Northgate's Fosterville Gold Mine to Transition to Owner Mining
25 Février 2008 - 11:00PM
PR Newswire (US)
Appointment of Australian Operations Executive General Manager
VANCOUVER, Feb. 25 /PRNewswire-FirstCall/ -- 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
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, Investor Relations, Tel: (416) 216-2781, Email: ,
Website: http://www.northgateminerals.com/
Copyright