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08:00 AM EDT, 04/14/2016 (MT Newswires) -- Kirkland Lake Gold (KGI.TO) on Thursday reported total gold production of 69,464 ounces for the first quarter of 2016 from its Macassa and East Timmins operations. The gold company also provided 2016 guidance metrics.
Production from the Macassa Mine Complex was 41,054 ounces while the East Timmins Operations posted 21,221 ounces of production.
For 2016, the company expects production to be in a range of 270,000 to 290,000 ounces of gold, cash operating costs of between $800 and $850 per ounce and all-in sustaining costs of between $1,300 and $1,350 per ounce.
The exploration budget has been increased to approximately $18 million, with $10 million focused on the Kirkland Lake Camp and $8 million on the East Timmins, mainly for exploration at the Taylor and Holloway sites, noted president and CEO George Ogilvie.
"We continue to assess the East Timmins properties in order to properly plan for a regional exploration program late in 2016 or beginning in 2017," he added. The company intends to release its first quarter 2016 financial results on May 16.
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