Northgate Minerals Extends Mine Life at the Stawell Gold Mine
Friday, August 7th, 2009
Northgate Minerals Corporation is pleased to announce an increase in mineral reserves and resources at its Stawell Gold Mine located in Victoria, Australia. An aggressive exploration program in support of resource delineation and conversion has identified approximately 870,000 tonnes of additional mineral reserves containing 93,000 ounces of gold and has extended the current mine-life until the second quarter of 2012.
Ken Stowe, President and Chief Executive Officer, remarked, “Our exploration efforts at Stawell continue to delineate new zones of economic mineralization. In the first six months of the year, we have added another 93,000 ounces to our reserves, bringing the total increase to approximately 230,000 ounces since we acquired the mine less than 18 months ago. Equally as important, the mine reserve life has also increased to three years. Over the balance of 2009, we expect to define additional reserves in the newly discovered GG7 zone, and in the Dukes Flank and North Magdala zones and will continue to explore the Magdala Upper Levels and GG6 areas, which have great potential to host additional reserves and resources. Overall, prospects are excellent for us to add substantially to the nearly 2.0 million ounces of gold produced at Stawell over the 26-year history of the mine.”
For further information visit: www.northgateminerals.com