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TSX:KGI 1 klgold.com
TSX:KGI
JTVIR Conference | March 31, 2016 Presenter: George Ogilvie, P.Eng | President & CEO
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TSX:KGI 2 klgold.com TSX:KGI klgold.com 2
Cautionary Note Regarding Forward Looking Statements.
This presentation contains statements which constitute ”forward-looking statements”, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in this Presentation include, but may not be limited to; statements regarding the Company’s combined production guidance for 2016, and guidance from the Macassa Mine Complex for the financial years ended 2017 and 2018 the exploration programs and the results and timing thereof, the integration of the East Timmins Operations resulting from the SAS acquisition, and the timing thereof. In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Kirkland Lake has provided them in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the ability of the parties to receive, in a timely manner, the necessary regulatory, court, shareholder and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory, court or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times. With respect to the forward looking information of Kirkland Lake and/or St Andrew, concerning the future gold production of Kirkland Lake and St Andrew, future cash costs of production, the gold resources and reserves of Kirkland Lake and St Andrew, and the development of the Kirkland Lake and St Andrew properties are subject to various key assumptions described in each party’s respective Annual Information Forms and Technical Reports referred to herein and as filed on the SEDAR profiles of both companies at www.sedar.com.
Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company’s business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors are discussed in length in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2015. and the Company’s Management's Discussion and Analysis for the interim period ended October 31, 2015 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
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STRONG LEADERSHIP
ROBUST PRODUCTION AND ASSET DIVERSIFICATION FROM 4 MINES INCREASED FINANCIAL FLEXIBILITY AND SOLID BALANCE SHEET EXPLORATION POTENTIAL IN TWO HISTORIC CAMPS WITHIN THE ABITIBI SUSTAINABLE, PROFITABLE MID-TIER GOLD PRODUCER
and management team with proven results
260-310Koz’s in 2016
Ontario gold camps
P&P reserves, 4.7 Moz’s of M&I resources plus an additional 3.9 Moz’s of inferred resources.
universe and increased trading liquidity
Canadian dollar gold price
* $120 million in debt (convertible debentures)
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Eric Sprott 2
Non-executive Chairman
Barry Cooper, B.Sc., MBA 1
Non-executive Director
Michael Churchill, MBA 4
Non-executive Director
Pamela Klessig, P.Geo.
Non-executive Director
Barry Olson, M.Sc. 1
Non-executive Director
Jeffrey Parr, CPA-CA, BA, MBA 1
Non-executive Director
Dawn Whittaker, LLB
Non-executive Director
George Ogilvie, P.Eng.
Director
George Ogilvie, P.Eng. President & Chief Executive Officer Perry Ing, CPA-CA, CPA (Ill), CFA 3 Chief Financial Officer Chris Stewart, P.Eng. VP Operations Doug Cater, P.Geo. 5 VP Exploration Keyvan Salehi, P.Eng., MBA 5 VP Corporate Development Jennifer Wagner, LL.B. Legal Counsel Suzette N Ramcharan, CPIR Director, Investor Relations Kevin Fearn, BA, CHRP, CHRL Director, Human Resources
Board of Directors Senior Management
1 Appointed October 2014; 2 Appointed February 2015; 3 Appointed November 2015, 4 Appointed January 25, 2016, 5 Appointed
February 1, 2015
