Adjusted Net Earnings of $17.2 Million
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/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
per diluted share and cash flow from operations of
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.