Final court approval received for Northgate's acquisition of Perseverance


    VANCOUVER, Jan. 31 /CNW/ - Northgate Minerals Corporation (TSX: NGX,
AMEX:   NXG) is pleased to announce that the Supreme Court of Victoria has
approved the Schemes of Arrangement (the "Schemes") for securityholders of
Perseverance Corporation Ltd. ("Perseverance") in a hearing held earlier today
in Australia. This is the final approval required for the Schemes. Completion
of Northgate's acquisition of Perseverance pursuant to the Schemes is
scheduled to occur on February 18, 2008.
    Further information about the acquisition of Perseverance can be found in
Northgate's press release dated October 28, 2007.

    NORTHGATE MINERALS CORPORATION is a gold and copper mining company
focused on operations and opportunities in the Americas and Australia. The
Corporation's principal assets are the Kemess South mine in north-central
British Columbia and the Young-Davidson property in northern Ontario. With the
proposed acquisition of Perseverance Corporation Limited, the addition of two
operating mines will create a leading multi-mine, mid-tier gold producer, with
over 400,000 ounces of gold production in 2008. 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 does not constitute an offer to buy or an invitation to
sell, or the solicitation of an offer to buy or invitation to sell, any of the
securities of Northgate or Perseverance. Information about Perseverance is
provided by Perseverance and Northgate has not verified its accuracy or
    Subject to the terms and conditions set forth in the Merger
Implementation Agreement relating to the proposed transaction, Perseverance
intends to mail a scheme booklet (which will include an explanatory statement
and independent expert's report) to its shareholders. Perseverance
shareholders and other interested parties are strongly advised to read these
documents, as well as any amendments and supplements to these documents, when
they become available because they will contain important information.


    This news release contains certain "forward-looking statements" and
"forward-looking information" 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, including any
information as to the timing and completion of the proposed transaction, the
potential benefits thereof, the future activities of and developments related
to Perseverance and Northgate prior to the proposed transaction and the
combined company after the proposed transaction, market position, and future
financial or operating performance of Northgate or Perseverance, are
forward-looking and subject to important risk factors and uncertainties, many
of which are beyond the corporations' 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; impact of any hedging activities, including
margin limits and margin calls; 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, success of exploration activities and permitting time lines; changes
in national and local government legislation, taxation, controls, regulations
and political or economic developments in any of the countries in which either
corporation does or may carry out business in the future; risks of sovereign
investment; the speculative nature of gold exploration, development and
mining, including the risks of obtaining necessary licenses and permits;
dilution; competition; loss of key employees; additional funding requirements;
and defective title to mineral claims or property. In addition, there are
risks and hazards associated with the business of gold exploration,
development and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance or inability to obtain
insurance, to cover these risks), as well as the factors described or referred
to in the section entitled "Risk Factors" in Northgate's Annual Information
Form for the year ended December 31, 2006 or under the heading "Risks and
Uncertainties" in Northgate's 2006 annual report, both of which are available
on SEDAR at, and which should be reviewed in conjunction with
this document. Accordingly, readers should not place undue reliance on
forward-looking statements. Neither corporation undertakes 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.

For further information:

For further information: about Northgate, please visit; For further information about Perseverance, please
visit; For further information, please contact Ms.
Keren R. Yun, Investor Relations, (416) 216-2781, Email, Website:

Organization Profile

Northgate Minerals Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890