Attention Business Editors:
Northgate files preliminary base shelf prospectus
VANCOUVER, May 16 /CNW/ - Northgate Minerals Corporation (TSX: NGX, AMEX:
NXG) today reported that the company has filed a preliminary short form base
shelf prospectus with the Securities Commissions in each of the provinces and
territories of Canada and a corresponding registration statement with the
United States Securities and Exchange Commission. These filings, when made
final, will allow Northgate to make offerings of debt securities, common
shares, warrants to purchase common shares and warrants to purchase debt
securities, share purchase contracts and share purchase or equity units (all
of the foregoing, collectively, the "Securities") or any combination thereof
up to an aggregate offering size of Cdn$250,000,000 during the 25-month period
that the final short form universal base shelf prospectus remains effective.
Securities may be offered separately or together, in amounts, at prices and on
terms to be determined based on market conditions at the time of sale and set
forth in an accompanying shelf prospectus supplement. The net proceeds from
the sale of the Securities will be used to fund capital expenditures,
development and construction expenditures, exploration activities, potential
future acquisitions and for general corporate purposes.
A registration statement relating to these Securities has been filed with
the United States Securities and Exchange Commission, but has not yet become
effective. These Securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This news
release shall not constitute an offer to sell or the solicitation of an offer
to buy, nor shall there be any sale of these Securities in any state in which
such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state.
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 400,000 ounces of unhedged
gold production in 2008 and is targeting growth through further acquisitions
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 Corporation's 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" of Northgate's
base shelf prospectus, "Risk Factors" of Northgate's revised Annual
Information Form (AIF) for the year ended December 31, 2007 or under the
heading "Risks and Uncertainties" of Northgate's 2007 Annual Report, each of
which is available on SEDAR at www.sedar.com, should be reviewed in
conjunction with this document. Accordingly, readers should not place undue
reliance on forward-looking statements. The Corporation does not undertake 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.
%CIK: 0000072931
For further information: Ms. Keren R. Yun, Director, Investor Relations, Tel:
(416) 216-2781, Email: ngx@northgateminerals.com, Website:
www.northgateminerals.com
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Northgate Minerals Corporation
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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 CA$ 943.3 millions as of today (US$ 928.4 millions, € 655.4 millions). Its stock quote reached its lowest recent point on January 28, 2000 at CA$ 0.60, and its highest recent level on May 12, 2006 at CA$ 5.29. Northgate Minerals has 254 245 479 shares outstanding. |