Attention Business Editors:
Unionized employees at Northgate's Kemess mine turn down tentative collective agreement - Production continues unaffected
VANCOUVER, March 4 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX: NXG) announced today that it has received notification from the
International Union of Operating Engineers Local 115 (the "Union") that the
unionized employees at the Kemess mine voted to turn down the recently
negotiated tentative collective agreement. The Union's bargaining committee
had unanimously recommended ratification of the agreement to its membership.
Further discussions with the assistance of a mediator are scheduled to begin
within the next week. All operations at the site continue to run normally,
with no disruption to scheduled production.
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. |