TORONTO, ONTARIO–(Marketwired – June 12, 2016) – 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. Under his leadership, Lake Shore Gold increased production and reserves, lowered costs and increased margins, leading to substantial value creation. Most recently, he was President of Canadian Operations, Tahoe Resources Inc.
“We want to thank George Ogilvie for his efforts in leading the Company to this point, and we wish him success in his future endeavors,” Mr. Sprott added.
“I’m proud of what the team and I have accomplished at Kirkland Lake Gold, and I wish the Company well as it executes on its strategy of building a profitable and long-lived intermediate gold miner,” Mr. Ogilvie said.
In light of the fact that Mr. Ogilvie is no longer with the Company, he will not be standing for election as a director at the Company’s Annual General Meeting, to be held at 11:00 am (Toronto time) on Monday, June 13, 2016 at the offices of Stikeman Elliott LLP, Commerce Court West, 199 Bay Street, Toronto, Ontario. The Board anticipates that Mr. Makuch will be added to the Board of Directors in due course.
About the Company
Kirkland Lake Gold Inc. is a Canadian focused, intermediate gold producer with assets in the historic Kirkland Lake gold camp, and east of the Timmins gold camp along the Porcupine-Destor Fault Zone, both in northeastern Ontario. The Company is currently targeting annual gold production of between 270,000 to 290,000 ounces from its cornerstone asset, the Macassa Mine Complex and the recently acquired East Timmins Operations.
The Company is committed to building a sustainable mining company that is recognized as a safe and responsible gold producer with quality assets in safe mining jurisdictions.
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements
This Press Release contains statements which constitute “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company’s business, including but not limited to the date upon which Mr. Makuch will assume his role as CEO and the anticipated timing with respect to his appointment as a director. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the Company’s expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company’s corporate mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company’s annual Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2015, and the Company’s Management’s Discussion and Analysis for the interim period ended March 31, 2016, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.