Attention Business Editors:
Federal and Provincial Environmental Ministers announce final decision on Northgate's Kemess North project
TSX NGX
AMEX NXG
VANCOUVER, March 7 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX: NXG) confirmed today that the Federal and Provincial Ministries of
Environment have announced their decision to accept the recommendation report
from the Joint Federal/Provincial Review Panel for the Kemess North project,
in which the Panel recommended that the project not be allowed to proceed in
its present form. The Ministers' decision will have no effect on Northgate's
financial performance in 2008 as the company wrote off the full carrying value
of its investment in the Kemess North project in the third quarter of 2007
after the Panel submitted its recommendation report on September 17, 2007.
Details of the final decision on the Kemess North project can be found on
the following websites, including the Environmental Ministers' news release
issued on March 7, 2008.
Canadian Environmental Assessment Agency:
www.ceaa-acee.gc.ca/050/viewer_e.cfm?cear_id394
BC Environmental Assessment Office:
www.eao.gov.bc.ca/epic/output/html/deploy/epic_project_home_226.html
NORTHGATE MINERALS CORPORATION is a mid-tier gold and copper producer
with mining operations, development projects and exploration properties in
Canada and Australia. The company is forecasting over 400,000 ounces of
unhedged gold production in 2008 and is targeting steady production growth
through further acquisition opportunities in stable mining jurisdictions
around the world. Northgate is listed on the Toronto Stock Exchange under the
symbol NGX and on the American Stock Exchange under the symbol NXG.
FORWARD-LOOKING STATEMENTS:
This news release contains certain "forward-looking statements" and
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward-looking statements generally can be identified by the
use of forward-looking terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe," or "continue" or the negative thereof or
variations thereon or similar terminology. Forward-looking statements are
necessarily based on a number of estimates and assumptions that are inherently
subject to significant business, economic and competitive uncertainties and
contingencies. Certain of the statements made herein by Northgate Minerals
Corporation ("Northgate") including those related to future financial and
operating performance and those related to Northgate's future exploration and
development activities, are forward-looking and subject to important risk
factors and uncertainties, many of which are beyond the corporations' ability
to control or predict. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking statements. Such
factors include, among others: gold price volatility; fluctuations in foreign
exchange rates and interest rates, impact of any hedging activities;
discrepancies between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated
metallurgical recoveries; costs of production, capital expenditures, costs and
timing of construction and the development of new deposits, and success of
exploration activities and permitting time lines; In addition, the factors
described or referred to in the section entitled "Risk Factors" in Northgate's
Annual Information Form for the year ended December 31, 2006 or under the
heading "Risks and Uncertainties" in Northgate's 2006 annual report, both of
which are available on SEDAR at www.sedar.com, and which should be reviewed in
conjunction with this document. Accordingly, readers should not place undue
reliance on forward-looking statements. Neither corporation undertakes any
obligation to update publicly or release any revisions to forward-looking
statements to reflect events or circumstances after the date of this document
or to reflect the occurrence of unanticipated events, except in each case as
required by law.
For further information: Ms. Keren R. Yun, Investor Relations, Tel:
(416)216-2781, Email: ngx@northgateminerals.com, Website:
www.northgateminerals.com
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : NGX.TO |
ISIN : CA6664161024. |
CUSIP : 666416102 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Northgate Minerals is a gold and copper producing company based in Canada. Northgate Minerals develops gold, copper and silver in Canada, and holds various exploration projects in Canada. Its main assets in production are STAWELL MINE and FOSTERVILLE MINE in Australia and KEMESS SOUTH in Canada, its main asset in development is YOUNG - DAVIDSON in Canada and its main exploration properties are BOULEVARD, KEMESS UNDERGROUND, MATACHEWAN MINE and AWAKENING GOLD in Canada. Northgate Minerals is listed in Canada. Its market capitalisation is 176.0 millions as of today (US$ 173.2 millions, € 122.3 millions). Its stock quote reached its lowest recent point on January 28, 2000 at 0.60, and its highest recent level on May 12, 2006 at 5.29. Northgate Minerals has 47 442 200 shares outstanding. |