NGX - TSX NXG - NYSE ALTERNEXT VANCOUVER, Dec. 22 /PRNewswire-FirstCall/ -- Northgate Minerals Corporation (TSX: NGX, NYSE ALTERNEXT US/AMEX: NXG) today commented on the large trading volume of the Company's shares and subsequent share price decline, which took place during market trading hours on Friday, December 19, 2008, on both the Toronto Stock Exchange and the NYSE Alternext. The company believes that the noted market activity was due to its deletion from the S&P/TSX Composite Index, resulting in a large sell-off by index-based investment funds. As part of its quarterly review, the S&P/TSX Composite Index announced the removal of more than 20 companies from its index, effective after the close of trading on Friday, December 19. Northgate believes that the current share price is considerably undervalued and does not reflect the recent and significant developments of the company, which includes the doubling of its gold resource base to over 4.0 million ounces at the Young-Davidson property, the 18-month mine-life extension at the Stawell Gold Mine and the dramatic improvement of operations at the Fosterville Gold Mine, which is expected to contribute to the record quarterly gold production in the fourth quarter. 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 approximately 365,000 ounces of unhedged gold production in 2008 and is targeting growth through further acquisition opportunities in stable mining jurisdictions around the world. Northgate is listed on the TSX under the symbol NGX and on the NYSE Alternext US (formerly AMEX) 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 corporation's 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 the 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, 2007 or under the heading "Risks and Uncertainties" in Northgate's 2007 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. The corporation does not undertake 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) 363-1701 ext. 233, Email: ; Website: http://www.northgateminerals.com/

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