STAWELL, VIC, Australia, March 11 /CNW/ - Northgate Minerals is pleased to announce that the Stawell Gold mine produced its two millionth ounce of gold in the first week of March 2010. The mine hosted a special ceremony that was held at site, where local dignitaries and business representatives stood alongside past and present personnel at Stawell to celebrate this historic achievement.
Ken Stowe, President and CEO, commented: "The history of mining in the Stawell region is undeniable. With modern production of 26 years and an even longer history of gold production dating back to the mid-19th century, the Stawell mine has solidified itself as a world class operation with an excellent track record of resource conversion. Today not only represents a significant achievement for the company, but it also signals a bright future. With production forecast at 100,000 ounces and an exploration budget of over $7 million to define additional reserves, we look to continue a long and successful operation for many more years to come."
The Stawell mine is located alongside the township of Stawell in central Victoria, approximately 250 kilometres west of Melbourne. The mine currently employs close to 400 people, including full-time employees and contractors. Together with the Fosterville Gold mine, located near Bendigo, the two operations are the largest gold producers in the state of Victoria.
Northgate wishes to congratulate all of those who have contributed to the successful and long history of the Stawell Gold mine and would also like to thank those who were in attendance at the commemorative event.
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Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. Our vision is to be the leading intermediate gold producer by identifying, acquiring, developing and operating profitable, long-life mining properties. We are forecasting gold production of 316,000 ounces in 2010.
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SOURCE Northgate Minerals Corporation
For further information: For further information: Ms. Keren R. Yun, Director, Investor Relations, Tel: (416) 363-1701 ext. 233, Email: email@example.com; Website: www.northgateminerals.com