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kirkland lake gold

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ondanks dat de koers een beetje in de lappenmand zit..
imho opinie geen slechte cijfers en geweldig vooruitzicht.

www.marketwired.com/press-release/kir...

Key highlights include:
Production of 139,091 ounces in Q3 2017 and 429,822 ounces in YTD 2017, representing increases of 80% and 107% from comparable 2016 levels
Mineral reserves more than doubled at Fosterville to 1,030,000 ounces with 83% increase in average reserve grade to 17.9 grams per tonne
Improved full-year 2017 guidance with Company now targeting full-year 2017 consolidated production of 580,000 - 595,000 ounces, as well as operating cash cost(1) and all-in sustaining cost(1) ("AISC") per ounce sold of $475 - $500 and $800 - $825, respectively
Fosterville achieves record monthly production in October of over 30,000 ounces
Investment in Novo Resources Corp. ("Novo") of $61.0 (C$74.9) million to acquire 25.8 million common shares and 14.0 million common share purchase warrants, $99.5 million of non-cash, pre-tax gains reported on Novo commons shares and warrants in Q3 2017
4.8 million common shares repurchased for $51.9 (C$65.8) million through NCIB(2) as of November 1, 2017
Quarterly dividend increased to C$0.02/share from C$0.01/share.
Financial highlights of Q3 2017 results are provided below ("M" refers to $ millions):
Net earnings of $43.8M ($0.21/basic share) in Q3 2017 versus $18.9M ($0.16/share) in Q3 2016 and $34.6M ($0.17/share) in Q2 2017,
Adjusted net earnings(1) of $30.0M ($0.14/share) compared to $21.2M ($0.18/share) in Q3 2016 and $35.6M ($0.17/share) in Q2 2017
Q3 2017 adjusted net earnings exclude $19.2M non-cash gain on fair valuing Novo warrants
EBITDA(1) of 98.1M in Q3 2017 compared to $45.3M in Q3 2016 and $91.3 in Q2 2017
Revenue totaling 176.7M in Q3 2017 based on gold sales of 137,907 ounces compared to $100.8M on sales of 76,339 ounces in Q3 2016 and $189.9M on sales of 151,208 ounces in Q2 2017
Operating cash costs and AISC per ounce sold of $482 and $845 in Q3 2017 versus $540 and $970 in Q3 2016 and $482 and $729 in Q2 2017
Exploration expense of $16.9M in Q3 2017, up from $4.7M in Q3 2016 and $11.6M in Q2 2017
Free cash flow(1) totaling $31.5M in Q3 2017, bringing total free cash flow in 2017 to $113.5M, operating cash flow of $66.8M in Q3 2017 and $206.5M year to date
Cash and cash equivalents of $210.5M at September 30, 2017.
(1) See "Non-IFRS Measures" set out later in this press release and starting on page 27 of the Company's MD&A for the three and nine months ended September 30, 2017 and 2016.
(2) Refers to normal course issuer bid launched in May 2017.
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Posted By: beursaandelen 2 november 2017

In tijden van onzekerheid op de beurs stijgt de goudprijs. Goudmijnaandelen stijgen vijf maal zo hard. Wanneer de beurs het goed doet, is er weinig interesse in goudmijnaandelen. DE goudprijs stijgt niet meer en de hoge kosten die verbonden zijn aan het delven van goud in de mijnen nemen een grote bijt uit de winstgevendheid van goudmijnaandelen. Er zijn investeerders die rotsvast geloven in de toekomst van goud als veilige belegging. Eric Sprott is zo’n miljardair die in het verledenbedrijven oprichtte om specifiek te kunnen beleggen in fysiek goud.

De afgelopen jaren bouwde hij een belang op van 10% in Kirkland Lake Gold, een Canadees goudmijnbedrijf met mijnen in Canada en Australië. De Kirkland Fosterville mijn in Australië is de reden dat Sprott zijn zinnen zette op de Canadese goudmijnbouwer. De Australische mijn kan wel eens letterlijk en figuurlijk Kirkland’s goudmijn worden.

