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Thursday, 15th January 2009 (1624 views)

Northgate Minerals has revealed that gold production rose to record levels during the fourth quarter of 2008.

According to the Vancouver-based company, 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.

The 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 (£288) per ounce.

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

Ken Stowe, Northgate president and chief executive, commented: "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 and our shareholders."

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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