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Kirkland Lake stock takes a dive after analyst downgrade, Q2 results correction

Kirkland Lake stock takes a dive after analyst downgrade, Q2 results correction

Photo by Bloomberg

26th November 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The TSX-listed stock of miner Kirkland Lake Gold closed down 16.72% on Monday after the company corrected the second-quarter gold output from its Ontario gold mine, saying it was, in fact, lower than previously reported.

The company said in a press release that gold output in the second quarter ended October 31, was 31 387 oz, down from the previously announced 34 935 oz.

The lower number was the result of a re-examination of month-end procedures surrounding inventories and mill circuit protocols at its Kirkland Lake operation, the company said.

The company added that the correction had no impact on any historical financial statements, nor on the second-quarter financial results to be released on December 12.

Meanwhile, the stock was on Monday also weighted down after BMO analysts lowered the target price for the shares to $2.50 from $5.

The stock closed at C$2.54 a share, having shed C$0.51 apiece.

Edited by Creamer Media Reporter

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