Het verhaal achter Kirkland is geen verhaal van verwachtingen, maar een verhaal van werkelijke winsten. De kosten om het goud boven te halen zijn een stuk lager dan de concurrenten. Analisten verwachten dat de winsten de komende jaren nog verder gaan stijgen doordat de delving in de Australische mijn nog zal toenemen. Met een sterke balans, een lage PE waarde en een verwachte stijging van de goudprijs heeft het bedrijf alle troeven in handen om aandeelhouders te belonen met een stijgende beurskoers.
es te geven. Raadpleeg eerst je eigen financieel adviseur voordat je een beslissing neemt om in te gaan op de ‘adviezen” van deze site. Voel je je geroepen om tevens artikels te plaatsen? Stuur gerust een artikel door naar beurskrant@gmail.com.
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www.youtube.com/watch?v=h8SGctygo_k

sprottt aan het oreren.
zegt zinnige dingen ,niet gespeend van enige valse bescheidenheid,ook geen echt benadigd spreker.
hopelijk heeft hij wel gelijk,want dan zitten we goed.
praatje nog over potentie fosterville etc etc.
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www.klgold.com/news-and-media/news-re...

Key Visible-Gold Intercepts:

991 g/t Au over 8.85 m (ETW 8.2 m), including 9,115 g/t Au over 0.95 m (ETW 0.9 m) in hole UDH2214;

422 g/t Au over 7.30 m (ETW 6.6 m), including 4,048 g/t Au over 0.75 m (ETW 0.7 m) in hole UDE147A;

649 g/t Au over 1.55 m (ETW 1.4 m), including 805 g/t Au over 1.25 m (ETW 1.1 m) in hole UDE137;

122 g/t Au over 6.95 m (ETW 6.7 m), including 456 g/t Au over 1.75 m (ETW 1.7 m) in hole UDH2107;

89.7 g/t Au over 4.95 m (ETW 4.7 m), including 443 g/t Au over 0.90 m (ETW 0.7 m) in hole UDH2106;
52.1 g/t Au over 7.15 m (ETW 6.7 m) in hole UDE157; and

30.3 g/t Au over 1.95 m (ETW 1.8 m) in hole UDE158

gewoon een goudmijn dat kirkland lake gold :-))
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promootje asx listing met tony.

www.skynews.com.au/business/business/...

KL blijft aardig liggen ondanks de zwakke goudprijs.

half december wordt spannend.
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50% verkocht even kijken na volgende week of er weer een goed instap moment komt.
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top drill hits 2017..

www.mining-journal.com/discovery/news...

waarschijnlijk in ook in 2018,want KL boort wat af.
nu de pog nog wat omhoog dan hoef ik niet in de bitcoins.
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quote:

@realjohnnywalker schreef op 7 januari 2018 10:34:

stukje in Barron's over goud.........maakt me een beetje voorzichtig.

www.barrons.com/articles/golds-recent...
What on earth is going on with gold?

The metal, which hit an all-time high of $1,900 an ounce in September 2011, has been a mostly disappointing investment since. But a sudden 6% rise in the past four weeks, to a recent $1,320, has some investors wondering whether the market’s modest assumptions about gold and gold-mining stocks need to be reconsidered.

“I don’t think anybody expected this kind of jump, and I’m wondering what else Wall Street forecasters have wrong,” says John Hathaway, chairman of Tocqueville Management and co-manager of the Tocqueville Gold Fund. “To me, gold is looking strong, and not all of this rise is for the short term.”

Gold has been locked in a trading range between roughly $1,050 and $1,415 an ounce since the middle of 2013. Goldman Sachs forecast in a recent report than the price could rise to $1,375 an ounce in the next two years on growing demand in emerging markets. That would represent a gain of just 4% from recent levels.

Hathaway, who avoids specific price targets, says gold is headed “significantly higher over the next two to three years,” a view that isn’t widely shared on Wall Street. A few more weeks like the past several, however, just might change investors’ minds.

While gold has multiple industrial uses, and growing wealth in emerging markets has increased demand for gold jewelry, investors typically turn to the metal as a hedge against inflation and a refuge in tumultuous times. Arguing against a breakout move to the upside are a dearth of immediate geopolitical threats, expectations that U.S. stocks will keep rising in 2018, and the likelihood that the Federal Reserve will lift interest rates later this year. Gold, which yields nothing and costs money to store, typically underperforms when stocks and short-term rates are rising.

Yet, other developments suggest this could be an opportune time to begin building or adding to a position in the metal and mining shares. Central to the bullish thesis are bets on the dollar’s continued decline and renewed inflation.

When the dollar falls, gold and other dollar-denominated assets, including oil, typically rise. That’s because they become cheaper in other currencies, which usually leads to higher demand. The dollar’s 10% decline in the past year has helped lift the price of gold about 12% in the same span, and a case can be made that the dollar will continue to fall, particularly if manufacturing activity quickens in Europe and China, and central banks begin reversing the easy-money policies of the past 10 years.

