Northgate Minerals Corporation is a gold and copper mining company focused on operations and opportunities in the Americas. The Corporation’s principal assets are the Kemess South mine in north-central British Columbia, the adjacent Kemess North deposit, which contains a proven and probable reserve of 4.1 million ounces of gold and the Young-Davidson property in northern Ontario with a total resource base of 2.1 million ounces of gold. Project Update - Young-Davidson Property
Engineering, procurement and permitting activities required to support the project progressed during the quarter. In early August, Northgate filed its NI 43-101 compliant Preliminary Assessment Report ("Preliminary Assessment"), which outlines the basis for the development of a combined underground and open-pit mine producing an average of 158,000 ounces of gold per year at a cash cost of $405 per ounce over a 12 year mine-life. The initial capital cost of the mine is projected to be $306 million and can be brought into commercial production in 2011. The Preliminary Assessment was based on the underground mineral resources contained in a Technical Report filed on SEDAR on March 26, 2008, which included diamond drilling results up to December 20, 2007.
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