KIRKLAND LAKE GOLD Inc.

Kirkland Lake Gold Inc., formerly Foxpoint Resources Ltd., is a natural resource company engaged in the acquisition, exploration, development, and production of mineral resource properties, principally gold, in Canada. Kirkland also carries out ore milling operations on behalf of other mining companies that do not have milling facilities.

Kirkland incorporated in 1983 as Goldpac Investments Ltd. In 1988, the company and Tectono Resources Ltd. amalgamated. The company changed its name from Goldpac to Brimstone Gold Corp. in 1994, and from Brimstone to Foxpoint Resources Ltd. in 1999. On October 25, 2002, the company changed its name from Foxpoint to Kirkland Lake Gold Inc. to more accurately reflect the nature and location of the company’s business.

On December 14, 2001, Kirkland acquired mining assets located in and around Kirkland Lake, Ontario, from Kinross Gold Corp. (K:TSX) for $5 million. The assets included a recently closed underground gold mine, the Macassa Mine, the mill constructed on the mine property, and four contiguous, formerly producing, underground gold mining properties known as the Lake Shore, Wright-Hargreaves, Teck-Hughes, and Kirkland Lake Gold Properties. The acquisition was made pursuant to an agreement dated October 29, 2001.

Lake Shore Mine is located in the center of the Kirkland Lake camp. Lake Shore was the largest gold producer of the five mines, producing 8,499,199 ounces of gold at a grade of 0.51 ounces per tonne from 1918 to 1965, representing 36% of the total ounces produced from the entire camp. High-grade ore material was being mined when it closed. Recent diamond drilling on the bottom levels indicated that the ore continues and that the main break shows no signs of weakening at depth.

The Wright-Hargreaves Mine is located to the east of Lake Shore in the central portion of the five properties. It ranks second to Lake Shore in gold production and grade, having produced 4,817,680 ounces of gold at a grade of 0.49 ounces per tonne. The Teck-Hughes Mine is bounded on the west by Kirkland Lake and Lake Shore to the east. The mine began production in 1917 and produced 3,688,664 ounces of gold at a recovered grade of 0.38 ounces per tonne when it ceased operating in 1968. Kirkland Lake Gold Mine is near the western end of the five mines bounded to the west by Macassa and to the east by Teck-Hughes. A total of 1,172,955 ounces of gold at an average grade of 0.37 ounces per tonne have been mined between 1919 and 1960.

The Macassa Mine was in continuous production from 1933 to 1999. During that time, Macassa produced 3,525,389 ounces of gold. The company has advanced the dewatering of Macassa’s No.3 shaft, and as at January 8, 2003, Macassa’s proven reserve estimates were 176,700 and 329,600 ounces of gold at 0.41 and 0.38 ounces per tonne. On January 30, 2003, the company commenced underground mining on the 3,835 and 4,250 levels at the Macassa mine.

Also on the Macassa Property is a 2,000 tonne per day carbon-in-pulp mill. Based on a 2,000 tonne per day processing rate, the mill’s plant tailings impoundment area has a capacity of greater than 10 years. On May 14, 2002, Kirkland recommenced gold production at the Macassa Mill. The mill began processing tailings from the Lake Shore Property at a rate of 880 tonnes per day, at an estimated head grade of 0.12 ounces of gold per tonne. Gold recovery was in excess of 75%, and more than 123,700 tonnes of tailings were processed through the mill. An additional 45,555 tonnes of surface rock from the Teck-Hughes and Lake Shore Properties were processed. A total of 20,500 ounces of gold has been recovered.