13:57:20 EDT Tue 09 Jun 2026
Enter Symbol
or Name
USA
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Northgate Minerals Corp
Symbol NGX
Shares Issued 291,975,845
Close 2011-10-07 C$ 3.63
Market Cap C$ 1,059,872,317
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Northgate Minerals produces 50,014 ounces Au in Q3

2011-10-11 17:35 ET - News Release

Mr. Richard Hall reports

NORTHGATE MINERALS REPORTS STRONG THIRD QUARTER PRODUCTION

Northgate Minerals Corp. has released its third quarter 2011 operating results, highlighted by record gold production for the second consecutive quarter from its Fosterville mine. All figures are shown in U.S. dollars, unless otherwise specified.

Third quarter 2011 production highlights

Total production for the quarter was 50,014 ounces of gold, which represents a 14-per-cent increase from the previous quarter.

The Fosterville mine achieved record production of 29,954 ounces of gold during the quarter.

The Stawell mine achieved improved production of 20,060 ounces of gold.

The average net cash cost for the quarter was $811 per ounce of gold, which was lower than guidance previously issued by the company and represents a 14-per-cent decrease from the previous quarter.

The table provides a summary of production results for third quarter 2011.

   SUMMARY OF THIRD QUARTER 2011 PRODUCTION RESULTS
                     (in U.S. dollars)
Fosterville                                            
Gold production (ounces)                       29,954 
Net cash cost ($/ounce)*                         $733 
Stawell                                                
Gold production (ounces)                       20,060 
Net cash cost ($/ounce)*                         $928 
Total                                                  
Gold production (ounces)                       50,014 
Average net cash cost ($/ounce)*                 $811 

*The cash cost figures for thrd quarter 2011 are 
 unaudited estimates and subject to revision.

"Our Australian mines delivered strong results for the quarter, highlighted by another production record at Fosterville and lower-than-forecast cash costs at both mines," commented Richard Hall, Northgate's president and chief executive officer. "With continued strong performance forecast for the fourth quarter, we expect to meet our annual production guidance and, at current gold prices, to generate excellent free cash from our Australian operations for the second half of the year."

Timing for release of third quarter 2011 earnings results

On Aug. 29, 2011, AuRico and Northgate entered into an arrangement agreement pursuant to which, among other things, AuRico agreed to acquire all of the issued and outstanding common shares of Northgate in accordance with a court-approved plan of arrangement (see Northgate press release dated Aug. 29, 2011) upon fulfilment of certain conditions. The transaction is subject to, among other things, receipt of approval from both AuRico and Northgate shareholders at their respective special meetings scheduled for Oct. 24, 2011. Pending these results and receipt of subsequent court approval, the transaction is expected to close by the end of October, at which time Northgate will become a wholly owned subsidiary of AuRico.

AuRico is scheduled to release its third quarter earnings before market opens on Nov. 10, 2011. A conference call and webcast is scheduled to take place on the same day at 10 a.m. ET. For more information, please visit AuRico's website.

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