VANCOUVER, Aug. 5, 2011 /CNW/ -- Fosterville Achieves Record
Quarterly Production Notice: Conference Call and Webcast of Q2
Results Today at 10:00 am ET Dial in: +647-427-7450 or
1-888-231-8191 VANCOUVER, Aug. 5, 2011 /CNW/ - (All figures based
in accordance with International Financial Reporting Standards
("IFRS") and expressed 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 three and six months ended June 30, 2011.
Second Quarter Highlights Operating and Financial -- Gold
production for the second quarter of 2011 totalled 43,798 ounces at
an average net cash cost of $944 per ounce. o The Fosterville mine
achieved a quarterly record of 29,181 ounces of gold at a net cash
cost of $787 per ounce. -- Gold sales were 44,372 ounces at a
realized price of $1,502 per ounce. -- Reported a net loss of $13.0
million or $0.04 per share. The adjusted net loss((1)) for the
second quarter of 2011 was $16.7 million or $0.05 per share. The
net loss and adjusted net loss figures include a $12.7 million
expense resulting from revisions to the reclamation cost estimate
at Kemess South. -- Strong cash flow from operations in Australia
of $23.1 million. On a consolidated basis, Northgate reported cash
flow from operations of ($3.7) million or ($0.01) per share, as a
result of working capital changes and expenses associated with
closing Kemess South and putting the facility on care and
maintenance. -- Northgate's cash balance at the end of the second
quarter 2011 was $244.5 million. Business Combination for Strong
Value Creation -- On July 13, 2011, Northgate announced a proposed
business combination with Primero Mining Corp. (TSX:P) to create a
leading mid-tier gold producer with significant value creation
opportunities. The new company will benefit from a diversified
production base, expansion potential from a portfolio of mines and
projects and enhanced near-term cash flow. Significant Development
Opportunity -- Northgate recently released positive results from a
NI 43-101 Preliminary Assessment for the Kemess Underground
Project. The results outline the development of an underground
block/panel cave operation. Average annual production is expected
to be 95,000 ounces of gold and 41.4 million pounds of copper at a
below-industry cash cost of $115 per ounce over a 12-year
mine-life. Building Young-Davidson -- Construction activities at
Young-Davidson remain on schedule and on budget. To date, Northgate
has invested approximately $180 million towards the construction of
the Young-Davidson mine. Expanding YD West Zone -- At
Young-Davidson, hole YD11-234B intersected one of the best
intervals ever drilled on the property of 4.31 grams per tonne
("g/t") gold over 79.6 metres ("m"). "Second quarter production was
highlighted by an excellent performance at Fosterville, as the mine
achieved record quarterly production of over 29,000 ounces of gold"
commented Richard Hall, President and CEO. "Our mines in Australia
are projected to ramp up production in the second half of the year
and to generate strong cash flow from operations." "As we look to
the future of Northgate, we are excited about the value creation
opportunity from the recently announced proposed business
combination with Primero that we believe will create a stronger
company going forward. Combined with the excellent progress being
made at Young-Davidson and the positive results from the Kemess
Underground Project, we have established a strong pipeline of
operations and projects to deliver both near and long-term value
for our shareholders." Financial Performance Northgate recorded
consolidated revenue of $67.4 million in the second quarter of
2011. Record gold production from Fosterville and stronger gold
prices drove revenue from Northgate's Australian mines higher
during the second quarter compared to the first quarter of the
year. Northgate reported a net loss of $13.0 million or $0.04 per
share during the second quarter of 2011. The adjusted net loss for
the same period was $16.7 million or $0.05 per share. The net loss
and adjusted net loss figures included a $12.7 million expense
related to increases to reclamation cost estimates at Kemess
South. In future periods, Northgate believes that any
additional increases to these cost estimates will not be material.
