Attention Business Editors:
Northgate Completes Acquisition of Perseverance
Emerges as an Unhedged Multi-Mine Gold Producer
TSX NGX
AMEX NXG
VANCOUVER, Feb. 18 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX: NXG) is pleased to announce the successful completion of its acquisition
for Perseverance Corporation Ltd. ("Perseverance"), which was originally
announced on October 29, 2007 and subsequently approved by Perseverance
securityholders in three separate Schemes of Arrangement.
Ken Stowe, President and CEO, commented, "After a lengthy process, we are
extremely pleased to announce the completion of this transaction, which marks
an important milestone for Northgate. Our targeted objective has been
significant production growth in stable jurisdictions and the Perseverance
transaction is exactly that. We are now an unhedged, multi-mine gold producer
with three fully permitted operations in Canada and Australia, with combined
production of over 400,000 ounces of gold expected in 2008. We are in an
excellent position to further our growth through the development and
exploration at our existing operations and projects while continuing to
evaluate additional acquisition opportunities."
Northgate will include the results of its newly acquired Australian
operations in its consolidated financial results for the period ending
March�31, 2008. The company also plans to update its previously released 2008
production guidance to include the Fosterville and Stawell mines acquired in
the transaction.
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 includes certain "forward-looking statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. These forward-looking statements include estimates,
forecasts, and statements as to management's expectations with respect to,
among other things, future metal production and production costs, potential
mineralization and reserves, exploration results, progress in the development
of mineral properties, demand and market outlook for commodities and future
plans and objectives of Northgate Minerals Corporation (Northgate).
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 upon a number of estimates and assumptions that, while
considered reasonable by management are inherently subject to significant
business, economic and competitive uncertainties and contingencies. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from Northgate's expectations are disclosed under the heading
"Risk�and Uncertainties" in Northgate's 2006 Annual Report and under the
heading "Risk Factors" in Northgate's 2006 Annual Information Form (AIF) both
of which are filed with Canadian regulators on SEDAR (www.sedar.com) and with
the United States Securities and Exchange Commission (www.sec.gov). Northgate
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
%CIK: 0000072931
For further information: Ms. Keren R. Yun, Investor Relations, Tel: (416)
216-2781, Email: ngx@northgateminerals.com, Website:
www.northgateminerals.com
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : NGX.TO |
ISIN : CA6664161024. |
CUSIP : 666416102 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Northgate Minerals is a gold and copper producing company based in Canada. Northgate Minerals develops gold, copper and silver in Canada, and holds various exploration projects in Canada. Its main assets in production are STAWELL MINE and FOSTERVILLE MINE in Australia and KEMESS SOUTH in Canada, its main asset in development is YOUNG - DAVIDSON in Canada and its main exploration properties are BOULEVARD, KEMESS UNDERGROUND, MATACHEWAN MINE and AWAKENING GOLD in Canada. Northgate Minerals is listed in Canada. Its market capitalisation is 176.0 millions as of today (US$ 173.2 millions, € 122.3 millions). Its stock quote reached its lowest recent point on January 28, 2000 at 0.60, and its highest recent level on May 12, 2006 at 5.29. Northgate Minerals has 47 442 200 shares outstanding. |