Federal and Provincial Environmental Ministers announce final decision on Northgate's Kemess North project
08 Mars 2008 - 3:05AM
PR Newswire (US)
TSX NGX AMEX NXG VANCOUVER, March 7 /PRNewswire-FirstCall/ --
Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) confirmed
today that the Federal and Provincial Ministries of Environment
have announced their decision to accept the recommendation report
from the Joint Federal/Provincial Review Panel for the Kemess North
project, in which the Panel recommended that the project not be
allowed to proceed in its present form. The Ministers' decision
will have no effect on Northgate's financial performance in 2008 as
the company wrote off the full carrying value of its investment in
the Kemess North project in the third quarter of 2007 after the
Panel submitted its recommendation report on September 17, 2007.
Details of the final decision on the Kemess North project can be
found on the following websites, including the Environmental
Ministers' news release issued on March 7, 2008. Canadian
Environmental Assessment Agency:
http://www.ceaa-acee.gc.ca/050/viewer_e.cfm?cear_id=3394 BC
Environmental Assessment Office:
http://www.eao.gov.bc.ca/epic/output/html/deploy/epic_project_home_226.html
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/
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