 2018 consolidated production will exceed the current target range of 655,000 - 670,000 ounces. On a quarter-to-date basis, the mill grade at Fosterville in Q4 2018 has averaged over 35.0 grams per tonne, well above target levels for the quarter. The outperformance largely relates to increased operating development activity around the Swan Zone and higher than planned grades from development tonnes processed. In addition, recent stope production from both the Swan and Eagle zones achieved substantially higher than expected grades. With increased operating development metres being completed, the Company has added two Swan Zone stopes to the mine plan for Q4 2018, which is also expected to contribute to increased levels of production.