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0% 25% 50% 75% 100% 125% 150% 175% 200% 225% 250% 275% 300% Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
Kirkland Lake (TSX:KGI) Gold Price (US$ / oz)
3% 153%
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CASH C$109.5 million 1 DEBT C$119 million 3
convertible debentures (principal amount owing)
KGI.DB: 6% coupon/ $15.00 strike C$56.9MM mature Jun/2017 KGI.DB.A: 7.5% coupon/ $13.70 strike C$62.1MM mature Dec/2017 NCIB allows KGI to purchase up to 10% of each issue within a 12 month period commencing April 3, 2015, and can be renewed annually 3
ROYALTY 2.5% NSR
Franco Nevada Corporation
Option to buyback 1% by October 31, 2016, at a cost of US$36MM less any money paid against the 1% 52 Week Performance March 25, 2016 HIGH C$9.53 LOW C$4.49 Current Share Price C$8.52 Major Shareholders (~40%) 2 Resolute Funds (~7%) Eric Sprott (~7%) Columbia Asset Management LLC (~5%) Abramson Family (~5%) Van Eck Associates Corporation (~4%) Harry Dobson (~3%) Sprott Asset Management (~3%) Sentry Select (~3%)
CAPITAL STRUCTURE 2
ISSUED SHARES 114.3 million Stock Options ~4.5 million FULLY DILUTED ~118.8 million MARKET CAP ~860 million
1 As at February 19, 2016: 2 As at March 1, 2016
3 As of January 18, 2016, see press release dated April 1, 2015 for details on the NCIB
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East Timmins Assets
2015E Production 107 koz Au Q3 2015 AISC* US$934/oz Au Holt Mill 3,000 tpd (75% utilized) Resources & Reserves* Total P&P (including Hislop Mine) 0.8 Mozs (5.3 g/t Au) Measured & Indicated (Property Wide) 2.7 Mozs (2.4 g/t Au) Inferred (Property Wide) 2.2 Mozs (4.5 g/t Au) Holt Mine 591 kozs (4.8 g/t Au) Taylor Mine 156 kozs (6.3 g/t Au) Holloway Mine 40 kozs (5.4 g/t Au)
Macassa Mine Complex
SY 2015E Production 103 koz Au SY2015 AISC* US$977/oz Au Macassa Mill 2,000 tpd (50% utilized) Reserves & Resources* Total P&P Reserves (Macassa Mine Complex) 1.5 Mozs (19.2 g/t Au) Measured & Indicated (Property Wide) 2.0 Mozs (16.8 g/t Au) Inferred (Property Wide) 1.7 Mozs (19.2 g/t Au) *Resources are exclusive of Reserves. See Company websites for NI 43-101 disclosure (www.kllgold.com; www.sasgoldmines.com)
Assets in close proximity within an 80km radius, accessed by provincial highways.
QUÉBEC
* AISC is a non-GAAP measure, see SY2015 MDA for reconciliation of non-GAAP measures; * Last public reported financials for St Andrew Goldfields was for Q3, 2015
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Select Group of Producing Assets with +1Moz’s in Reserves
Mine Operator Location
Gold Grade Reserves Reserve Update g/t Au Date
Macassa Mine Complex Kirkland Lake Gold Canada (Ontario) 19.2 1.5 Moz
Dec/2014
Turquoise Ridge Barrick USA (Nevada) 16.9 4.2 Moz
Dec/2015
Dvolnye Kinross Russia 15.0 1.0 Moz
Dec/2015
Moab Khotsong AngloGold Ashanti South Africa 10.1 5,5 Moz
Dec/2014
Mponeng AngloGold Ashanti South Africa 9.6 12.1 Moz
Dec/2014
Red Lake Goldcorp Canada 9.1 2.1 Moz
Dec/2015
Kupol Kinross Russia 8.5 2.1 Moz
Dec/2015
TauTona AngloGold Ashanti South Africa 8.1 1.2 Moz
Dec/2014
19.2 15.3 15.0 10.1 9.6 9.1 8.5 8.1 0.0 5.0 10.0 15.0 20.0 25.0
Macassa Mine Complex Turquoise Ridge Dvolnye Moab Khotsong Mponeng Red Lake Kupol Tau Tona
Grade g/t Reserve Grades
Company Source – This is a select group of Companies that illustrate producing mines only with mineral reserves in excess of 1Moz’s (gold only, no equivalent Au ounces shown)
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Resources are Exclusive of Reserves
See Appendix for more disclosure on MRMR statement which is as of December 31, 2014.
Based on current level of reserves and a conservative 70% conversion of M&I resources (@ 200,000 oz p.a),
KGI has a 14 year mine life.
