Rochester, NY 2/10/2010 2:23:29 AM
Northgate Minerals L NXG Trading Up 2.64 on Young-Davidson Mine
In a press release Northgate Minerals Corporation announced its BOD had given formal approval for development of the Young-Davidson mine, located close to the Matachewan in Ontario, Canada.
The mine reports a combined 2.8 million ounces of both proven and projected reserves. The mine is expected to have an annual production of 180,000 ounces (gold) with a net cash cost of $350 per ounce, this over a projected 15 year life-of-mine timeline.
There are expectations of employment for 600 people during construction, estimated to take two years. Upon completion 275 people are projected as full time employees.
Ken Stowe, President & CEO, stated "Young-Davidson represents an integral part of our growth platform and fits our vision of developing and operating profitable and long-life operations in politically predictable, mining friendly jurisdictions. We are extremely pleased to be moving ahead with the project with the full support of our board and look forward to a formal celebration in the coming weeks to commemorate this important milestone. With construction slated to begin later this year, we expect to begin producing gold at Young-Davidson in 2012, creating sustainable and long-term value for our shareholders through disciplined growth and operational excellence."
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