in the news!
Northgate Minerals Corporation will spend $21 million this year at its Young-Davidson gold project in Matachewan as the company moves toward a production decision. Northgate hired AMEC earlier this year to prepare a feasibility study for the Young-Davidson and it is expected most of this work will be completed before the end of the year.
Northgate announced in its fourth quarter report it will conduct surface based exploration, and underground ramp development this year. The surface-based diamond drilling program started in 2006 will continue with a target of completing 25,000 metres of drilling 2008 at a cost of $4-million. Northgate says the primary goals of the surface-based drilling continues to be to increase the syenite-hosted mineral resources in the region between the Lower YD and Lower Boundary zones and within 1,300 metres of surface (above the 9,000 level).
Northgate will continue excavation of the Young-Davidson ramp to the final length of 3,000 metres and this is expected to be completed by June 2008.
At the same time, the underground definition drilling program, which began in the last half of 2007, will continue from upper sections of the ramp with the goal of moving additional resources into indicated category.
The company is also dewatering the existing Shaft No. 3 down to the 14th level at about 625 metres in depth, in order to provide ventilation and secondary access to the underground ramp workings.
During the fourth quarter of 2007 Northgate produced 41,467 ounces of gold binging its yearend production to 245,631 ounces. In the fourth quarter 16.8 million pounds of copper were produced. Northgate produced 68.1 million pounds of copper in 2007.
Northgate's quarterly net gold cost was $48 per ounce and the annual net coast was negative $16 per ounce for 2007.
The company forecasts that it will produce 243,000 ounces of gold at its Kemess Mine and 64.4 million pounds of copper in 2008. It projects cash cost of production, net of by-product credits, to be $130 per ounce of gold assuming a copper price of $3.00 per pound and the Canadian dollar being at par with the U.S. dollar.
Northgate is in the final stages of acquiring Perseverance, an Australian gold mining company with two mines. Initial projections call for the Australian mine to produce between 190,000 and 200,000 ounces of gold in 2008. Northgate will provide further guidance on gold production, production costs, capital expenditures and exploration costs.
Northgate's President and CEO said: "While the revised fourth quarter production at Kemess fell short of our expectations, our total 2007 production of 245,631 ounces of gold at a net cash cost of negative $16 per ounce generated excellent cash flow in 2007's strong metal price environment. With the acquisition of two operating mines in Australia, Northgate's total production in 2008 is forecast to be over 400,000 ounces of gold and 64.4 million pounds of copper, all of which is unhedged, and will be sold at spot prices giving us maximum exposure in the current robust metal price environment.
"With successful security holder votes behind us on the Perseverance transaction and the upcoming resource update we expect to announce at Young-Davidson, Northgate has become a multi-mine, mid-tier, gold producer with production platforms in two excellent mining jurisdictions from which we can generate additional growth through exploration and acquisitions."
October 24, 2007
Back row:
Joseph Bisson – Matachewan Councilor
Lisa Hendrix – Early Childhood Educator – Keepers of the Circle, Day Care
Celine Verrier – Development Service Worker – Child and Family Services of Timmins and District.
Jeanine battisse – Matachewan First Nations Band Manager & School bus driver – McLeallan Transportation Co Ltd.
April George – Matachewan Municipal Administrative Assistant.
Front Row:
Lorraine Davies – Educational Assistant - Sacred Heart Catholic School
Deborah Lafrance – Early Childhood Education graduate.
October 13-21, 2007 is proclaimed "THE WEEK OF THE CHILD" and October 24, 2007 is the 7
th Annual Child Care Worker & Early Childhood Educator Appreciation Day. This is a time to reaffirm Canada’s Commitment as a signatory to the United Nations Convention on the Rights of the Child, setting aside October 24, 2007 to celebrate Child Care Worker & Early Childhood Educator Appreciation Day.The Corporation of the Township of Matachewan has joined communities across Canada in celebrating the work and achievements of Child Care Workers who reside in Matachewan., Ontario. We wanted them to be recognized for the role that they play in shaping a child’s social, physical, emotional and cognitive development. All Child Care Worker’s contributing to the care of children impact and benefit both families and communities in a most incontestable way.
On October 15, 2007, The Council of Matachewan resolved to declare October 24
th 2007 as Child Care Worker & Early Childhood Educator Appreciation Day. Council has chosen to honour the above/following individuals and extend a heartfelt thanks for pursuing an avenue leading to the benefit of children and families on behalf of our Matachewan family.Visit
www.childcareontario.org for more informationThe Corporation of the Township of Matachewan
Beverly Hine, Reeve
Joseph Bisson, Councilor
Andrew George, Councilor
Albert Durand, Councilor
Carrie Anne Gilbert, Councilor
Andrew Van Oosten, CAO-Clerk-Treasurer
April George, Administrative Assistant