Property Wide SMC
Mineral Reserves (P&P) Includes the ’04/ Main Break and SMC
1.5 Moz’s 2.6M tons @ 0.56 opt (19.2 g/t ) 0.9 Moz’s 1.5M tons @ 0.65 opt (22.3 g/t)
Mineral Resources (M&I) Includes the ’04/ Main Break, SMC, Near Surface and other
2.0 Moz’s 4.2M tons @ 0.49 opt (16.8 g/t ) 0.9 Moz’s 1.4M tons @ 0.66 opt (22.6 g/t)
Mineral Resources (Inferred) Includes the ’04/ Main Break, SMC, Near Surface and other
1.7 Moz’s 2.1M tons @ 0.56 opt (19.2 g/t) 0.9 Moz’s 1.4M tons @ 0.65 opt (22.3 g/t)
Breakout of SMC only
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5025 Level P+P 28,000 Tons @ 0.48 oz/ton 14,000 Oz’s M+I 74,000 Tons @ 0.42 oz/ton 32,000 Oz’s 5300 Level P+P 561,000 Tons @ 0.47 oz/ton 261,000 Oz’s M+I 245,0000 Tons @ 0.43 oz/ton 107,000 Oz’s 5400 Level P+P 370,000 Tons @ 0.61 oz/ton 226,000 Oz’s M+I 174,000 Tons @ 0.42 oz/ton 72,000 Oz’s 5600 Level P+P 239,000 Tons @ 0.77 oz/ton 183,000 Oz’s M+I 186,000 Tons @ 0.63 oz/ton 117,000 Oz’s 5700 Level P+P 202,000 Tons @ 1.03 oz/ton 208,000 Oz’s M+I 164,000 Tons @ 0.91 oz/ton 96,000 Oz’s
Access from 5400L and 5600L allows delineation drilling of resources, especially below 5600L Remains Open at Depth and Across Strike OPEN
*Drawing not to scale
5800 to 6600 Level P+P 50,000 Tons @ 0.83 oz/ton 41,000 Oz’s M+I 551,000 Tons @ 0.91 oz/ton 499,000 Oz’s
OPEN OPEN
16.5 g/t 16.1 g/t 20.9 g/t 26.4 g/t 35.3 g/t 28.5 g/t
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100,000 150,000 200,000 250,000
14 15 SY15 16 17 18 Gold Ounces
Oz Recovered
Guidance
Linear (Oz Recovered)
April 30th Fiscal Year End Calendar Year End 8 Month Stub Year
The Stub Year (SY) 8 month period runs from May 1 – December 31, 2015. Recovered 102,597 ounces at a head grade of 0.42 opt (14.1 g/t), recoveries of 97.1% and achieved an average throughput of 1,016 tpd. 2016, 2017 and 2018 guidance based on stated head grade and average throughput of 1,130, 1,140 and 1,145 stpd respectively. 0.38/ 13.0 0.37/ 12.7 0.43/ 14.7 0.44/ 15.1 0.45/ 15.4 0.46/ 15.8
Guided Head Grades (OPT/ GPT)
0.33/ 11.3 0.43/ 14.7 0.42/ 14.4
Achieved (OPT/ GPT)
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$0 $500 $1,000 $1,500 $2,000
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/SY15 Q2/SY15 Q3/SY15 Royalties Exploration (including surface) Corporate (incl. Finance & Interest) PP&E Capital Development (incl. Sustaining and New) Operating Costs
Cost in C$ per Ounce Produced
Fiscal Year
FISCAL 2015
AICC C$1,338/ Oz Average Sales Price C$1,483/ Oz
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Currently mining and exploring on one of the five mine targets. Current Underground Drilling Targets: Two main areas currently being explored from underground. Regional Surface Drilling Program: Regional exploration to test eastwards along strike.
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See press release dated February 23, 2015
SELECTED HIGHLIGHTS
DH 34-666 86.8 g/t / 0.7 metres
(2.53 opt/ 2.4 feet)
DH 34-668 27.4 g/t / 1.3 metres
0.80 opt/ 4.4 feet
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See press releases dated June 9, 2015 and October 20, 2015, as filed on SEDAR
Area’s currently being mined
Recent drilling has extended and confirmed the continuity of the SMC at depth and further to the east
Will continue to drill from underground to find new mineralization, and in order to move mineralization from inferred into the measured and indicated categories for future resource and reserve expansion.
