Archive | Kirkland Lake

Orefinders Resources starts assessment study of former Kirkland Lake mine – by Staff (Northern Ontario Business – March 21, 2017)

https://www.northernontariobusiness.com/

A Toronto junior explorer has eyes on putting a former Kirkland Lake-area gold mine back into production.

Orefinders Resources are crunching the numbers on a new resource calculation around a high-grade gold zone they discovered within the former Mirado open-pit mine, and are starting a preliminary economic assessment (PEA) to consider restarting mining operations.

The property, located 35 kilometres southeast of Kirkland Lake, contains three former mines, including the Mirado. Gold was first mined on the property in the 1940s followed by number of companies who subsequently explored, drilled and mined over the years, the last being Golden Shield Resource in the mid-1980s. Continue Reading →

Kirkland Lake Gold pioneering battery-powered mining – by Matt Durnan (Northern Ontario Business – February 28, 2017)

https://www.northernontariobusiness.com/

Kirkland Lake Gold is moving away from the use of diesel fuel in its mining operations, with the introduction of lithium-ion battery-powered scoops and trucks in its underground gold mines. To date, the company has invested more than $15 million into the development of battery-powered equipment.

On Feb. 27, at Science North in Sudbury, the gold miner showed off its newest addition to the fleet: a ‘153’ load-haul-dump (LHD) truck, manufactured by California-based Artisan Vehicle Systems.

Artisan specializes in battery-powered mining equipment, and Kirkland Lake Gold is operating about one third of its equipment fleet with Artisan battery cells. Continue Reading →

Barrick’s Munk Heads Top Ten Most Important Mining Men in Canadian History – by Stan Sudol

Melanie and Peter Munk

Melanie and Peter Munk

Four Americans Made the List!

A few months ago, my dear colleague Joe Martin, who is the Director of the Canadian Business & Financial History Initiative at Rotman and President Emeritus of Canada’s History Society, asked me a very simple question: who would be considered the most important individual in Canadian mining?

Considering Canada’s lengthy and exceptional expertise in the mineral sector, it was not an easy answer and I decided to research and create a top ten list of the most important mining men in Canadian history.

The lack of women on this list simply reflects the fact that for much of our history most women were not given the educational or social opportunities to excel in business, especially in a rough and male-dominated sector like mining. Times have changed, women are playing key roles in mining today and will definitely be included on this list in the future.

However, a few qualifiers need to be established. This is basically a list of mine builders not mine finders.  Building a company through takeovers and discoveries is one way but I am also focusing on individuals who have built corporate empires and/or who have developed isolated regions of the country with the necessary infrastructure for mines to flourish and create multi-generational jobs, shareholder wealth and great economic impact. Continue Reading →

UPDATE 1-Kirkland Lake shareholders vote for Newmarket takeover -sources – by John Tilak and Nicole Mordant (Reuters U.S. – November 24, 2016)

http://www.reuters.com/

Nov 24 More than 80 percent of Kirkland Lake Gold shareholders have voted in favor of the mid-tier miner’s takeover of Newmarket Gold, according to two sources familiar with the situation, marking the end of a contentious process.

Over 90 percent of the Newmarket shareholders who voted on the acquisition also backed Kirkland’s all-stock offer, valued at about C$1 billion ($741.34 million) when announced on Sept. 29, the sources said on Thursday on condition of anonymity as the matter is confidential.

Kirkland Lake shares were down 0.3 percent at C$7.34 on the Toronto Stock Exchange on Thursday, while Newmarket’s stock was up 0.3 percent at C$3.43. Silver Standard’s stock was down 0.3 percent at C$13.12. Continue Reading →

Media releases: Gold Fields announces withdrawal of joint acquisition proposal for Kirkland Lake; remains interested in a negotiated transaction

Johannesburg, 18 November 2016: Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) announces that it and Silver Standard Resources Inc. (Silver Standard) (TSX:SRO, Nasdaq: SSRI) have today withdrawn their latest joint proposal to acquire all of the outstanding shares of Kirkland Lake Gold Inc. (Kirkland Lake) (TSX: KLG) in a negotiated transaction.

As previously announced by Gold Fields, its wholly-owned subsidiary, Gold Fields Netherlands Services B.V., has made three successive proposals jointly with Silver Standard to acquire Kirkland Lake pursuant to a plan of arrangement for consideration consisting of cash and shares of Silver Standard or a combination thereof.

