Northgate Minerals
Corporation Announces the Appointment of Richard Hall as President and CEO
Northgate
Minerals Corporation ("Northgate"
or the "Company") (TSX: NGX, NYSE Amex: NXG) is pleased to
announce today the appointment of Mr. Richard J. Hall as
President and Chief Executive Officer (CEO) of Northgate, effective July
11, 2011.
Mr. Hall brings to Northgate over 35 years of mining
exploration and development experience and has been a member of Northgate's
board of directors since 2008. Previously, Mr. Hall served as President and
CEO of Metallica Resources Inc., where he was responsible for the
financing, construction and commissioning of the Cerro San Pedro gold-silver
mine in Mexico.
Mr. Hall was also involved in the discovery and development of the El Morro
deposit located in Chile
through to a final feasibility study. In August 2008,
Metallica was part of a $1.6 billion merger with Peak
Gold Ltd. and New Gold Inc. Previous to his tenure at
Metallica, Mr. Hall held senior management positions with Dayton Mining
Corporation and Pegasus Gold Corporation.
In welcoming the appointment, Terry Lyons,
Northgate's Chairman of the Board, stated: "We are extremely fortunate
to have someone of Ritch's calibre
join the Northgate team. He has a proven ability to lead top performing
companies and has a strong track record in driving shareholder value.
We believe Ritch will use his leadership strengths
and extensive mining background to take the company to the next level."
"I am excited to be part of this organization
and build upon our strong core of assets" stated Mr. Hall. "With a
growing production profile from Young-Davidson
and the exciting Kemess Underground project in the
pipeline, Northgate has a bright future. It's a great honour to join this team as we look to execute on our
strategic objectives and to grow the company and shareholder value."
This appointment follows on the previously-announced
retirement of Mr. Ken Stowe as Northgate's President and
CEO. In conjunction with his retirement, Mr. Stowe has also stepped down from
the board of directors effectively immediately.
Terry Lyons also paid tribute
to Mr. Stowe upon the announcement of his retirement, noting: "For the
past 12 years, Ken has worked tirelessly to achieve the growth of the
company. Under Ken's leadership, he has assembled one of the most experienced
operating teams in the industry that has seen the transformation of Kemess South into one of the most successful mines built
in Canada and
the extraordinary development of Young-Davidson,
which will become the new cornerstone of the company. Throughout his tenure,
Ken has inspired us with his tenacity and strategic thinking and the board of
directors would like to recognize and express our gratitude for his service
over the years."
Mr. Hall joins the company as it enters the final
nine months of construction of the Young-Davidson
mine. Targeting its first gold pour late in the first quarter of 2012, Young-Davidson
continues to make excellent progress and remains on schedule and on budget.
In addition, erection of the mill building has been completed and the
installation of process equipment will begin shortly. Development activities
underground have also made excellent progress, ramping up to a record average
development rate of 15 metres per day in June.
Northgate
Minerals Corporation is a gold and
copper producer with mining operations, development projects and exploration
properties in Canada
and Australia. Our vision is to be the leading intermediate gold
producer by identifying, acquiring, developing and operating profitable,
long-life mining properties.
Cautionary Note Regarding Forward-Looking Statements
and Information:
This Northgate press release contains "forward-looking
information", as such term is defined in applicable Canadian securities
legislation and "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995,
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 estimate 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, 2010 or under
the heading "Risks and Uncertainties" in Northgate's 2010 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.
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