VANCOUVER, Nov. 29 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX: NXG) today announced an update of its fourth quarter 2007 metal
production at Kemess South, reflecting ore scheduling changes necessitated by
the realignment of a portion of the ramp system in the west-end of the Kemess
pit. This realignment was initiated to remediate localized cracking and
deterioration in a 150-metre section of the ramp. As a result of the
realignment work, there will be a delay in accessing high-grade gold ore that
was originally scheduled to be milled in December. Mill feed for December will
now be sourced from the high copper, low gold supergene ore stockpile.
Subsequently, mill feed for January will come from hypogene ore stockpiles and
hypogene ore production in the eastern end of the open pit.
As a result of rescheduling ore feed to the mill, fourth quarter 2007
gold production is now forecast to be 45,000 ounces instead of the previously
released figure of 65,000 ounces and copper production is forecast to increase
to 21 million pounds compared to the previous guidance of 17 million pounds.
Revenues for the quarter will not be materially different than they would have
been under the original production plan, but Kemess' net cash cost of gold
production during the fourth quarter will be substantially lower than
originally forecast due to the additional copper production and lower gold
production. The net cash cost for the quarter is now projected to be negative
$215 per ounce assuming an average copper price of $3.20 per pound and a
Canadian/US dollar exchange rate of $1.02.
Realignment of the ramp is expected to be completed in January and
milling of the higher-grade gold ore originally scheduled for December 2007 is
now scheduled to occur in March 2008.
Northgate plans to release final Kemess South metal production figures
for 2007 and metal production and cash cost guidance for 2008 in mid-January
NORTHGATE MINERALS CORPORATION is a gold and copper mining company
focused on operations and opportunities in the Americas. The Corporation's
principal assets are the Kemess South mine in north-central British Columbia
and the Young-Davidson property in northern Ontario. Northgate is listed on
the Toronto Stock Exchange under the symbol NGX and on the American Stock
Exchange under the symbol NXG.
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.
For further information:
For further information: Ms. Keren R. Yun, Manager, Investor Relations,
(416) 216-2781, firstname.lastname@example.org