As for inflation, Barron’s and others have argued that a global economic expansion could finally push up prices of goods and services after a decade of little change.

Even the growing acceptance of cryptocurrencies such as bitcoin could improve investment sentiment toward gold in coming years. Both are considered a store of value, and a major attraction of digital money is its freedom from government oversight, also an attribute of gold. Moreover, gold, which trades far less erratically than bitcoin, can be held as bars and coins, a benefit if the electric grid ever goes down.

N ADDITION TO BUYING bullion, investors can gain exposure to gold through SPDR Gold Trust (ticker: GLD), an exchange-traded fund with $35.3 billion in assets. The fund is up 13% in the past 12 months.

VanEck Vectors Gold Miners (GDX), with $7.7 billion of assets, offers a play mostly on larger gold miners such as Newmont Mining (NEM) and Barrick Gold (ABX), while VanEck Vectors Junior Gold Miners (GDXJ), with about half those assets, tracks smaller, more speculative companies. The GDX rose 8% in the past year, and the GDXJ rose 1.7%, although both are up sharply from 2016 lows. Historically, junior mining stocks have outperformed their big-cap brethren in gold bull markets.

Hathaway’s Tocqueville Gold fund (TGLDX) is one of several actively managed gold mutual funds. It has a four-star rating from Morningstar and owns physical gold, mining stocks, and so-called royalty plays on miners. The fund, with net assets of $1.2 billion, was up 5.5% in the past year; its holdings are skewed to smaller miners.

In theory, a basket of mostly mining stocks should outperform the metal when the gold price rises because of the leverage derived from earnings growth. But it doesn’t always work that way. Not all miners are managed well, and missteps such as borrowing heavily to purchase mines, or running unproductive mines, can prove costly to share-price performance.

Case in point: Barrick, the largest global producer by volume, which took on a large amount of debt to fund mining operations, although it has been working its debt load down in the past three years. Barrick shares have fallen 8% in the past year, and are down 74% from a 2011 high.

In picking individual gold stocks, it often pays to focus on companies with relatively healthy balance sheets, low production costs, and are poised to increase both annual gold output and operating income. Agnico Eagle Mines (AEM) and Goldcorp (GG) both fit the bill, and pay modest dividends, to boot. Newmont comes close, but is worth considering for other reasons.

AGNICO EAGLE, WITH a $10.9 billion market cap, got its start in Canada, but has expanded into Finland and Mexico, and in a prudent way. “Agnico didn’t overextend itself to expand like other miners when gold prices were rising,” says JPMorgan analyst John Bridges.

Net debt totaled just $510 million in the latest reported quarter.

The company also is fairly efficient. Stephen Walker, an analyst with RBC Capital Markets, estimates that Agnico produced 1.7 million ounces of gold last year, at an all-in sustaining cost of $799 an ounce. That’s well below the industry’s average cost of $900 an ounce. The company has offered production guidance of 1.68 million ounces, produced at a cost of between $820 to $870 an ounce, but Walker cites Agnico’s “track record” of beating its own guidance.

In a recent report, Walker forecast that Agnico could produce 2.17 million ounces of gold in 2020, well above company estimates. That’s the kind of production growth investors like to see. The miner’s annual Ebitda, or earnings before interest, taxes, depreciation, and amortization, is expected to rise gradually in the next four years, hitting $1.23 billion by 2020.

RBC has a target of $52, which would take the shares up by 11%; they gained 8% in the past 12 months, to $46.86. It assumes that gold will average $1,300 an ounce this year.

GOLDCORP SHARES FELL 6% in the past year, to a recent $13.39, endowing the company with a market cap of $11.6 billion. As JPMorgan’s Bridges puts it, investors sent Goldcorp to the “penalty box” for failing to deliver on production-growth promises made by previous management.

But a new management team took charge in early 2016, and Bridges contends that the company should outperform the sector in the future, assuming it delivers on promises to cut costs and improve production growth.

Both Bridges and RBC’s Walker have a price target of $18, a full 34% above where the shares are now.

Goldcorp bulls see increased gold production from mines in Canada and Latin America that will add to free cash flow. Walker estimates Goldcorp will lift production from 2.5 million ounces of gold a year in 2017 and 2018 to 3.1 million ounces by 2020, due to a ramp-up effort at several mines. The company has brought production costs down dramatically in recent years, to about $820 an ounce.

