Kirkland non-exec purchase

Non-executive director George Milton has invested £122,000 in Canadian gold miner Kirkland Lake Gold Inc as part of its C$32m placing.

Milton bought 25,000 shares at 487.42p (C$8.25) each. The share price has dipped well below the placing price in the past few weeks. Each share comes with one-third of a warrant to subscribe for an additional share at C$10. The shares are quoted on AIM and listed on the TSX.

Kirkland says that the net proceeds will be used for "working capital and general corporate purposes". Kirkland had C$49.7m in cash at the end of October 2009. It intends to spend cash on development so that it can increase its production.

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Kirkland has five gold producing properties around Kirkland Lake, Ontario, which were acquired in December 2001.

Kirkland lost more than C$10m in the three months to October 2009. It was hit by the collapse of a borehole. At the time that the figures were announced the chairman said that Kirkland "will return to its longer term plans of producing 1,400 to 1,500 tons of ore per day by early 2012".

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