In response to each proposal, the Kirkland Lake board advised that it had determined that it was not reasonably expected to result in a Superior Proposal relative to Kirkland Lake’s previously announced combination with Newmarket Gold Inc. (Newmarket) (TSX: NMI), and that Kirkland Lake would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access. Continue Reading →

Gold miner Kirkland Lake rises on bid talk; Yamana declines – by Nicole Mordant and John Tilak (Reuters U.S. – November 14, 2016)

http://www.reuters.com/

Kirkland Lake Gold shares rose sharply on Monday on speculation there might be another bid for the Canadian gold miner which has rejected three offers, but at least one potential buyer said it would not jump into the fray.

Kirkland’s stock climbed as much as 9 percent, partly boosted as well by the possibility that its planned takeover of Newmarket Gold Inc, which had put its stock under pressure, will be voted down.

Reuters reported on Friday that South Africa’s Gold Fields Ltd and Canada’s Silver Standard Resources Inc have made three joint bids for Kirkland Lake and recently sweetened their offer to about C$1.4 billion ($1 billion). Continue Reading →

Kirkland Lake rejects alternative Gold Fields, Silver Standard bids valued at C$1.44bn – by Henry Lazenby (MiningWeekly.com – November 12, 2016)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Canadian miner Kirkland Lake Gold has rebuffed several alternative transactions, including three joint unsolicited offers by South Africa-based Gold Fields and Vancouver-based Silver Standard Resources, valued at up to C$1.44-billion.

In response to media rumours and a request on Friday by the Investment Industry Regulatory Organisation of Canada, Kirkland Lake issued a statement identifying the suitors and provided details of the sweetened offers, reaffirming that the revised proposal was not financially superior to the company’s C$1-billion all-scrip deal with Newmarket Gold, announced on September 29.

Kirkland Lake acknowledged that it recently received a sweetened revised acquisition proposal from Silver Standard Resources worth C$1.44-billion payable in cash and Silver Standard shares. The latest offer represented a premium of about 50% to Kirkland Lake’s market capitalisation Friday. Continue Reading →

Eric Sprott ‘driving the bus’ on Kirkland-Newmarket merger: McCreath (Business Network News – September 29, 2016)

http://www.bnn.ca/

Kirkland Lake Gold (KLG.TO) has agreed to join forces with Newmarket Gold (NMI.TO 0.83%) in an all-stock deal worth about $1 billion.

Retail and institutional investors are likely to take a shine to both the deal and the new gold company, according to Andrew McCreath, BNN Markets Commentator and founder of Forge First Asset Management.

“This is a deal that is trying to make a stock more interesting to more shareholders … and also to lower the cost of production of the combined entity with a higher production base,” he said on Thursday. Continue Reading →

U.S. analyst John Tumazos gives a contrarian view on Kirkland Lake Gold – by Barry Critchley (Financial Post – June 21, 2016)

http://business.financialpost.com/

John Tumazos is a U.S.-based metals and forest products analyst who has a particular interest in the Canadian gold sector. For many years Tumazos plied his trade on the street — where he was a perennial all-star. For the past few years he has run his own research company — known as Very Independent Research, LLC — where he sells the service to more than 30 institutional investors. He is also an investor in some of the companies that he researches.

Recently he weighed in on Kirkland Lake Gold, which owns five former high-grade mines in the Kirkland Lake, Ont., area and which expects to produce 270,000-290,000 ounces of gold this year. The company recently replaced its chief executive, George Ogilvie, with Tony Makuch who is expected to arrive in a few weeks. In February 2015, Eric Sprott was named chairman.

Tumazos has now downgraded Kirkland Lake, a stock that he owns, to neutral from overweight. He gave two reasons: price appreciation (over the past year the stock is up by 86.90 per cent) and “future direction uncertainties.” Continue Reading →

NEWS RELEASE: Kirkland Lake Gold Appoints New Chief Executive Officer

TORONTO, ONTARIO — (Marketwired) — 06/12/16 — Kirkland Lake Gold Inc., (“Kirkland Lake Gold” or the “Company”) (TSX:KGI) an intermediate gold producer with operations in Ontario, Canada, announced today that George Ogilvie has resigned from the Company and that the Board of Directors has appointed Anthony (Tony) P. Makuch as Chief Executive Officer. Mr. Makuch will join Kirkland Lake Gold in the coming weeks after finishing in his current role, and Barry Olson, Director, will assume the role of Interim Chief Executive Officer until that time.

“After careful consideration, the Board of Directors has determined that Tony is ideally positioned to lead Kirkland Lake Gold into the next stage of its development,” said Eric Sprott, Chairman of the Board of Directors. “Tony’s track record of leadership in the gold mining industry and his demonstrated ability to grow and optimize production will be excellent assets for Kirkland Lake Gold.”

