Please find attached an announcement released by Kirkland Lake Gold this morning on their fiscal Q1 2012 financial results.
Highlights are listed below.
Kind regards
Lorna
KIRKLAND LAKE GOLD: FISCAL 2012 FIRST QUARTER FINANCIAL RESULTS - GOLD PRODUCTION EXPANSION ON TRACK
Kirkland Lake Gold Inc., (Kirkland Lake or the Company), an operating and exploration gold mining company located in Ontario, Canada, announces an operations update and its first quarter financial results for its fiscal 2012 year ended July 31, 2011.

This was the Companys first reporting period under IFRS (International Financial Reporting Standards) and the impact of this conversion was relatively immaterial to its first quarter numbers.
Mr, Harry Dobson, Chairman commented: "The first quarter of the fiscal year progressed well with production of 25,061 ounces and grade coming in slightly ahead of budget.

Our mine expansion remains on track and our forecast remains to deliver 110,000 - 130,000 ounces of gold this fiscal year.

Tonnage is planned to steadily increase throughout the year, a key transition year to production targets of 180,000 - 200,000 ounces in the subsequent fiscal year.

On the exploration front, drill hole 53-1685 intersected 8.16 ounces of gold per ton over 46.7 feet true width, a record result in the camps 100 year history of gold discoveries."
KEY HIGHLIGHTS OF THE QUARTER
* Net income before income taxes was $7.9 million or $0.11 per share, compared to $4.1 million or $0.06 per share in (Q4 of fiscal 2011), an increase of 93%.
* A total of 25,061 ounces of gold were produced from 57,500 tons of ore at a head grade of 0.45 ounces per ton (opt), which was ahead of the budgeted 22,800 ounces from 57,000 tons at a head grade of 0.42 opt.
* During the quarter, the Company recognised the tax benefit of accumulated income tax losses which will be used against future taxable profits.

This $14.2 million adjustment is a non-cash and one-time event. Accordingly, net income and comprehensive income for the quarter were both $22.2 million or $0.32 per share and this adjustment would be required under both Canadian GAAP (generally accepted accounting principles) and IFRS.
* Cash flow generated from operating activities was $6.2 million, compared to $6.4 million (Q4 of fiscal 2011)
* The 4% net smelter royalty agreement with Kinross Gold Corporation, part of the original purchase agreement, will terminate shortly before the end of the second quarter of fiscal 2012 following planned settlement of royalties due on first quarter gold sales.
* The South Mine Complex contributed 75% of production for the quarter totalling 18,823 ounces from 31,984 tons at a head grade of 0.61 opt.
* Record drill hole 53-1685 intersection at the South Mine Complex, announced in the Companys news release dated May 4, 2011, assayed 8.16 opt uncut (2.50 opt cut) over 46.7 feet true width.
* Drill hole 53-1794 announced in the Companys news release dated June 1, 2011, intersected both the New South Zone and a related footwall zone.

The New South Zone assayed 1.05 opt uncut (0.99 opt cut) over a true width of 37.5 feet with a footwall zone assaying 0.93 opt over a true width of 4.0 feet.

These intersections are located 110 feet north of the above drill result.
* The Company is not experiencing any difficulty in recruiting labour and hired an additional 71 people for a total of 765 employees in the quarter.
Lorna Spears Associate Director Direct line: +44(0)20 7861 3883 Mobile: +44 (0)7771 344 781 Pelham Bell Pottinger 6th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233 www.pelhambellpottinger.co.uk
....................................... A CarbonNeutral(r) company
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