(REUTERS) -- Canadian gold miner Kirkland Lake Gold said it will buy Queenston Mining's 50 percent stake in certain joint venture properties for C$60 million ($60 million) to develop its inventory of the precious minerals.

Under the agreement for the seven properties in the Kirkland Lake Gold camp, the deal value will be paid in three installments during 2012 plus a potential production royalty.

With the deal, Kirkland Lake Gold, which is located on the Southern Abitibi gold belt, expects to reach its long-term goal of developing 5 million plus ounce high grade mineral inventory.

The company said the deal would be funded through a combination of its cash position, cash flow and various funding alternatives.