The suspension will impact about 250 jobs, 60 per cent of those are locally based.

The shutdown will happen at the end of the month.

The Canadian gold producer said it would continue work on rehabilitation programs at a number of locations and will move forward with existing exploration plans in the Territory.

The company today said it its decision to suspend test mining and processing activities follows an announcement late last month in its annual report.

"Given the quality of Macassa, Detour Lake (in Canada) and Fosterville (near Bendigo Vic.), we have decided to designate our Holt Complex in Northern Ontario and assets in the Northern Territory as non-core and will be considering strategic options to the maximise value of these assets," the annual results stated.

Those results also said spending in the 2019 financial year included $109.9 million in the Territory.

"Exploration expenditures in the NT related to an ongoing advanced exploration program, including underground development and drilling in support of a potential resumption of operations.

"In October 2019, the company commenced test processing of Lantern Deposit material at the Union Reefs mill as part of the advanced exploration program. Production during Q4 2019 at the Union Reefs mill totaled 8700 ounces at an average grade of 2.06 g/t."

Kirkland Lake Gold NT project director Mark Edwards today said the strategic review related to the company's NT assets remains ongoing with rehabilitation and exploration work to continue during the review period.

"The company highly values the hard work and dedication of its workforce in the NT and will provide full entitlements and redeployment assistance to employees affected by the decision," he said.

"Opportunities for re-deployment for employees will be explored with The Minerals Council - NT Branch with support from the NT Government and the company's Human Resources department.

"Expressions of interest have already been received from a number of other mining organisations in the NT, and other parts of the country, which are looking to complement their workforce."

He said a workforce of 30-40 employees would be retained by the company in the NT to advance existing rehabilitation and exploration work plans.

Those future plans include investing in upgrading water treatment infrastructure at Cosmo Howley and UR to meet all water discharge conditions, aggressively lower our environmental liabilities at both sites, continue exploration activities in the Pine Creek region, progress the Environmental Impact Statement for the Union Reefs North Underground mine, continue to maintain our tenements and licence conditions.

The Cosmo gold mine has seen similar shutdowns in the past as have other gold seeking companies in the Pine Creek region.

The company is seeking environmental approval to re-open the Union Reefs North Underground mine for a two-year underground operations to drill and blast for gold.

There are concerns about the potential impact on Ghost bats who are nesting in the abandoned mine.

Gold has been mined at Pine Creek since 1878 and the town, home to just over 300 people today, has seen many booms and busts over the years.

Only in November last year the NT Government was hailing the planned spending by Kirkland Lake Gold in the Pine Creek area as a welcome boost to jobs.

Kirkland Lake Gold had announced its plans to reopen its Union Reefs mill operations.

In that November 13 media statement, Kirkland Lake Gold VP of Australian operations, Ian Holland, said: "We are extremely pleased to be reopening the Union Reefs mill here in the NT today with a plan for significant investment into the NT.

"Our Northern Territory Operations are only set to expand, and the EIS that is underway for Union Reefs North Underground Mine is an important part of the long term strategy."

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