This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Northgate Minerals Provides Update On Construction And Exploration Activities At Young-Davidson

Project Remains On Schedule and On Budget

VANCOUVER, April 13 /PRNewswire/ - (All figures in US dollars except where noted) Northgate Minerals Corporation (TSX: NGX, NYSE-Amex: NXG) is pleased to provide an update on construction activities for its 100% owned Young- Davidson project located beside the town of Matachewan, Ontario, 60 kilometres ("km") west of Kirkland Lake. Northgate is also pleased to report that follow-up drilling on the YD West zone continues to return positive results.

With current proven and probable gold reserves totalling over 2.8 million ounces(1), the Young- Davidson mine is targeting start-up of production in late Q1 2012. The mine is expected to generate an average of 180,000 ounces of gold annually over an initial 15-year mine life.


Construction Activities

    -   The project remains on schedule:
          -   at the end of March 2011, 80% of the contracts have been
              awarded (approximately $170 million), 90% of equipment purchase
              orders have been placed and 66% of the engineering has been
    -   The project remains on budget:
          -   at the end of March 2011, Northgate has invested approximately
              $130 million towards construction of the Young-Davidson mine.

Diamond Drill Program

    -   Hole YD10-198B, located approximately 115 metres ("m") below
        discovery hole 198, returned 5.43 grams per tonne ("g/t") gold over
        10.95 m (estimated 6.7 m true thickness).
    -   A total of 5,332 m of surface diamond drilling has been completed
        within the YD West zone in 2011.

"Since breaking ground in August 2010, we're pleased to report that Young- Davidson has remained on schedule and on budget" commented Ken Stowe, President and CEO. "In particular, we have made great progress on the construction front, having recently completed the raise bore pilot hole for the first leg of the production shaft as well as the concrete foundations for the process plant building. In addition, exploration results continue to prove up the YD West zone, where there is significant potential to add to current reserves. Over the next year, we expect to invest an additional $250 million using existing funds to bring Young- Davidson into production as we move towards our objective of increasing annual production to 350,000 ounces in 2013 and beyond."

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs