Northgate Minerals targets record gold output in 2009

January 16, 2009

Commodity Online
NEW DELHI: In a clear proof for the demand rise for gold, Vancouver-based Northgate Minerals said the company’s gold production soared to record levels during the fourth quarter of 2008.

Gold production for the last three months of the year was 118,265 ounces and total production for 2008 was a record 354,800 ounces for the firm.

Fosterville mine achieved record quarterly gold production of 26,398, while production at the Stawell property was 30,553 ounces of gold and Kemess produced 61,314 ounces of gold.

Average net cash cost of gold production for the three operating mines was $421 per ounce.

Revealing its 2009 production forecast and exploration plans, Northgate Minerals said it predicts record gold production for the year of 392,000 ounces from its mines.

With record combined gold production forecast for 2009 and strong prospects for continued exploration success, the year ahead should be an exciting one for Northgate.

Northgate Minerals is a mid-tier gold producer with mining operations, development projects and exploration properties in Canada and Australia and is targeting growth through further acquisitions.

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