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Analysts expect Goldcorp to generate $1.68 billion of Ebtida this year, on revenue of $3.6 billion, with Ebitda climbing to $2.31 billion by 2019.

NEWMONT HAS MINES in Australia, Ghana, Peru, Suriname, and the U.S., making it geographically diverse even by mining-industry standards. Current management has done a good job of keeping costs down and long-term debt low.

Newmont’s gold production costs are relatively high because the company has older mines that need more capital to keep operating. But management has been able to lower all-in costs in the past four years to an expected range of $900 to $950 from $1,099.

Newmont produced an estimated 5.2 million ounces of gold in 2017, and annual production levels are likely to remain stable through 2019. Ebitda is expected to grow modestly, to a projected $2.7 billion by 2020 from $2.6 billion last year.

Hathaway says the stock, which rose 9.4% in the past year, can continue to climb as long as the price of gold cooperates. But unlike most gold stocks, Newmont has attributes that attract the generalist investor, not just gold bugs. With a market cap of more than $20 billion, it is the only gold miner in the Standard & Poor’s 500.

Newmont lifted its dividend 50% last year, to 7.5 cents a share, for a current yield of almost 0.8%. Agnico yields 0.94%, and Goldcorp 0.6%. With mining stocks, at least, unlike physical gold, investors are paid something while waiting for capital appreciation.

Email: editors@barrons.com
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promo goud.
altijd voorzichtig met barron's soms een aardige contra indicator.
toch bij barron's beginnen wat positiever op goud te zijn.

www.barrons.com/articles/is-gold-on-t...

This could be the year that gold prices hit a record.

A massive move in gold, driven in part by declines in the U.S. dollar and Treasury bonds, excessive optimism in the stock market, and rising inflation, may help send prices above $1,900 an ounce this year, surpassing the all-time high from 2011. “Gold has been in a stealth bull-market phase for the past few years with little notice from most investors,” says Peter Spina, chief executive of precious-metals information provider GoldSeek.com. “Gold at $2,000 is a long shot, but not an improbable target by any means.”

Barron’s John Kimelman recently flagged the gold rally, offering a number of ways to play it (“Gold’s Recent Rally Could Be Just the Start,” Jan. 6). Among the most popular: exchange-traded funds such as the SPDR Gold Shares (ticker: GLD) and the Van Eck Vectors Gold Miners (GDX).

On Wednesday, February gold settled at $1,339.20 an ounce—the highest futures finish since September 2017. Gold hasn’t ended a session above $1,400 since September 2013. “Gold is on the verge of breaking out of a multiyear base that has formed between [approximately] $1,400 and $1,050,” says Jeb Handwerger, publisher of the Gold Stock Trades newsletter. If it does break above $1,400, “don’t be surprised to see moves like we saw in cryptocurrencies.” Gold, he says, could then “see a doubling in the price from $1,400 to $2,800 in 2018, especially as the Chinese have been rumored to be dumping U.S. bonds and dollars as the greenback hits new three-year lows.”

And gold’s move is much more likely to have staying power than bitcoin. “The difference between moves in bitcoin and gold is that the gold move will be sustainable, as it is driven by supply and demand, whereas bitcoin is all speculative,” he adds (see “Are Investors Selling Gold to Buy Bitcoin?” Dec. 16, 2017).

In a report released earlier this month, the World Gold Council identified themes likely to influence gold’s performance this year, including synchronized global economic growth, especially in China, home to the world’s largest gold market, and “frothy asset prices.” Adds the WGC: “Should global financial markets correct, investors could benefit from having an exposure to gold, as it has historically reduced losses during periods of financial distress.”

Meanwhile, the market expects a spike in Chinese gold demand ahead of the Lunar New Year on Feb. 16. Final demand data for the first quarter won’t be released until April, says Juan Carlos Artigas, director, investment research at the WGC, but he points out that the first three quarters of last year saw an “upward trend in China’s bar and coin demand,” compared with a year earlier.

Gold has shown persistent strength in recent weeks. On Dec. 20, gold futures started their longest winning streak on record, eventually posting gains for 11 trading sessions in a row ending on Jan. 5. “The odds are highly favorable that in the coming week or months, the [$1,350 gold] barrier will fall and the momentum will be unleashed,” says Spina, predicting prices of $1,500 to $1,600 on the upside, with “potential to reach near-prior records.” Gold futures hit a record intraday high above $1,900 in September 2011.

