New Three-Year Collective Agreement Ratified at Northgate's Stawell Gold Mine
26 September 2008 - 11:25PM
PR Newswire (US)
VANCOUVER, Sept. 26 /PRNewswire-FirstCall/ -- Northgate Minerals
Corporation (TSX: NGX, AMEX: NXG) is pleased to announce that a new
three-year employee collective agreement (the "Agreement") has been
ratified by the Employee Collective, comprised of the 155
production and maintenance employees at the Stawell Gold Mine
located in Victoria, Australia. This Agreement replaces the
previous three-year agreement that expired on September 26, 2008.
Ken Stowe, President and CEO stated, "We are very pleased to have
reached a mutually beneficial agreement with our employees at
Stawell after an extensive negotiating process. This Agreement is
the result of dedication and commitment on both sides of the
bargaining table and I would like to commend the two negotiating
teams for their efforts during this process. With the recent
announcement to extend the current mine-life at Stawell until the
fourth quarter of 2011, adding to the prosperous 25-year history of
modern production, we are extremely committed to the operational
success at the mine as we look forward to many more years of mining
at Stawell." 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 385,000 ounces of unhedged gold production in 2008 and
is targeting growth through further acquisitions 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" 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, including any
information as to the future activities of and developments related
to the business activities of Northgate Minerals Corporation
(Northgate) and its subsidiaries, the market position, and future
financial or operating performance of Northgate, 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; impact of any hedging activities, including
margin limits and margin calls; 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, success
of exploration activities and permitting time lines; changes in
national and local government legislation, taxation, controls,
regulations and political or economic developments in any of the
countries in which either corporation does or may carry out
business in the future; risks of sovereign investment; the
speculative nature of gold exploration, development and mining,
including the risks of obtaining necessary licenses and permits;
dilution; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property. In
addition, there are risks and hazards associated with the business
of gold exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion losses
(and the risk of inadequate insurance or inability to obtain
insurance, to cover these risks), as well as 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
http://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. DATASOURCE: Northgate Minerals Corporation CONTACT: Ms.
Keren R. Yun, Director, Investor Relations, Tel: (416) 216-2781,
Email: , Website: http://www.northgateminerals.com/
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