During the second quarter, the Fosterville and Stawell mines
generated excellent cash flow from operations of
$23.1 million, driven by record production at Fosterville. On
a consolidated basis, Northgate reported cash flow from operations
of ($3.7) million or ($0.01) per share in the second quarter
of 2011, which was mainly attributable to the increased spending on
decommissioning and site rehabilitation activities at Kemess South
as previously mentioned. The Corporation continues to maintain a
strong balance sheet, with cash and cash equivalents totalling
$244.5 million as of June 30, 2011. Corporate Development
Business Combination with Primero Mining Corp. for Strong Value
Creation Northgate has announced a proposed business combination
with Primero to create a new, leading mid-tier gold producer with
significant value creation opportunities. The combined company will
benefit from a robust gold growth profile and strong cash flow from
a portfolio of producing mines, supported by a robust resource base
(see press release dated July 13, 2011). The new company will be
led by Joe Conway, current President and CEO of Primero. Highlights
of the transaction include: -- Diversified production base: Three
producing gold mines with 320,000 gold equivalent ounces in 2011E
increasing to 550,000 ounces in 2013E coming from the addition of
Young-Davidson and expansion at San Dimas, plus exploration
pipeline, all located in pro-mining jurisdictions. -- Leading
growth profile: Expected production growth of 72% from 2011E to
2013E and declining cash costs, which will place the combined
company amongst the leaders of its expected peer group. -- Strong,
complementary management team: Combines a proven CEO with an
experienced technical team. -- Solid financial position and cash
flow: Fully-funded development of Young-Davidson with expected
sufficient cash flow to re-pay all corporate debt and pursue
accretive opportunities. -- Unique re-valuation opportunity:
Currently trading below peer average net asset value and cash flow
multiples. -- Enhanced capital markets presence: A market
capitalization of over $1.4((2)) billion is expected to appeal to a
broader shareholder base, increase analytical following and improve
share trading liquidity. The proposed business combination will be
effected by way of a Plan of Arrangement completed under the
Business Corporations Act of British Columbia. Under the terms of
the Plan of Arrangement, each Primero shareholder will receive 1.50
common shares of Northgate for each Primero share held. The
transaction will be carried out by way of a court-approved Plan of
Arrangement and will require approval of the shareholders of
Primero at a special meeting of Primero shareholders. The
transaction is also subject to obtaining approval of the
shareholders of Northgate at a special meeting of Northgate
shareholders. The respective shareholder meetings for
Northgate and Primero are scheduled to take place on September 21,
2011. Significant Development Opportunity at Kemess Underground
Northgate recently released positive results from a NI 43-101
Preliminary Assessment for the Kemess Underground Project.
The results outline the development of an underground operation
that is well suited to block caving. Average annual production is
expected to be 95,000 ounces of gold and 41.4 million pounds of
copper at a below-industry cash cost of $115 per ounce over a
12-year mine-life. At $1,500 per ounce gold and $4.00 per pound
copper, Kemess Underground is expected to generate pre-tax
operating cash flow of $2.1 billion, pre-tax net present value
("NPV") at a 5% discount rate of $755 million and a pre-tax
internal rate of return ("IRR") of 27% (see press release dated
August 2, 2011). The envisaged Kemess Underground block cave
operation would leverage the existing infrastructure and mill
facilities at the Kemess South mine, including a permitted area for
tailings storage within the Kemess South open pit. Based on the
results of the Preliminary Assessment, Northgate's Board of
Directors has approved the commencement of a full Feasibility
Study, which is expected to be completed over the next year.
Results from Operations Fosterville Gold Mine Fosterville capped
off the quarter with a monthly record of 12,500 ounces in June and
achieved gold production of 29,181 ounces for the second
quarter, which was also a record for the mine. The excellent
performance at Fosterville follows on a strong first quarter;
year-to-date, the mine has produced 49,813 ounces of gold and
continues to forecast annual production consistent with original
guidance. As a result of record gold production at the mine,
Fosterville also generated record cash flow from operations of
$21.3 million during the quarter. Cash flow from operations is
expected to remain strong for the balance of the year. During the
quarter, approximately 200,000 tonnes of ore were mined and mine
development advanced 2,190 m. Also during the quarter, a
record 226,218 tonnes were milled at a higher than planned grade of
4.82 g/t, resulting in record gold production. The average net cash
cost of production for the second quarter of 2011 was $787 per
ounce, which was lower than the original guidance provided, despite
a 4% increase in the Australian dollar relative to the US dollar
during the quarter. Cash costs also declined from the $1,012
per ounce cash cost figure recorded in the first quarter of 2011.
For the first half of the year, the average cash cost of production
was $880 per ounce, which was lower than guidance. As the
Australian dollar has continued to climb in 2011, Northgate has
revised its exchange rate assumption to US$/A$1.08 for the second
half of the year (from the original assumption of US$/A$1.00). As a
result, the annual cash cost forecast at Fosterville has increased
slightly to $910 - $950 per ounce. Stawell Gold Mine During the
second quarter, the Stawell mine produced 15,354 ounces of gold.
