Kirkland Lake Gold Announces Listing of $69 Million Convertible Debentures and Additional Block Listing

KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 03/08/13 -- Kirkland Lake Gold Inc. (the "Company") (TSX: KGI)(AIM: KGI) is pleased to announce that that effective Friday, March 8, 2013, the $69,000,000 aggregate principal amount of 7.5% convertible unsecured subordinated debentures of the Company (the "Debentures") will be listed for trading on the Toronto Stock Exchange. The Debentures were issued under an indenture made as of July 19, 2012, as supplemented by a supplemental indenture made as of November 7, 2012, each between the Company and Computershare Trust Company of Canada, as trustee, and will trade under the symbol "KGI.DB.A". The Debentures, which are issuable in the minimum principal amount of $1,000 each, will be quoted based on $100 principal amounts with all trades being made in multiples of $1,000.

The Debentures mature on December 31, 2017 (the "Maturity Date"), unless earlier redeemed (such early redemption available after December 31, 2015), and bear interest, accruing, calculated and payable semi-annually in arrears on June 30 and December 31 of each year. The Debentures are convertible at the holder's option into common shares ("Common Shares") of the Company, at any time prior to the close of business on the earlier of the business day immediately preceding the Maturity Date and the business day immediately preceding the date fixed for redemption of the Debentures, at a conversion price of $13.70 per Common Share (the "Conversion Price"), being a ratio of 72.9927 Common Shares per $1,000 principal amount of Debentures. Conditional approval has been received from the Toronto Stock Exchange for listing of the Common Shares issuable upon conversion of the Debentures.

The Debentures rank subordinate in right of payment of principal and interest to all present and future senior obligations of the Company and rank pari-passu to all present and future unsecured indebtedness.

The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States.

Block listing

Application has been made to the London Stock Exchange for the block listing of 8,869,829 Common Shares to trading on AIM to cover: (i) up to 5,036,496 Common Shares that may be issued upon conversion of the Debentures detailed above; and (ii) up to 3,833,333 Common Shares that may be issued upon conversion of the $57.5 million of convertible unsecured subordinated debentures of the Company issued on July 19, 2012 and trading under the symbol KGI.DB as disclosed in the Company's announcements dated July 19, 2012 and November 20, 2012.

The Common Shares will rank pari passu with the existing Common Shares in issue and will not be issued immediately but upon exercise of the debentures. It is expected that the block listing will become effective at 8.00 a.m. (UK time) on 11 March 2013.

About the Company

Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.

Cautionary Note Regarding Forward-Looking Statements

This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2012 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.

Contacts:

Kirkland Lake Gold Inc.

Brian Hinchcliffe

President

+1 705 567 5208

+1 705 568 6444 (FAX)
bhinchcliffe@klgold.com


Kirkland Lake Gold Inc.

Lindsay Carpenter

Director of Investor Relations

+1 416-840-7884

+1 705 568 6444 (FAX)
lcarpenter@klgold.com
www.klgold.com


NOMAD: Panmure Gordon (UK) Limited

Callum Stewart

+44 (0) 20 7886 2500
callum.stewart@panmure.com


NOMAD: Panmure Gordon (UK) Limited

Adam James

+44 (0) 20 7886 2500
adam.james@panmure.com