Kirkland Lake gold revenues up

Vancouver – Gold sales were up for Kirkland Lake Gold (KGI-T).

During the quarter ending July 31 Kirkland sold 20,994 oz. gold at a price of $1,072 per oz. for revenues of $22.5 million.

With operating expenses of $19.2 million Kirkland squeezed out a $1.6 million net income from the revenues.

The revenues marked a notable increase over both revenues achieved in the previous quarter and the same quarter a year ago which were respectively $18.2 million and $8 million.

Though not reflected in the quarterly results, Kirkland also noted that the company had raised $37 million in August through a private placement.

Investors took note, helping boost Kirkland Lake’s shareprice 32¢ to $9.92. Kirkland Lake has 58.6 million shares outstanding.

During the latest quarter Kirkland Lake spent $1.1 million on exploration as part of efforts to expand reserves.