Production was impacted by lower head grades mined. In the
second half of 2011, production at Stawell is expected to rise as
grades improve from the GG6 ore zone, which is expected to come
into production in August. The annual forecast has been lowered to
approximately 81,000 - 85,000 ounces of gold to reflect the lower
production in the first half of the year. During the quarter,
approximately 193,000 tonnes of ore was mined and mine development
advanced 1,768 m, which was in line with plan. Also during
the quarter, 204,000 tonnes of ore was milled at an average grade
of 2.81 g/t. Although mill production was higher than plan, the
processing of higher carbonaceous and low-grade ore resulted in
lower head grades, which impacted production during the quarter.
Recoveries improved to 83% in the second quarter, from 77% in the
corresponding period last year. Unit operating costs remained low
during the second quarter at A$83 per tonne of ore milled (2010 -
A$90). Mining costs were A$54 per tonne of ore mined (2010 - A$66).
During the second quarter of 2011, the average net cash cost of
production was $1,173 per ounce, resulting from the 20%
year-over-year increase in the Australian dollar relative to the US
dollar and lower gold production during the quarter. For the
second half of 2011, cash costs are expected to decrease as gold
production increases. The annual production and cash cost
forecast for Stawell has been revised slightly to reflect lower
production in the first half of the year and the stronger
Australian dollar. Kemess South During the second quarter of 2011,
activities on site mainly focused on mine closure and
rehabilitation and placing the Kemess mill on care and maintenance
in anticipation of a production decision for the Kemess Underground
Project. Northgate's asset retirement obligation was increased by
$12.7 million, all of which was expensed in the second quarter.
Reclamation activities were negatively impacted by a wet spring and
summer, which delayed progress and resulted in increased costs to
retain staff and equipment. As detailed engineering and surveying
were completed on the spillway construction at the tailings
impoundment facility as well as other reclamation projects, the
cost estimates also increased. The balance of the 2011 reclamation
work at Kemess is expected to be completed by the end of the third
quarter. At that time, the reclamation obligation will be
approximately equal to the amount of the reclamation bond posted
with the Provincial government. Now that most of the 2011
reclamation work is complete and detailed costs estimates for
future work have been reviewed by the Provincial government, we
believe that any additional increases to rehabilitation activities
will not be material. 2011 Production and Cash Cost Forecast
Production and cash cost forecast for the full year 2011 is
outlined as follows: Total Forecast 2011 Cash Cost (ounces) ($/oz)
(1) Fosterville 97,000 - 102,000 $910 - $950 Stawell 81,000 -
85,000 $865 - $905 Kemess (Actual) 13,835(2) ($64) 190,000 -
200,000 $825 - $860 (1) Assuming exchange rates of
US$/Cdn$1.00 and US$/A$1.06 for Q3 to Q4 2011. (2) Metal
production data for the three months ended June 30, 2011 include
the actual settlements for prior period sales at Kemess. Building
Young-Davidson Northgate is extremely pleased with the ongoing
construction activities at Young-Davidson. As of the end of the
second quarter 2011, Northgate has invested approximately $180
million towards construction of the mine, which remains on schedule
and on budget. All major construction contracts have been awarded
or are imminent (worth approximately $250 million) and
approximately 85% of the engineering has been completed. In
addition, almost all of equipment purchase orders have been placed
and much of the equipment has already been delivered to site.
We expect the balance of equipment will be delivered in the fall.
The mill building was enclosed by early July and the installation
of process equipment has begun. After completing an intensive
optimization study in June, the Board of Directors approved a
mid-shaft loading facility, which is a modification to the original
mine design that will allow for early underground ore production to
supplement open pit production in the initial years of the
mine-life. The facility is scheduled to be operational by the first
quarter of 2013, one year ahead of the feasibility schedule for
underground ore production. Underground Ramp and Shaft Activities
underground continue to make excellent progress. For the second
quarter of 2011, the development rate averaged over 14 m per day.
The ramp was extended an additional 315 m to an approximate length
of 4,450 m and has passed a vertical depth of over 700 m (eventual
depth of 1,500 m). In July, the first leg (446 m) of the new
Northgate production shaft was completed. The second leg (to a
depth of 700 m) is expected to commence early next year.
