06:32 AM EST, 01/17/2018 (MT Newswires) -- Kirkland Lake Gold (KL) said Wednesday that for 2018 it is targeting increased production, improved unit costs and higher levels of capital and exploration expenditures in support of its objective of growing annual gold production over the next five to seven years to approximately a million ounces.

The company also plans on initial capital expenditures for a new shaft at the Macassa mine this year.

Among highlights, the company's 2018 guidance includes increasing production growth to over 620,000 ounces; improved unit costs, with operating cash costs and all-in sustaining costs per ounce sold expected to average $425-$450 and $750-$800, respectively; and sustaining capital expenditures of $150 million-$170 million.

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