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Melrose Resources, Kirkland Lake Gold news briefs

By Fox-Davies Capital

Melrose Resources announced a new exploration discovery and commencement of seismic data acquisition in Egypt. The South Damas No.1 exploration well has been successfully drilled to test a prospect in the Sidi Salim formation in the South East Mansoura concession, in which Melrose holds a 100% working interest. The well encountered the top reservoir at a depth of 4345ft and penetrated 76ft of net gas pay with good reservoir properties. The discovery well will be completed and tied-back for  production to  existing facilities  and is  expected to  be  on stream within six months at  an initial rate of in excess of 12MMcfepd. Following the completion of the South Damas  No.1 well, the EDC-9 rig will  be used to  drill  another  Sidi  Salim  prospect  in  the  South  East  Mansoura concession called Tall Rak.

Kirkland Lake Gold announced the closing of its previously announced bought deal private placement for gross proceeds of C$32,014,125. The net proceeds of the Offering will be used for exploration and development of the Company's mineral projects, working capital, and general corporate purposes.