SELECTED HIGHLIGHTS
DH 53-2881 (NSZ) 67.9 g/ 5.0 metres
1.98 opt/ 16.7 feet
DH 53-2882 (NSZ) 14.7 g/ 3.5 metres
0.43 opt/ 11.0 feet
DH 53-2883 (NSZ) 16.5 g/t 2.7 metres
0.48 opt/ 9.0 feet
DH 53-2886 (FWZ) 383.3 g/ 2.6 metres
11.18 opt/ 8.5 feet
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Kirkland Minerals
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SELECTED HIGHLIGHTS AB-15-12 11.7 g/ 0.3 metres 0.34 opt/ 1.0 feet AB-15-23 3,241.4 g/ 0.7 metres 94.54 opt/ 2.3 feet 11.7 g/ 0.3 metres 0.34 opt/ 1.0 feet AB-15-53 12.3 g/ 0.5 metres 0.36 opt/ 1.7 feet AB-15-91 646.3 g/ 0.9 metres 18.85 opt/ 2.8 feet including 1,783.2 g/ 0.3 metres 52.01 opt/ 1.0 feet And 89.5 g/ 0.3 metres 2.61 opy/ 1.0 feet
See press release dated November 3, 2015, as filed on SEDAR
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Holt, Holloway, Taylor Producing Assets Hislop Care & Maintenance Ludgate, Aquarius Exploration Targets with existing resources Garrison Creek Exploration Target 120km strike of contiguous land straddling the Porcupine-Destor Fault Zone
Blackfox Mine & Greyfox Deposit (Primero Mining) Aquarius Hislop Ludgate Garrison Creek
120km
N
Fenn-Gibb Deposit (Lake Shore Gold)
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Holt Mine
Taylor Mine
Holloway Mine
zone
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All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, 2014.
P&P Reserves M&I Resources Inferred Resources
Holt Mine (All Zones) 591 koz 3.9Mt @ 4.8 g/t Au 957 koz 7.6Mt @ 3.9 g/t Au 1.2 Moz 7.9Mt @ 4.7 g/t Au Zone 4 (includes Zone 4 East) 201 koz 1.5Mt @ 4.3 g/t Au 544 koz 4.4Mt @ 4.0 g/t Au 23 koz 0.2Mt @ 4.0 g/t Au Zone 4 West Extension
5,552,000 @4.82g/t Au Zone 6 147 koz 0.8Mt @ 6.0 g/t Au 48 koz 0.2Mt @ 7.6 g/t Au 28 koz 0.1Mt @ 7.9 g/t Au Ghost Zone 152 koz 1.0Mt @ 4.5 g/t Au 159 koz 1.4Mt @ 3.4 g/t Au 92 koz 0.8Mt @ 3.7 g.t Au
500 m Surface Shaft Bottom (1.2km) Ghost Zone Zone 6 Zone 4 Zone 4 West Extension
from Zone 4 (~1,000tpd) and Zone 6 (~250tpd)
skipped to surface for processing at the Holt Mill
View looking north
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Surface
P&P Reserves M&I Resources Inferred Resources
Holloway Mine (All Zones) 40 koz 0.2Mt @ 5.4 g/t Au 117 koz 0.8Mt @ 4.6 g/t Au 389 koz 0.2Mt @ 4.9 g/t Au Smoke Deep Zone 24 koz 0.1Mt @ 5.3 g/t Au N/A N/A Blacktop Zone 16 koz 89kt @ 5.5 g/t Au N/A N/A Middle Zone
0.2Mt @ 4.2 g/t Au N/A Deep Thunder/ Canamax
2.2Mt @ 4.9 g/t Au
All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, 2014. 500 m Shaft Bottom (867m) Smoke Deep Zone Blacktop Zone Canamax Zone Deep Thunder Zone
View looking north
Middle Zone
Lightning Zone
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150m
Zone P&P Reserves M&I Resources Inferred Resources
WPZ 156 koz’s 0.8Mt @ 6.3 g/t Au 239 koz’s 1.6Mt @ 4.6 g/t Au 222 koz’s 1.7Mt @ 4.0 g/t Au Shoot Zone
0.7Mt @ 5.2 g/t Au 3 koz’s 20kt @ 5.2 g/t Au Shaft Zone
205kt @ 5.0 g/t Au
Surface Bourgois Claim Shoot Zone All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, 2014.