Mr. Makuch brings over 25 years of management, operations and technical experience in the mining industry, most notably as President and Chief Executive Officer of Lake Shore Gold. Continue Reading →

Kirkland Lake CEO: Mergers To Pick Up In Gold Sector; Company In Transitional Year – by Allen Sykora (Kitco News – May 19, 2016)

http://www.kitco.com/

(Kitco News) – Mergers between gold-mining companies may start picking up again as officials look to replace reserves after reduced exploration efforts in recent years when lower prices dented revenues, says George Ogilvie, president and chief executive officer of Kirkland Lake Gold Inc. (TSX: KGI).

However, there is likely to be a focus on acquiring quality assets rather than simply adding ounces, the CEO said in an interview with Kitco News. Ogilvie noted that his company is in a transitional year as output rises in the aftermath of the St Andrew Goldfields Ltd. acquisition completed in January.

Several years ago, when gold was on its way to record highs, many producers were racing to hike output through organic growth and merger-and-acquisition activity. Subsequently, when gold went into a bear market, producers collectively lowered their long-term gold price assumptions and undertook massive asset write-downs. Continue Reading →

Kirkland Lake Gold says fire scare at their mine was handled well – by Alan S. Hale (Timmins Daily Press – March 16, 2016)

http://www.timminspress.com/

Kirkland Lake Gold is pleased with how professionally all their employees handled a fire scare at their mine on Monday afternoon. Within an hour of a potential fire being reported, all the underground workers had been accounted for and were gathered in the mine’s refuge stations waiting for the all-clear.

Vice-president of operations Chris Stewart said the situation could not have gone more smoothly.

“From out perspective, everything in the emergency response plan did exactly what it was supposed to do. Having everyone in a mine as spread out as ours reporting in and accounted for in one hour is certainly a benchmark time,” he said. “Overall, it turned out essentially to be a drill. But you don’t know that when you go down there.” Continue Reading →

Canada mining firm strikes gold as oil price falls – by Martin Flanagan (The Scotsman – February 6, 2016)

http://www.scotsman.com/

THE slump in oil prices has boosted a Canadian gold mining company whose fortunes have been transformed since a Scottish industry veteran took over as chief executive two and a half years ago.

Motherwell-born George Ogilvie, president and chief executive of Kirkland Lake Gold, which last week poured its one millionth ounce of gold from its Macassa mine complex in Ontario since operations started in 2003, said: “The collapse of the oil price has definitely helped us. The industry is seen as a safe haven, a last resort. Other things have also helped gold’s popularity for investors, such as the collapse of Asian stock markets, which have seen a dep¬reciation of about 50 per cent since last year and created jitters.”

Ogilvie said weak oil prices, which led to energy major Shell revealing last week that its profits fell 80 per cent in 2015, has boosted the company by putting pressure on the Canadian dollar, as the country is a big energy producer. Continue Reading →

NEWS RELEASE: Kirkland Lake Gold Pours Its One Millionth Ounce From The Macassa Mine Complex

http://www.klgold.com/Home/default.aspx

KIRKLAND LAKE, ONTARIO–(Marketwired – Feb. 3, 2016) – Kirkland Lake Gold Inc. (“Kirkland Lake”, or the “Company”) (TSX:KGI), this week poured it’s one millionth ounce from the Macassa Mine Complex since operations commenced in 2003. This marks a historic milestone for the Company, adding to the historical production of this camp, which has now produced over 26 million ounces of gold.

The Company commenced operations at the Macassa Mine Complex in 2002, and with the discovery of the South Mine Complex, has been able to increase its level of production significantly over the past five years with the Company producing and selling over 570,000 ounces of gold. The Macassa Mine Complex currently has 1.5 million ounces in proven and probable reserves (2.4 million tonnes at an average grade of 19.2 g/t Au), and an additional 2.0 million ounces in measured and indicated resources (3.8 million tonnes at an average grade of 16.8 g/t Au). Continue Reading →

Exploration at standstill: prospectors – by Rick Owen (Kirkland Lake Northern News – December 14, 2015)

http://www.northernnews.ca/

KIRKLAND LAKE – A Northern Prospectors’ Association member is involved in a process that includes the Wabun Council and the provincial government, in an attempt to coming to some sort of resolution that will allow prospectors back to work in the bush.

John Rapski has mineral claims that fall within Wabum Council’s traditional land, and he has been consulting for an extended period of time, to try and get access to explore his mineral claims. Currently, he is still being held on the sidelines instead of prospecting and exploring for new mineral finds.

Rapski said the problem is the Wabum Council wants prospectors to sign the same agreement that would apply to mining corporations and this doesn’t work for prospectors. He said if a prospector sighns the agreement they are personally libel and the agreement doesn’t look after the individual prospector. Continue Reading →