TORONTO – Kirkland Lake Gold Inc. says it plans to spend $52 million this year on advancing capital projects at the East Timmins operations in Northern Ontario, acquired recently through a friendly takeover of St Andrew Goldfields.
The Toronto-based company is also planning an $18 million exploration budget for 2016, including $8 million for the Taylor and Holloway deposits within the East Timmins Operations.
The company is estimating 2016 gold production will total 270,000 to 290,000 ounces, with up to 120,000 ounces from East Timmins and up to 170,000 from the Macassa mine complex.
Including its own operations as well as those from St. Andrew Goldfields, Kirkland Lake has budgeted $120 million for capital projects and $18 million for exploration this year.
Kirkland Lake closed the acquisition of St Andrew on Jan. 26, about two months after the companies announced a binding all-stock agreement that valued St Andrew at $178 million.