Adjusted Net Earnings of $17.2 Million Notice: Conference Call and Webcast Today at 10:00 am ET Dial in: +647-427-7450 or 1-888-231-8191
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.