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Northgate Minerals Reports Excellent Cash Flow From Operations Of $56.5 Million In The Fourth Quarter Of 2010

Stocks in this article: NGX NXG

                   Adjusted Net Earnings of $17.2 Million

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VANCOUVER, March 8 /PRNewswire-FirstCall/ - (All figures in US dollars except where noted) - Northgate Minerals Corporation ("Northgate" or the "Corporation") (TSX: NGX) (NYSE Amex: NXG) today announced its financial and operating results for the fourth quarter and year ended December 31, 2010. The Company reported adjusted net earnings of $17.2 million or $0.06 per diluted share and cash flow from operations of $56.5 million or $0.19 per diluted share for the fourth quarter of 2010.

                 Fourth Quarter and Year End 2010 Highlights

    -   Adjusted net earnings(1) of $17.2 million or $0.06 per diluted share
        for the fourth quarter and $19.2 million or $0.07 per diluted share
        for the full year 2010.

    -   Excellent cash flow from operations of $56.5 million or $0.19 per
        diluted share for the fourth quarter, a 36% increase compared to the
        same period last year.

    -   Production of 66,077 ounces of gold and 10.6 million pounds of copper
        in the fourth quarter, bringing full year production to 272,713
        ounces and 40.7 million pounds, respectively, in 2010.

    -   Average net cash cost in the fourth quarter was $646 per ounce of
        gold, bringing the average net cash cost for the full year to $660
        per ounce.

    -   Fourth quarter metal sales were 70,145 ounces of gold at a realized
        price of $1,393 per ounce and 12.4 million pounds of copper at a
        realized price of $4.27 per pound.

    -   Northgate's cash balance at the end of the year was $334.8 million.

    -   At December 31, 2010, open pit reserves at Young-Davidson increased
        by over 20% to 325,000 ounces of gold.

    -   Recently released an updated NI 43-101 compliant resource estimate
        for the Kemess Underground project with an Indicated Resource of
        136.5 million tonnes ("Mt") containing 2.6 million ounces of gold and
        860.6 million pounds of copper.

    -   At the end of February, Northgate announced the sale of its entire
        portfolio of auction rate securities ("ARS") for total consideration
        of $40.9 million.

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