Kirkland Lake Gold Inc. has appointed Tony Makuch as chief executive officer. Formerly president and CEO of Lake Shore Gold, Makuch assumed his new role effective July 18th.
"The board of directors has determined that Tony is ideally positioned to lead Kirkland Lake Gold into the next stage of its development," said chairman Eric Sprott. "Tony's track record of leadership in the gold mining industry and his demonstrated ability to grow and optimize production will be excellent assets for Kirkland Lake Gold."
Makuch has more than 25 years of management, operations and technical experience in the mining industry. Under his leadership, Lake Shore Gold increased production and reserves, lowered costs and increased margins, leading to substantial value creation. Tahoe Resources acquired Lake Shore Gold earlier this year.
Kirkland Lake Gold is a Canadian focused, intermediate gold producer with assets in the historic Kirkland Lake gold camp, and east of the Timmins gold camp along the Porcupine-Destor Fault Zone in northeastern Ontario. The company is currently targeting annual gold production of between 270,000 to 290,000 ounces from its cornerstone asset, the Macassa Mine Complex and the recently acquired East Timmins Operations.
Gold production for the six months ending June 30th was 130,613 ounces.
"We remain committed to meeting our production guidance for the year … and are pleased to see our cash balance continue to grow, as we now have $157.5 million of cash on hand,” said Chris Stewart, vice-president of operations.
