Northgate Minerals Corp (NXG)

[EZ2]

Thx. faz ~~~ this part sits real nice w/ me !!!

"Perseverance Directors have unanimously determined that the Transaction is in the best interests of
securityholders and unanimously recommend that all Perseverance shareholders and optionholders vote
in favour of the Schemes and that convertible subordinated noteholders approve the early redemption of
the notes in the absence of a superior proposal.

All Perseverance Directors intend to vote all Perseverance securities held or controlled by them at the
time of the Scheme meetings in favour of the Schemes, in the absence of a superior proposal.

Northgate proposes to fund this transaction from its balance sheet and the transaction is not subject to the
requirement for Northgate to raise additional funds. Northgate held approximately US$318 million in cash and had
no significant indebtedness at 30 June 2007. Northgate continues to generate strong cash flows from its Canadian
mining operation."