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July 11, 2011 /PRNewswire/ - Northgate Minerals Corporation ("Northgate" or the "Company") (TSX: NGX, NYSE Amex: NXG) is pleased to announce today the appointment of Mr.
Richard J. Hall as President and Chief Executive Officer (CEO) of Northgate, effective
July 11, 2011.
Mr. Hall brings to Northgate over 35 years of mining exploration and development experience and has been a member of Northgate's board of directors since 2008. Previously, Mr. Hall served as President and CEO of Metallica Resources Inc., where he was responsible for the financing, construction and commissioning of the Cerro San Pedro gold-silver mine in
Mexico. Mr. Hall was also involved in the discovery and development of the El Morro deposit located in
Chile through to a final feasibility study. In
August 2008, Metallica was part of a
$1.6 billion merger with Peak Gold Ltd. and New Gold Inc. Previous to his tenure at Metallica, Mr. Hall held senior management positions with Dayton Mining Corporation and Pegasus Gold Corporation.
In welcoming the appointment,
Terry Lyons, Northgate's Chairman of the Board, stated: "We are extremely fortunate to have someone of Ritch's calibre join the Northgate team. He has a proven ability to lead top performing companies and has a strong track record in driving shareholder value. We believe Ritch will use his leadership strengths and extensive mining background to take the company to the next level."
"I am excited to be part of this organization and build upon our strong core of assets" stated Mr. Hall. "With a growing production profile from
Davidson and the exciting Kemess Underground project in the pipeline, Northgate has a bright future. It's a great honour to join this team as we look to execute on our strategic objectives and to grow the company and shareholder value."
This appointment follows on the previously-announced retirement of Mr.
Ken Stowe as Northgate's President and CEO. In conjunction with his retirement, Mr. Stowe has also stepped down from the board of directors effectively immediately.
Terry Lyons also paid tribute to Mr. Stowe upon the announcement of his retirement, noting: "For the past 12 years, Ken has worked tirelessly to achieve the growth of the company. Under Ken's leadership, he has assembled one of the most experienced operating teams in the industry that has seen the transformation of Kemess South into one of the most successful mines built in
Canada and the extraordinary development of
Davidson, which will become the new cornerstone of the company. Throughout his tenure, Ken has inspired us with his tenacity and strategic thinking and the board of directors would like to recognize and express our gratitude for his service over the years."
Mr. Hall joins the company as it enters the final nine months of construction of the
Davidson mine. Targeting its first gold pour late in the first quarter of 2012,
Davidson continues to make excellent progress and remains on schedule and on budget. In addition, erection of the mill building has been completed and the installation of process equipment will begin shortly. Development activities underground have also made excellent progress, ramping up to a record average development rate of 15 metres per day in June.
Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in
Canada and Australia. Our vision is to be the leading intermediate gold producer by identifying, acquiring, developing and operating profitable, long-life mining properties.
Cautionary Note Regarding Forward-Looking Statements and Information: This Northgate press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation and "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995, concerning Northgate's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might", "be taken", "occur" or "be achieved". Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Northgate operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Northgate cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Northgate's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to gold and copper price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimate reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled "Risk Factors" in Northgate's Annual Information Form for the year ended
December 31, 2010 or under the heading "Risks and Uncertainties" in Northgate's 2010 Annual Report, both of which are available on the SEDAR website at
www.sedar.com, should be reviewed in conjunction with the information found in this press release. Although Northgate has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Northgate disclaims any intention or obligation to update or revise such information, except as required by applicable law.
SOURCE Northgate Minerals Corporation