KIRKLAND LAKE, ONTARIO--(Marketwire - July 19, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Kirkland Lake Gold Inc. (the "Company") is pleased to announce that it has closed its previously announced private placement (the "Offering") of 6.0% convertible unsecured subordinated debentures (the "Debentures") at a price per Debenture of $1,000. The Offering was underwritten by a syndicate of underwriters led by Dundee Securities Ltd. and including National Bank Financial Inc. and CIBC World Markets which exercised an option to purchase an additional 15% of the Offering resulting in total gross proceeds of the Offering of $57,500,000.

The Company intends to use the net proceeds of the Offering for its expansion program of its mining operations in Kirkland Lake, Ontario and for general corporate purposes including working capital.

The Debentures mature on June 30, 2017 (the "Maturity Date"), unless earlier redeemed (such early redemption available after June 30, 2014), 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 $15.00 per Common Share (the "Conversion Price"), being a ratio of 66.6667 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. Application will be made for the Common Shares issuable upon conversion of the Debentures to be admitted to trading on the AIM Market of the London Stock Exchange.

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.

About the Company

The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced approximately 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.

Cautionary Note Regarding Forward Looking Statements

This Press Release may contain statements which constitute 'forward-looking statements', including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers 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, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR 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.