Is Gold on the Verge of Breaking Out?
SOME ANALYSTS, HOWEVER, offered a more moderate outlook. Nitesh Shah, director and commodities strategist at ETF Securities, says his “base case fair value” for gold is “broadly flat over the coming year, as support from rising inflation will counter the downward pressure from rising interest rates.” He pegged “fair value” at about $1,280 for the year under that scenario.

But his “bull case” would see gold rise to $1,420 by midyear and settle just below $1,400 by year end—assuming only two U.S. interest-rate hikes in 2018, which would imply a more moderate rise in ICE’s U.S. Dollar Index (DXY) and U.S. Treasury yields. Strength in the greenback can dull gold’s attractiveness to holders of other currencies, and rising bond yields can hurt its investment appeal since gold offers no yield.

On the more bearish side, gold prices may fall to $1,110 by year end if the Federal Reserve delivers four rate hikes and assuming the “absence of any geopolitical risk premia or adverse financial market shock,” says Shah.

Meanwhile, Chris Gaffney, president of World Markets at EverBank, says that $2,000 gold is “unlikely” in 2018, but $1,600 is “possible.” Adds Gaffney: “Everything would need to fall into place for gold, but if we get a major black-swan event, or a major correction in the equity markets, we could easily see gold investors flock back into the market, and a 20% gain in price could occur.”

MYRA P. SAEFONG writes about commodities for MarketWatch.

Email: editors@barrons.com
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u kunt nog steeds instappen..

Kirkland Lake Gold Reports Strong Full-Year and Q4 2017 Earnings and Cash Flow

TORONTO, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) today announced the Company’s financial and operating results for the full-year (“2017”) and fourth quarter (“Q4 2017”) of 2017. The Company’s full financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company’s website at www.klgold.com. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.

Key highlights of the 2017 results include:

Record production: 596,405 ounces produced in 2017, 90% increase from 2016 and better than improved guidance of 580,000 – 595,000 ounces.

Improved unit costs: Operating cash cost averaged $481/oz sold(1), achieved improved guidance of $475 – $500 and 16% better than 2016; all-in sustaining costs (“AISC”)(1) averaged $812/oz sold, in line with improved guidance of $800 – $825 and 13% improvement from 2016. (Total production costs in 2017 totaled $288.3 million compared to $192.8 million in 2016 due to higher business volumes.)

Strong free cash flow: Cash flow from operating activities in 2017 totaled $309.8 million, 66% increase from 2016, while free cash flow(1) totaled $178.0 million, 56% higher than previous year.

Solid earnings performance: 2017 net earnings totaled $132.4 million ($0.64 per basic share) versus $42.1 million ($0.35 per basic share) in 2016. Net earnings in 2017 consisted of earnings from continuing operations of $157.3 million ($0.76 per basic share) including a loss from discontinued operations of $24.9 million ($0.12 per basic share) related to the 2017 care and maintenance expenses and sale of the Company’s Stawell mine on December 21, 2017.

Adjusted net earnings from continuing operations(1) in 2017 totaled $149.1 million ($0.72 per share), a 120% increase from 2016. The exclusion from adjusted net earnings from continuing operations in 2017 of the loss from discontinued operations of $24.9 million ($0.12 per share) as well as a net deferred tax recovery of $10.0 million ($0.05 per basic share) were the main differences between net earnings and adjusted net earnings from continuing operations.

Significant exploration success: Drilling extends high-grade zones at Fosterville, Macassa and Cosmo and intersects new areas of gold mineralization at Taylor (total exploration and evaluation expenditures of $48.4 million in 2017 versus $15.8 million the prior year).

Solid financial position: Cash at December 31, 2017 totaled $231.6 million with no debt following repayment or conversion at maturity of two series of convertible debentures ($44.0 million paid in cash, 4,505,393 common shares issued on conversion of 7.5% Debentures).

Share repurchases: 5.4 million common shares repurchased for $60.1 million (C$76.5) million through a normal course issuer bid (“NCIB”) initiated in May 2017.

Dividend: Quarterly dividend introduced with first payment of $0.01 per share in July 2017 (dividend increased to $0.02 per share effective January 15, 2018 payment).
Key highlights of Q4 2017 results include:

Record quarterly production: Q4 2017 production totaled 166,579 ounces, 56% increase from Q4 2016 and 20% higher than Q3 2017.