Bulk Sample #1 Bulk Sample #2 1004 Lens 1006-1 Lens 1008-1 Lens 1008-2 Lens 100m 250m 350m 1006-2 Lens 500m
View looking north
OPEN
Underexplored Area
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Consolidated 2016 Production 260,000 – 310,000 ounces Cash Costs Per Ounce US$600-$690 All-In Sustaining Costs Per Ounce ~US$950
Stub Year 2015 YE Earnings March 10 Q1/2016 Consolidated Production April 14 Updated Guidance April (on or before April 15) Q1/2016 Consolidated Earnings May 16
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22.4 30.9 45.8 46.9 55.0 41.5 26.5 9.7 28.9 24.5 44.0 29.6 6.0 7.1 10 20 30 40 50 60 70 80 90 100 F2010 F2011 F2012 F2013 F2014 F2015 SY2015
Capital Expenditures (Mineral Properties) PP&E C$ Millions
Project Capital was Completed in January 2014 C$9M in Capital Development of 5400L and SMC Main Decline to 5600L Spent in FY15 SY2015 Mineral Properties Expenditure guidance reduced from $18MM to $11MM, due to delayed delivery of new equipment purchases.
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Holloway Exploration Program:
Deep Zone – Open at Depth Plunging to the East
View looking north
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Resources are exclusive of Reserves
Grade Grade
Au
Grade Grade
Au
Grade Grade
Au
g/t
(000's)
g/t
(000's)
g/t
(000's) '04 & Main Break
545 0.43 494 14.7 236 583 0.48 529 16.5 278 1,128 0.46 1023 15.8 514
South Mine Complex
346 0.51 314 17.5 177 1,120 0.69 1016 23.7 773 1,467 0.65 1,331 22.3 949 Macassa Mine Complex 891 0.46 808 15.8 412 1,703 0.62 1,545 21.3 1,051 2,595 0.56 2,354 19.2 1,463 Proven
Tonnes (000's) Tons (000's) Tonnes (000's)
Zone Probable Proven & Probable
Tons (000's) Tonnes (000's)
Tons (000's)
MINERAL RESERVES - As at December 31, 2014
Note: Columns may not add due to rounding. Macassa Mine Complex reserves the ’04 & Main Break and the SMC.
MINERAL RESOURCES - As at December 31, 2014
Grade Grade Au
g/t (000's) 04 & Main Break
485 0.41 440 14.1 201
SMC
1,358 0.65 1,232 22.3 876
Near Surface Target
100 0.42 91 14.4 42 Property Wide 2,114 0.56 1,918 19.2 1,777 Zone
Tons (000's) Tonnes (000's)
Inferred Note: Columns may not add due to rounding. Property Wide resources include the ’04 & Main Break, SMC, Near Surface Target, as well as peripheral resources blocks (such as the Lakeshore Ramp). Grade Grade Au Grade Grade Au Grade Grade Au
g/t
(000's)
g/t
(000's)
g/t
(000's) 04 & Main Break
1063 0.4 964 13.7 430 1148 0.42 1041 14.4 483 2,211 0.41 2006 14.1 913
SMC
33 0.37 30 12.7 12 1377 0.67 1249 23.0 917 1,410 0.66 1279 22.6 929
Near Surface Target
0.34 299 11.7 112 330 0.34 299 11.7 112 Property Wide 1106 0.4 1003 13.7 447 3,096 0.52 2,809 17.8 1,599 4,202 0.49 3,812 16.8 2,047 Measured
Tons (000's) Tonnes (000's)
Zone Indicated Measured & Indicated
Tons (000's) Tonnes (000's)
Tons (000's) Tonnes (000's)
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The reserve and resource estimates have been audited and verified, and the technical disclosure in the press release dated April 13, 2015, has been approved, by the Company’s independent reserve and resource engineer, Glenn R. Clark, P. Eng., of Glenn R. Clark & Associates Limited. Mr. Clark is a ‘qualified person’ under National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. The report detailing the December 31, 2014, reserve and resource estimates is available on SEDAR (www.sedar.com). See ‘Notes for Reserves and Resources’ below for key assumptions, parameters and methods used to estimate the foregoing reserves and resources. Notes for Reserves and Resources: The reserves and resources have been classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves: Definition and Guidelines (December 2005). 