Perhaps the best news is that NXG's President and CEO as announced his retirement! Whoopee! I've always regarded Northgate's lackluster management as the company's biggest shortcoming. Hopefully, they'll get someone with more initiative in the position.
Northgate Minerals Reports First Quarter Results
Press Release Source: Northgate Minerals Corporation On Tuesday May 10, 2011, 7:02 am EDT
Strong Cash Flow from Operations of $40.1 Million
Notice: Conference Call and Webcast of Annual General Meeting and Q1 Results Today at 10:00 am ET
Dial in: +647-427-7450 or 1-888-231-8191
VANCOUVER, May 10 /PRNewswire-FirstCall/ - (All figures in US dollars except where noted) - Northgate Minerals Corporation ("Northgate" or the "Corporation") today announced its financial and operating results for the three months ended March 31, 2011 in accordance with the newly adopted International Financial Reporting Standards ("IFRS").
First Quarter Highlights
• The net profit was $19.8 million or $0.07 per share.
• The adjusted net profit(1) was $7.5 million or $0.02 per share.
• Strong cash flow from operations of $40.1 million or $0.14 per share.
• First quarter production was 51,210 ounces of gold and 6.5 million pounds of copper at an average net cash cost of $699 per ounce.
• Production guidance for 2011 remains unchanged: 195,000 ounces - 205,000 ounces at a cash cost of $805 - $845 per ounce.
• First quarter metal sales were 56,937 ounces of gold at a realized price of $1,386 per ounce and 9.0 million pounds of copper at a realized price of $2.77 per pound.
• Northgate's cash balance at the end of the first quarter 2011 was $308.1 million.
• Construction activities at Young-Davidson remain on schedule and on budget. At the end of the first quarter 2011, Northgate had invested approximately $130 million towards construction of the Young-Davidson mine.
• Subsequent to the end of the first quarter, Northgate entered into a Cdn$40 million three-year senior secured revolving credit facility with BNP Paribas.
"First quarter production was highlighted by an excellent performance at Kemess South, as the mine wrapped up with higher gold and copper production than forecast" commented Ken Stowe, President and CEO. "While production at our Australian mines came in lower than plan, we are pleased to report that our guidance remains the same for the year as both mines are forecasting higher production for the balance of 2011. On the development front, we are excited with the excellent progress being made at Young-Davidson, as the project remains on schedule and on budget."
The article continues: http://finance.yahoo.com/news/Northgate-Minerals-Reports-prnews-3778698844.html?x=0&.v=23
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