Attention Business Editors:
Matachewan First Nation signs Memorandum of Understanding with Northgate Minerals Corporation
TSX: NGX
AMEX: NXG
MATACHEWAN, ON, March 26 /CNW/ - Northgate Minerals Corporation (TSX:
NGX, AMEX: NXG) and the Matachewan First Nation are pleased to announce that
they have signed a Memorandum of Understanding ("MOU"), establishing a
commitment by both parties to the development of Northgate's Young-Davidson
project in Matachewan, Ontario. The MOU also provides the foundation for a
cooperative and mutually beneficial relationship between the Matachewan First
Nation and Northgate and outlines the basic framework for the negotiation of a
long-term Impact and Benefit Agreement. The agreement will provide terms on
employment, training, business opportunities and other benefits for the
Matachewan First Nation.
Ken Stowe, President and CEO, commented, "Our major focus since acquiring
Young-Davidson has been to build a cooperative relationship with the
Matachewan First Nation. Signing the Memorandum of Understanding with our
First Nation partners is an important step towards this relationship as we
move forward with the development and operation of the mine."
Chief Elenore Hendrix of the Matachewan First Nation, commented, "The
Matachewan First Nation is extremely pleased with the progress of our
relationship with Northgate. The signing of this historic Memorandum of
Understanding brings the promise of hope and prosperity long awaited by our
community and its membership. I would like to express our sincere gratitude to
the negotiating team including those individuals from Northgate who I believe
have had the foresight and integrity to understand the issues of the
Matachewan First Nation and to include those in this agreement. We look
forward to finalizing an Impact and Benefit Agreement with Northgate, an
agreement that we believe will build upon an already sound relationship
between our community and the company."
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 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" 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 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; 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" of Northgate's
Annual Information Form (AIF) for the year ended December 31, 2006 or under
the heading "Risks and Uncertainties" of Northgate's 2006 Annual Report, both
of which are available on SEDAR at www.sedar.com, 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.
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. |