TORONTO (miningweekly.com) – Ontario gold miner Kirkland Lake on Monday said it was ahead of schedule in meeting the company’s expected full-year gold production of between 90 000 oz and 110 000 oz.
The company reported third-quarter 2013 gold production of 22 261 oz of gold and year-to-date production of 60 015 oz.
During the quarter, 73 678 t of ore were produced at a head grade of 0.32 oz/t and a gold recovery rate of 95.66%. Ounces sold during the quarter totalled 17 389.
Kirkland Lake said an ice storm forced road closures that delayed the last pour of the quarter (4 271 oz) from being delivered to the gold refinery, where it was to be sold, until February 1. However, the additional ounces would remain in inventory to be sold in the fourth quarter.
For the year to date, 214 678 t of ore were produced at a head grade of 0.29 oz/t and a gold recovery rate of 95.58%. Sold ounces for the year to date were 59 648.
The company said it planned to increase production in the fourth quarter as a result of the contribution to production of the newly operational service cage, and the beginning of the ramp-up of production to the 1 400 t/d to 1 600 t/d milestone, targeted for the second quarter of the 2014 financial year.
The company’s shares closed at C$6.85 apiece on the TSX on Monday.