Low unit costs: Operating cash costs per ounces sold in Q4 2017 averaged $412, 23% improvement from $533 in Q4 2016 and 15% better than $482 the previous quarter; AISC per ounce sold averaged $816, 9% better than $900 in Q4 2016 and an 3% improvement from $845 in Q3 2017 (total production costs of $68.3 million compared to production costs of $60.5 million in Q4 2016 and $66.5 million in Q3 2017).

Solid cash flow generation: Cash flow from operating activities of continuing operations totaled $103.4 million compared to $68.5 million in Q4 2016 and $66.8 million in Q3 2017; free cash flow in Q4 2017 totaled $64.5 million, 42% and 105% higher than $45.3 million in Q4 2016 and $31.5 million in Q3 2017, respectively.

Solid earnings growth: Net earnings in Q4 2017 totaled $41.0 million ($0.20 per basic share), which compared to net earnings of $3.1 million ($0.02 per basic share) in Q4 2016 and $43.8 million ($0.21 per basic share) the previous quarter. Included in net earnings for Q4 2017 were earnings from continuing operations totaling $65.9 million ($0.32 per basic share) and a loss from discontinued operations of $24.9 million ($0.12 per basic share) related to the 2017 care and maintenance and sale of the Company’s Stawell Mine on December 21, 2017.

Adjusted net earnings from continuing operations in Q4 2017 totaled $71.2 million ($0.34 per share) versus $22.8 million ($0.16 per share) in Q4 2016 and $27.4 million ($0.14 per share) in Q3 2017. Adjusted net earnings from continuing operations in Q4 2017 excludes the $24.9 million loss on discontinued operations ($0.12 per share), a $17.6 million pre-tax mark-to-market loss on fair valuing the Company’s 14.0 million common share purchase warrants in Novo Resources Corp. (“Novo”) ($0.08 per share) and the $10.0 million ($0.05 per share) net deferred tax recovery.

Continued exploration success: Exploration and evaluation expenditures in Q4 2017 totaled $10.7 million compared to $6.0 million in Q4 2016 and $16.9 million the previous quarter. Key drill results released during the quarter included a 120 metre down-plunge extension of the Swan Zone at the Fosterville mine, a significant expansion of the Lantern Deposit at the Cosmo mine in the Northern Territory of Australia and the intersection of a new gold zone 350 metres below the West Porphyry Deposit at the Taylor mine.

Share repurchases: A total of 1,553,500 common shares were repurchased for $20.7 million (C$26.3) million through the NCIB.

Dividend payment: The Company’s second quarterly dividend of $1.7 million or C$0.01 per share was made on October 16, 2017.
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niet geheel onbelangrijk...

2017 Mineral Reserve and Mineral Resource Update

On February 20, 2018 the Company released Mineral Reserve and Mineral Resource estimates for December 31, 2017 (see news release dated February 20, 2018). Included in the results, were an increase in Mineral Reserves at Fosterville to 1,700,000 ounces at an average grade of 23.1 grams per tonne, with the Mineral Reserve estimate for the Swan Zone more than doubling from the June 30, 2017 mid-year estimate to 1,160,000 ounces at an average grade of 61.2 grams per tonne. In addition to Mineral Reserves, Mineral Resources at Fosterville at December 31, 2017 included Measured and Indicated Mineral Resources of 2,150,000 ounces at an average grade of 4.8 grams per tonne (exclusive of Mineral Reserves) and Inferred Mineral Resources of 1,900,000 ounces at an average grade of 7.1 grams per tonne. Based on the significant growth in depreciable Mineral Reserves and Mineral Resources at Fosterville, the Company expects a reduction in depreciation and depletion expenses related to the Fosterville mine in 2018.

At Macassa, after identifying a significant eastern extension of the South Mine Complex (“SMC”) in mid-2017, the Company focused drilling activities on establishing Mineral Resources in this new area. Significant success was achieved growing Mineral Resources in 2017, with Measured and Indicated Mineral Resources increasing 58%, to 2,090,000 ounces at an average grade of 17.1 grams per tonne, and Inferred Mineral Resources increasing 48%, to 1,370,000 ounces at an average grade of 22.2 grams per tonne. The increase in Mineral Resources highlights the potential that exists for future growth in Mineral Reserves at the Macassa mine. Total Mineral Reserves at Macassa at December 31, 2017, totaled 2,030,000 ounces at an average grade of 21.0 grams per tonne.
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