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Northgate receives board approval to move ahead on Matachewan mine project

The board of directors of Northgate Minerals Corporation (TSX: NGX) has formally given the go-ahead to move on the $339-million development of the Young-Davidson mine three kilometres west of Matachewan, or 165 kilometres southeast of Timmins.
Northern Ontario Business Staff

The board of directors of Northgate Minerals Corporation (TSX: NGX) has formally given the go-ahead to move on the $339-million development of the Young-Davidson mine three kilometres west of Matachewan, or 165 kilometres southeast of Timmins.

Construction is slated to begin later this year, with gold production set for 2012. The project has 2.8 million ounces of proven and probable reserves, and will have annual production of 180,000 ounces over a 15-year mine life.

The project will employ 600 people over the construction period, with direct employment for 275 through regular mining operations. Annual expenditures on goods and services through the life of the mine will reach $50 million.