September 13, 2012 / 2:42 PM / 5 years ago

Kirkland Lake Gold posts loss on lower grade ores, power outage

Sept 13 (Reuters) - Gold miner Kirkland Lake Gold Inc posted a first-quarter loss on lower-grade ores and an eleven-day power outage in May, sending its shares down as much as 9 percent.

Net loss before taxes was C$295,000 for the quarter, compared with net income of C$9.0 million a year earlier.

First-quarter gold production fell 31 percent to 17,396 ounces.

The company, which owns the Macassa Mine in Ontario, said revenue fell 9 percent to C$32.7 million.

In May, Kirkland said a fire near Kirkland Lake, a town in northeastern Ontario, had disrupted operations at the company’s mines.

The company’s shares were trading down by about 5 percent at C$11.81 on the Toronto Stock Exchange.

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