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Northgate Minerals seeking $100-million financing

With construction at its Young-Davidson gold project 60 kilometres west of Kirkland Lake due to begin in 2010, Northgate Minerals Corporation (TSX: NGX) has announced bought-deal financing for gross proceeds of $100 million.
Northern Ontario Business Staff

 
With construction at its Young-Davidson gold project 60 kilometres west of Kirkland Lake due to begin in 2010, Northgate Minerals Corporation (TSX: NGX) has announced bought-deal financing for gross proceeds of $100 million.

The proceeds will be used for general corporate purposes and for development of Young-Davidson, which is expected to have a 15-year mine life.

A pre-feasibility study released in late July showed a measured and indicated gold resource of 3.3 million ounces, with proven and probable reserves of 2.8 million ounces.