Northgate Minerals Reports Strong Third Quarter Production
09 Oktober 2011 - 9:25PM
PR Newswire (Canada)
Fosterville Gold Mine Achieves Second Consecutive Record Production
Quarter VANCOUVER, Oct. 11, 2011 /CNW/ - (All figures in US
dollars) - Northgate Minerals Corporation ("Northgate" or the
"Company") is pleased to announce its third quarter 2011 operating
results, highlighted by record gold production for the second
consecutive quarter from its Fosterville mine. Third Quarter 2011
Production Highlights -- Total production for the quarter was
50,014 ounces of gold, which represents a 14% increase from the
previous quarter. o The Fosterville mine achieved record production
of 29,954 ounces of gold during the quarter. o The Stawell mine
achieved improved production of 20,060 ounces of gold. -- The
average net cash cost for the quarter was $811 per ounce of gold,
which was lower than guidance previously issued by the Company and
represents a 14% decrease from the previous quarter. The following
table provides a summary of production results for Q3 2011: Cash
cost figures noted in US$ Q3 2011 Fosterville Gold Production
(ounces) 29,954 Net cash cost ($/ounce) 1 733 Stawell Gold
Production (ounces) 20,060 Net cash cost ($/ounce) 1 928 Total Gold
Production (ounces) 50,014 Average Net cash cost ($/ounce) 1 811
(1 )The cash cost figures for Q3 2011 are unaudited estimates
and subject to revision. "Our Australian mines delivered strong
results for the quarter, highlighted by another production record
at Fosterville and lower than forecast cash costs at both mines,"
commented Richard Hall, Northgate's President & CEO. "With
continued strong performance forecast for the fourth quarter, we
expect to meet our annual production guidance and, at current gold
prices, to generate excellent free cash from our Australian
operations for the second half of the year." Timing for Release of
Third Quarter 2011 Earnings Results On August 29, 2011, AuRico and
Northgate entered into an Arrangement Agreement pursuant to which,
among other things, AuRico agreed to acquire all of the issued and
outstanding common shares of Northgate in accordance with a
Court-approved plan of arrangement (see Northgate press release
dated August 29, 2011) upon fulfillment of certain
conditions. The transaction is subject to, among other
things, receipt of approval from both AuRico and Northgate
shareholders at their respective special meetings scheduled for
October 24, 2011. Pending these results and receipt of
subsequent Court approval, the transaction is expected to close by
the end of October, at which time Northgate will become a
wholly-owned subsidiary of AuRico. AuRico is scheduled to release
its third quarter earnings before market opens on November 10,
2011. A conference call and webcast is scheduled to take place on
the same day at 10:00 am ET. For more information, please
visit AuRico's website at www.auricogold.com. * * * * * * *
Northgate Minerals Corporation is a gold producer with mining
operations, development projects and exploration properties in the
Americas and Australia. Northgate currently owns and operates
the Fosterville and Stawell gold mines in Victoria, Australia, and
is building the Young-Davidson gold mine in northern Ontario, which
is scheduled to commence production in 2012. * * * * * * *
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 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, 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. Cautionary Note to US Investors
Regarding Mineral Reporting Standards: Northgate prepares its
disclosure in accordance with the requirements of securities laws
in effect in Canada, which differ from the requirements of US
securities laws. Terms relating to mineral resources in this press
release are defined in accordance with National Instrument
43-101-Standards of Disclosure for Mineral Projects under the
guidelines set out in the Canadian Institute of Mining, Metallurgy,
and Petroleum Standards on Mineral Resources and Mineral Reserves.
The Securities and Exchange Commission (the "SEC") permits mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. The Corporation uses certain terms, such as,
"measured mineral resources", "indicated mineral resources",
"inferred mineral resources" and "probable mineral reserves", that
the SEC does not recognize (these terms may be used in this press
release and are included in the Corporation's public filings which
have been filed with securities commissions or similar authorities
in Canada). Northgate Minerals Corporation CONTACT: Ms.
Keren R. Yun, Director, Investor RelationsTel: 416-216-2781Email:
ngx@northgateminerals.com Website: www.northgateminerals.com
Copyright
Northgate Minerals L (AMEX:NXG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Northgate Minerals L (AMEX:NXG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024