Northgate Minerals Corp (NXG)

[EZ2]

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Northgate Minerals-NXG issues 2009 forecast for gold production 01/14 05:07 AM



Northgate is forecasting record gold production of 392,000 ounces from its three operating mines in Canada and Australia. Copper production from the Kemess mine is forecast to be 54.0 million pounds. Northgate's average cash cost of production, net of by-product credits, is forecast to be $461 per ounce of gold assuming a copper price of $1.40 per pound and exchange rates of Cdn$/US$1.25 and A$/US$1.43. Exploration spending in Australia is forecast to be $8.2 million, split almost equally between the two operations, in support of mine-life extensions. Exploration spending for the Young-Davidson property is forecast to be $1.2 million, which will focus on targets outside of the known resource area.