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Adjusted Net Earnings of $17.2 Million
Notice: Conference Call and Webcast Today at 10:00 am ET
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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
- 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.