Young-Davidson is scheduled to commence commissioning activities in
the fourth quarter of 2011 and is targeting start-up of production
in late Q1 2012. Initial production will come from an open
pit scheduled to produce approximately 85,000 ounces in 2012 and
135,000 ounces in 2013. Over a 15-year mine-life, the mine is
expected to generate average annual production of 180,000 ounces of
gold. Expanding YD West Zone Drilling on the newly discovered YD
West zone, just west of the currently known reserves at
Young-Davidson, continues to achieve excellent results. Hole
YD11-234B, which was reported in June, returned 4.31 g/t gold over
79.6 m. This intersection is located approximately 130 m
above and 55 m east of Discovery Hole YD10-198, which returned 3.46
g/t over 79.5 m. Together, these holes are amongst the
highest grade-thickness intervals intersected to date on the
property. By the end of the second quarter, a total of seven
holes have intersected the YD West zone and all but one has
returned ore-grade intersections (see press release dated June 7,
2011). These have been significant intersections as they
demonstrate the continuity of the YD West Zone, which remains open
up and down dip and to the west. Two diamond drills will continue
to explore the YD West zone until a sufficient number of intercepts
have been obtained to estimate an initial resource. The YD West
zone appears to have excellent potential to add significant gold
resources to the project. Summarized Consolidated Results
(Thousands of US Q2 2011 Q2 2010 YTD YTD dollars, except 2011 2010
where noted) Financial Data Revenue $ 67,416 $ 122,737 $ $ 248,015
190,443 Adjusted net loss( 1) (16,670) (11,719) (8,219) (5,423) Per
share (2 ) (0.05) (0.04) (0.02) (0.02) Net profit (loss) (13,014)
(333) 6,741 3,554 Per share - (0.04) 0.00 0.02 0.01 basic Cash flow
from (3,695) 15,236 36,414 27,288 (used in) operations Cash and
cash 244,469 204,173 244,469 204,173 equivalents Total assets $
806,893 $ 676,433 $ $ 806,893 676,433 Operating Data Gold
production (ounces) Fosterville 29,181 28,476 49,813 54,897 Stawell
15,354 14,832 31,360 37,070 Kemess (5) (737) 24,967 13,835 49,670
Total gold 43,798 68,275 95,008 141,637 production Gold sales
(ounces) Fosterville 28,900 29,152 48,037 55,096 Stawell 14,841
15,944 31,311 37,355 Kemess 631 20,847 21,961 48,620 Total gold
44,372 65,943 101,309 141,071 sales Realized gold price ($/ounce)
(3,5) 1,502 1,274 1,437 1,196 Net cash cost ($/ounce) (4)
Fosterville 787 669 880 674 Stawell 1,173 1,069 1,090 904 Kemess
(470) 497 (64) 499 Average net cash 944 693 812 673 cost ($/ounce)
Copper production (48) 9,643 6,449 19,172 (thousands pounds) (5)
Copper sales 218 7,997 9,216 19,142 (thousands pounds) Realized
copper price ($/pound) (3, 5) (5.33) 2.42 2.58 3.04 1 Adjusted net
profit (loss) is a non-IFRS measure. See section entitled "Non-IFRS
Measures" in the Corporation's interim MD&A Report. 2 Adjusted
net profit (loss) per share is based on diluted number of shares
outstanding. 3 The metal pricing quotational period is three months
after the month of ship loading for copper and one month after the
month of ship loading for gold produced at Kemess South. Realized
prices reported will differ from the average quarterly reference
prices, as realized price calculations incorporate the actual
settlement price for prior period sales, as well as the forward
price profiles of both metals for unpriced sales at the end of the
quarter. 4 Net cash cost per ounce of production is a non-IFRS
measure. See section entitled "Non-IFRS Measures" in the
Corporation's interim MD&A Report. 5 Metal production data
include the final settlement adjustments for prior period sales.
