Northgate Reports First Quarter Production Results and Updated 2008 Production Forecast

by NationTalk on April 22, 2008592 Views

VANCOUVER, April 21 – (All figures are in US dollars except where noted) – Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) today reported its first quarter 2008 operating results and updated 2008 production forecast, as well as its exploration plans for its Australian operations. <<

– Total quarterly gold production of approximately 90,000 ounces at Northgate's three operating mines at an average net cash cost of production of $347 per ounce of gold.

– Kemess produced 49,583 ounces of gold at a cash cost of $105 per ounce.

– Stawell produced 28,363 ounces of gold at a cash cost of $428 per ounce.

– Fosterville produced 11,655 ounces of gold at a cash cost of $1,185 per ounce. Cash costs were temporarily much higher than normal as mining activities were curtailed to facilitate the smooth and safe transition to owner mining soon after the acquisition closing of Perseverance Corporation.

– Kemess produced 14.4 million pounds of copper in concentrate.

– A new three-year collective agreement was ratified by the International Union of Operating Engineers Local 115, representing the 300 production and maintenance employees at Kemess.

– Indicated resources underground at Young-Davidson increased by 137%.

– A Memorandum of Understanding ("MOU") for the development of the Young-Davidson mine was signed with the Matachewan First Nation.

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