NXG "excerpt" ~~~ full article in PR released last night:
Press Release Source: Northgate Minerals Corporation
Northgate posts fourth quarter net income of $32 million
Thursday February 28, 6:22 pm ET
Completes acquisition of Australian-based gold miner
VANCOUVER, Feb. 28 /PRNewswire-FirstCall/ - (All figures in US dollars except where noted) - Northgate Minerals Corporation (TSX: NGX - News; AMEX: NXG - News) today reported cash flow from operations of $32,914,000 or $0.13 per diluted common share and net earnings of $32,020,000 or $0.13 per diluted common share for the fourth quarter of 2007. Cash flow from operations for all of 2007 was $125,285,000 or $0.49 per diluted common share and net earnings were $38,136,000 or $0.15 per diluted common share.
Fourth Quarter Highlights
- On October 29, 2007, Northgate announced its proposal to acquire
Perseverance Corporation Ltd. ("Perseverance"), an Australian gold
producer with two fully-permitted gold mines. The deal was approved
by Perseverance securityholders and closed on February 18, 2008.
- Northgate closed out its gold hedge book and is now completely
exposed to future gold price changes.
- Production of 41,467 ounces of gold and 16.8 million pounds of copper
from the Kemess South mine.
- Quarterly gold net cash cost of $18 per ounce and an annual net cash
cost of negative $22 per ounce of gold for all of 2007.
Ken Stowe, President and CEO, stated, "All in all, 2007 was another solid production year at Kemess despite a significant modification to the production schedule in the fourth quarter, which was necessitated by the realignment of the main haul road out of the pit. Strong cash flow from operations of $125 million for the year continued to strengthen an already strong balance sheet, thereby allowing us to complete the acquisition of Perseverance with no shareholder dilution. With the closing of the Perseverance deal, we have now achieved a key strategic objective and transformed Northgate into a multi-mine 400,000-ounce per year gold producer with all of our operations in stable jurisdictions. With unhedged gold and copper production in 2008 and record or near-record prices for both metals, we are well positioned for another strong year of cash flows. This will give us the ability to make strategic investments at our new Australian operations while continuing to aggressively develop the Young-Davidson project and look for additional growth opportunities."
more >>>> link to PR