Realized metal prices in the current quarter were impacted by
negative smelter adjustments at Kemess South during a quarter that
had no production. Interim Condensed Consolidated Statements of
Financial Position (Previously referred to as the Consolidated
Balance Sheets) June 30 December 31 Thousands of US dollars,
unaudited 2011 2010 Assets Current Assets Cash and cash equivalents
$ 244,469 $ 334,840 Trade and other receivables, including 27,923
62,051 derivatives Income taxes receivable 9,536 2,236 Inventories
(note 4) 26,973 46,268 Prepaid expenses 3,190 2,367 Assets held for
sale (note 5) 739 — Total Current Assets 312,830 447,762
Non-current Assets Other assets (note 6) 49,942 40,819 Deferred tax
assets 10,476 13,014 Mineral property, plant and equipment 431,722
323,903 Investments (note 7) 1,923 36,519 Total Non-current Assets
494,063 414,255 Total Assets $ 806,893 $ 862,017 Liabilities and
Shareholders' Equity Current Liabilities Accounts payable and
accrued liabilities, $ 64,856 $ 93,534 including derivatives
Short-term loan (note 8) — 40,161 Equipment financing obligations
8,519 7,945 Provisions (note 9) 26,081 38,359 Total Current
Liabilities 99,456 179,999 Non-current Liabilities Equipment
financing obligations 14,746 10,763 Convertible senior notes
133,950 131,235 Option component of convertible senior notes 33,409
47,414 Other long-term liabilities 388 379 Provisions (note 9)
35,976 30,459 Deferred tax liabilities 4,728 — Total Non-current
Liabilities 223,197 220,250 Total Liabilities 322,653 400,249
Shareholders' Equity Common shares 407,352 407,029 Contributed
surplus 10,719 8,915 Accumulated other comprehensive income 36,618
23,014 Retained earnings 29,551 22,810 Total Shareholders' Equity
484,240 461,768 Total Liabilities and Shareholders' Equity $
806,893 $ 862,017 Subsequent event (note 17) The accompanying notes
form an integral part of these condensed consolidated interim
financial statements. Interim Condensed Consolidated Statements of
Comprehensive Income Thousands of US Three Months Ended June Six
Months Ended June 30 dollars, 30 except share and 2011 2010 2011
2010 per share amounts, unaudited Revenue $ 67,416 $ 122,737 $
190,443 $ 248,015 Operating expenses Cost of sales 64,189 104,638
174,262 220,686 (note 4) Administrative 5,424 2,809 9,231 6,649 and
general Exploration 5,687 6,519 10,588 10,646 12,652 — 12,652 —
Decommissioning and site rehabilitation (note 9) Other expenses
3,382 (1,570) 4,234 (1,321) (income) (note 13) 91,334 112,396
210,967 236,660 Profit (loss) (23,918) 10,341 (20,524) 11,355 from
operating activities Financing income (expenses) Interest 799 888
2,458 1,820 income Finance costs (723) (691) (1,476) (1,435) (note
12) Currency 1,074 (7,599) 6,258 (3,306) translation gain (loss)
Fair value 3,378 — 14,005 — adjustment on option component of
convertible notes Write-down of — (29) — (369) investments 4,528
(7,431) 21,245 (3,290) Profit (loss) (19,390) 2,910 721 8,065
before income taxes Income tax 6,376 (3,243) 6,020 (4,511) recovery
(expense) Net profit (13,014) (333) 6,741 3,554 (loss) for the
period Other comprehensive income (loss) Unrealized 401 (70) 287
(936) gain (loss) on available for sale investments Unrealized
6,596 (19,158) 8,383 (14,193) gain (loss) on translation of foreign
operations Reclassification of impairment on available for sale
investments to profit or loss — 29 — 369 Reclassification of
realized loss on available for sale investments to profit or loss —
258 4,934 258 6,997 (18,941) 13,604 (14,502) Comprehensive $
(6,017) $ (19,274) $ 20,345 $ (10,948) income (loss) Earnings
(loss) per share (note 14) Basic $ (0.04) $ 0.00 $ 0.02 $ 0.01
Diluted $ (0.05) $ 0.00 $ (0.02) $ 0.01 Weighted average shares
outstanding (note 14) Basic 291,937,341 290,859,592 291,907,785
290,789,562 Diluted 333,583,601 290,859,592 333,554,045 292,096,622
The accompanying notes form an integral part of these condensed
consolidated interim financial statements. Interim Condensed
Consolidated Statements of Cash Flows Three Months Ended June 30
Six Months Ended June 30 Thousands of US 2011 2010 2011 2010
dollars, unaudited Operating Activities Net profit $ (13,014) $
(333) $ 6,741 $ 3,554 (loss) for the period Adjustments for:
Depreciation 21,079 27,914 52,671 59,472 and depletion Unrealized
(380) 1,214 (732) 890 currency translation losses (gains) Gain on
(1,401) (1,638) (1,795) (1,305) disposal of assets Stock-based 687
601 1,912 1,987 compensation Accrual of 258 435 1,253 873 employee
severance costs Interest (799) (888) (2,458) (1,820) income Finance
costs 723 691 1,476 1,435 Income tax (6,376) 3,243 (6,020) 4,511
expense (recovery) Income tax (1,091) - (1,188) — credited to
operating expenses Change in (397) (15,965) (1,364) (13,071) fair
