Three-Year Collective Agreement Ratified at Northgate's Fosterville Gold
Mine
VANCOUVER,
June 29 /CNW/ - Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) is
pleased to announce that a three-year Employee Collective Agreement (the
"Agreement") has been ratified by the Employee Collective, comprising
of 190 production and maintenance employees for the underground and surface
operations at the Fosterville Gold mine located in Victoria, Australia. This
Agreement replaces the Australian Workforce Agreements and a temporary
Greenfield agreement that was put into place in April 2008 when Northgate
completed its conversion to owner mining from contractor mining.
Ken Stowe, President and
CEO stated, "Shortly after acquiring the Fosterville Gold mine, we quickly
transitioned to owner mining with the focus on turning around the operation. We
hired virtually the entire workforce from the former contractor and our new
workforce embraced the opportunity to participate in this successful
turnaround. A year later, we are extremely pleased to have reached a three-year
Collective Agreement with our employees at Fosterville and I would like to
commend the significant contributions from the two negotiating teams during
this extensive process. Equipped with a strong resource base, we will continue
with our goal of growing both production and reserves, and are backed by a
dedicated workforce who is committed to the long-term success of the
mine."
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Northgate Minerals
Corporation is a gold and copper producer with mining operations, development
projects and exploration properties in Canada and Australia. The company is
forecasting record gold production of over 390,000 ounces in 2009 and is
targeting growth through further acquisition opportunities in stable mining
jurisdictions around the world. Northgate is listed on the TSX under the symbol
NGX and on the NYSE Amex under the symbol NXG.
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Forward-Looking Statements:
This Northgate press
release contains "forward-looking information", as such term is
defined in applicable Canadian securities legislation, concerning Northgate's
future financial or operating performance and other statements that express
management's expectations or estimates of future developments, circumstances or
results. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes",
"anticipates", "budget", "scheduled",
"estimates", "forecasts", "intends",
"plans" and variations of such words and phrases, or by statements
that certain actions, events or results "may", "will",
"could", "would" or "might" "be taken",
"occur" or "be achieved". Forward-looking information is
based on a number of assumptions and estimates that, while considered
reasonable by management based on the business and markets in which Northgate
operates, are inherently subject to significant operational, economic and
competitive uncertainties and contingencies. Northgate cautions that
forward-looking information involves known and unknown risks, uncertainties and
other factors that may cause Northgate's actual results, performance or
achievements to be materially different from those expressed or implied by such
information, including, but not limited to gold and copper price volatility;
fluctuations in foreign exchange rates and interest rates; the impact of any
hedging activities; discrepancies between actual and estimated production,
between actual and estimated reserves and resources or between actual and
estimated metallurgical recoveries; costs of production; capital expenditure
requirements; the costs and timing of construction and development of new
deposits; and the success of exploration and permitting activities. 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, 2008 or under the heading "Risks and
Uncertainties" in Northgate's 2008 Annual Report, both of which are
available on the SEDAR website at www.sedar.com, should be reviewed in conjunction
with the information found in this press release. Although Northgate has
attempted to identify important factors that could cause actual results,
performance or achievements to differ materially from those contained in
forward-looking information, there can be other factors that cause results,
performance or achievements not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate or that
management's expectations or estimates of future developments, circumstances or
results will materialize. Accordingly, readers should not place undue reliance
on forward-looking information. The forward-looking information in this press
release is made as of the date of this press release, and Northgate disclaims
any intention or obligation to update or revise such information, except as
required by applicable law.
For
further information: Ms. Keren R. Yun, Director, Investor Relations, Tel: (416)
363-1701 ext. 233, Email: ngx@northgateminerals.com, Website: www.northgateminerals.com