Mining project to create 875 new jobs in northern Ontario
MATACHEWAN, ON, Sept. 8 /CNW/ - On Friday, September 10th , Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) will hold a special Groundbreaking Ceremony to mark the official start of construction of its Young-Davidson Gold Mine. The ceremony will take place on site at Young-Davidson, near the town of Matachewan, beginning at 10:00 a.m. ET.
Upon start of production in 2012, Young-Davidson is expected to produce 2.5 million ounces of gold over an initial 15-year mine life. During the construction phase, the project will create 600 new jobs and provide ongoing direct employment for 275 people during the operating life of the mine. The mine is expected to generate $2.2 billion in pre-tax operating cash flow, a pre-tax net present value calculated at today's spot prices 5% of $865 million and a pre-tax internal rate of return of 25%.
WHAT: Northgate Minerals Corporation Groundbreaking Ceremony of its
Young-Davidson Gold Mine
WHEN: Friday, September 10, 2010
10:00 a.m. ET
WHERE: Young-Davidson - Minesite, Hwy 566, Matachewan, ON
WHO: Confirmed attendees include the following:
- Ken Stowe, President and CEO of Northgate Minerals
Corporation
- Michael Gravelle, Minister of Northern Development, Mines and
Forestry, MPP - Thunder Bay-Superior North
- David Ramsay, MPP Timiskaming-Cochrane
- Charlie Angus, MP Timmins-James Bay
- Reeve Beverley Hine, Town of Matachewan
- Chief Richard Wincikaby, Matachewan First Nation
- Several other dignitaries from the surrounding communities of
Elk Lake, Kirkland Lake, Temiskaming Shores, and Timmins.