Attention Business Editors:
Northgate's Fosterville Gold Mine to Transition to Owner Mining
Appointment of Australian Operations Executive General Manager
VANCOUVER, Feb. 25 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX: NXG) is pleased to announce that it has entered into an agreement with
MG Mining Services Pty Ltd (MG Mining) to transition to "Owner Mining" at its
Fosterville Gold mine near Bendigo, Australia. All underground mining
activities at the site had previously been carried out by MG Mining, a
privately-owned Australian mining contractor. Under the agreement, all mining
activities at the site have immediately been placed under the direct
supervision of Northgate's management team at Fosterville and the company
expects the transition of mining personnel and equipment from MG Mining to
Northgate to be completed by June 30, 2008.
Northgate is also pleased to announce the appointment of Mr. Luc Guimond
to the position of Executive General Manager of its Australian operations
effective March 10, 2008. In this role, Mr. Guimond will oversee the
integration and management of Northgate's two new underground gold mines in
Victoria, Australia. Mr. Guimond brings over 20 years of underground mine
management and engineering experience to Northgate's Australia team.
To assist in the integration of its recently acquired Australian mines,
Northgate's Chief Operating Officer, Mr. Peter MacPhail, has relocated to
Victoria to take on the position of Managing Director of Northgate Australia
Ventures Corporation, a wholly-owned subsidiary of Northgate. Mr. MacPhail and
Mr. Guimond will work closely with the existing operating teams at the
Fosterville and Stawell mines on various strategic initiatives including an
aggressive exploration program at Stawell, the gold recovery enhancement
project at Fosterville and the aforementioned conversion to Owner Mining.
Ken Stowe, President and CEO, commented; "I am very pleased that we have
quickly reached an agreement with MG Mining to move to Owner Mining at
Fosterville. Northgate considers this to be an important and logical step in
the long-term strategic development of the Fosterville Gold mine. At the same
time, I would like to thank MG Mining for their considerable efforts over the
past two years and their continuing support over the next few months during
the transition period."
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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Northgate Minerals Corporation
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PRODUCTEUR |
CODE : NGX.TO |
ISIN : CA6664161024. |
CUSIP : 666416102 |
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Northgate Minerals est une société de production minière d'or et de cuivre basée au Canada. Northgate Minerals est en développement de projets d'or, de cuivre et d'argent au Canada, et détient divers projets d'exploration au Canada. Ses principaux projets en production sont STAWELL MINE et FOSTERVILLE MINE en Australie et KEMESS SOUTH au Canada, son principal projet en développement est YOUNG - DAVIDSON au Canada et ses principaux projets en exploration sont BOULEVARD, KEMESS UNDERGROUND, MATACHEWAN MINE et AWAKENING GOLD au Canada. Northgate Minerals est cotée au Canada. Sa capitalisation boursière aujourd'hui est 943,3 millions CA$ (928,4 millions US$, 655,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 28 janvier 2000 à 0,60 CA$, et son plus haut niveau récent le 12 mai 2006 à 5,29 CA$. Northgate Minerals possède 254 245 479 actions en circulation. |