1. The reserves and resources are estimated using the polygonal method. 2. Resources do not include reserves. 3. All intersections are calculated to a 6.0 foot minimum horizontal mining width for structures dipping at greater than 45 degrees. The minimum mining height for structures dipping less than 45 degrees is 9.0 feet. 4. Dilution is added to reserves at varying rates depending on the mining method, and the width of the ore. The average dilution of the reserves at December 31, 2014, is 27% at 0.02 opt, marginally up from an average of 24.0% the previous year. Long-hole stopes are diluted by anywhere between 50-100% (mostly 50%). Cut and fill stopes are diluted by anywhere between 10-50%. 5. All higher grades are cut to 3.50 opt. Based on a statistical analysis completed by Scott Wilson Roscoe Postle Associates Inc. in 2007, the Company has implemented various higher grade cutting factors for four zones in the South Mine Complex. These four zones are the New South Zone (7.20 opt), Lower D North (9.30 opt), Lower D North Footwall (4.80 opt), and the #7 and #7 HW Zones (6.40 opt). Cut-off grades of 0.22 opt and 0.18 opt are used for reserve and resource calculations respectively, depending on the location, and economics of the block. Generally, a cut-
reserve block that assay less than any cut-off which have been incorporated for mining or geotechnical reasons. Ore blocks that grade between 0.18 opt and the cut-off of 0.22 opt have been classified as resource. The cut-off grade for near-surface resources (surface to -1,000 foot elevation) is 0.12 opt. An internal report completed by Roscoe Postle and Associates in October 2014, suggest that the cutting factor for mineralization on the Amalgamated Trend be set at 2.50 opt. This grade capping was implemented by the Company and incorporated in the estimates for 2014. 6. The area of influence of the proven and measured categories are 30 feet from development chip samples, probable and indicated categories are 50 feet of radius from a known sample point (drill holes) and inferred is another 50 feet of influence (between 50 – 100 feet). 7. A 94.2% tonnage recovery is used. Continuity of the veins appears very good. 8. The assumptions used include CAD$1,350.00 (US$1,200) per ounce of gold. 9. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue that may materially affect its estimate of mineral resources.
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Total Reserves Measured Indicated Measured + Indicated Inferred
Tonnes ('000) Grade (g/t Au) Ounces Au ('000 oz) Tonnes ('000) Grade (g/t Au) Ounces Au ('000 oz) Tonnes ('000) Grade (g/t Au) Ounces Au ('000 oz) Tonnes ('000) Grade (g/t Au) Ounces Au ('000 oz) Tonnes ('000) Grade (g/t Au) Ounces Au ('000 oz)
Holt
3,866 4.75 591 3,702 3.97 473 3,861 3.90 485 7,563 3.94 957 7,866 4.67 1,181
Holloway
233 5.35 40 310 4.71 47 482 4.54 70 792 4.61 117 2,479 4.88 389
Taylor
774 6.27 156 0.00 2,323 4.76 356 2,323 4.76 356 1,951 4.10 257
Hislop
280 5.16 46 983 4.01 127 983 4.01 127 690 4.16 92
Aquarius
22,300 1.29 926 22,300 1.29 926 9 0.79
Clavos
503 4.81 78 503 4.81 78 318 4.73 48
Ludgate
522 4.06 68 522 4.06 68 1,396 3.60 162
Canamax
240 5.09 39 240 5.09 39 170 4.26 23
Total 5,153
5.03 833 4,012 4.03 520 31,214 2.14 2,149 35,227 2.36 2,668 14,879 4.50 2,154
As at December 31, 2014 - See website for notes and additional 43-101 disclosure (www.sasgoldmines.com)
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Suzette N Ramcharan, CPIR Director of Investor Relations +1-647-361-0200 info@klgold.com
TSX:KGI