value of forward contracts Fair value (3,378) — (14,005) —
adjustment on option component of convertible notes 12,652 — 12,652
— Decommissioning and site rehabilitation expense Write-down of —
29 — 369 investments Loss (gain) — 258 (17) 258 on sale of
investments Changes in (12,740) (197) (11,074) (2,277) operating
working capital and other (note 16) Interest 1,011 888 2,479 1,820
received Interest paid (529) (489) (3,990) (1,053) Income taxes —
(527) (127) (28,355) paid (3,695) 15,236 36,414 27,288 Investing
Activities Decrease 49 — 49 (9,879) (increase) in restricted cash
Purchase of (2,124) (11,940) (7,099) (20,708) plant and equipment
Mineral (17,557) (14,029) (32,237) (26,570) property development
Assets under (50,626) (13,872) (96,564) (16,720) construction
Proceeds from 15,933 262 15,982 513 sale of equipment Proceeds from
— 1,619 — 1,619 insurable asset disposition Proceeds from — 82
40,954 82 sale of investments Purchase of — — (201) — investments
Deferred (1,071) (160) (1,194) (160) transaction costs paid
(55,396) (38,038) (80,310) (71,823) Financing Activities Repayment
of (4,337) (1,852) (7,085) (3,366) equipment financing obligations
Cash from — — 1,275 — equipment financing Repayment of — (350)
(40,161) (728) short-term loan Repayment of (548) (212) (1,001)
(429) other long-term liabilities Issuance of 104 186 215 409
common shares (4,781) (2,228) (46,757) (4,114) Effect of 253
(1,103) 282 (722) exchange rate changes on cash and cash
equivalents Decrease in (63,619) (26,133) (90,371) (49,371) cash
and cash equivalents Cash and cash 308,088 230,306 334,840 253,544
equivalents, beginning of period Cash and cash $ 244,469 $ 204,173
$ 244,469 $ 204,173 equivalents, end of period The accompanying
notes form an integral part of these condensed consolidated interim
financial statements. This press release for the second
quarter ended June 30, 2011 should be read in conjunction with
Northgate's second quarter MD&A, which is available on our
website at www.northgateminerals.com. * * * * * * * Q2 2011 Second
Quarter Results Conference Call and Webcast You may participate in
our conference call today at 10:00 am ET by calling 647-427-7450 or
toll free in North America at 1-888-231-8191. To ensure your
participation, please call five minutes prior to the scheduled
start of the call. A live audio webcast and presentation package
will be available on Northgate's homepage at
www.northgateminerals.com. Information pertaining to the conference
replay, available from August 5 - 19, 2011, can also be found on
our website. * * * * * * * 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. * * * * * * * Qualified Person The
program design, implementation, quality assurance/quality control
and interpretation of the results are under the control of
Northgate's geological staff, which includes a number of
individuals who are qualified persons as defined under NI 43-101.
Carl Edmunds, PGeo, Northgate's Exploration Manager, has reviewed
the geologic content of this release. 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 estimated 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. Cautionary Note to US Investors
Regarding Mineral Reporting Standards: The Corporation prepares its
disclosure in accordance with the requirements of securities laws
in effect in Canada, which differ from the requirements of US
securities laws. Terms relating to mineral resources in this press
release are defined in accordance with National Instrument
43-101-Standards of Disclosure for Mineral Projects under the
guidelines set out in the Canadian Institute of Mining, Metallurgy,
and Petroleum Standards on Mineral Resources and Mineral Reserves.
The Securities and Exchange Commission (the "SEC") permits mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. The Corporation uses certain terms, such as,
"measured mineral resources", "indicated mineral resources",
"inferred mineral resources" and "probable mineral reserves", that
the SEC does not recognize (these terms may be used in this press
release and are included in the Corporation's public filings which
have been filed with securities commissions or similar authorities
in Canada). Notes to Press Release: (1) Adjusted net
profit/loss is a non-IFRS measure. See section entitled
"Non-IFRS Measures" in the Corporation's second quarter MD&A
Report. (2) Based on August 2, 2011 closing prices on
TSX, on a fully diluted in-the-money basis. Share capital as
at March 31, 2011 adjusted for subsequent events.
To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/05/c9467.html
p Ms. Keren R. Yun, Director, Investor Relations Tel:
416-216-2781 Email: a
href="mailto:ngx@northgateminerals.com"ngx@northgateminerals.com/a
/p
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