Northgate Minerals Corporation (TSX:NGX) is pleased to announce positive results from its pre-feasibility study of its 100 per cent owned Young-Davidson project in Matachewan, Ont.
The study was completed by AMEC Americas Ltd.
Northgate is targeting by early 2012 to have the operation in full production.
It incorporates the measured and indicated gold resource of 3.3 million ounces that was announced in December 2008.
Highlights included: proven and probable reserves of 2.8 million ounces contained gold, 15-year mine-life at a mill throughput of 6,000 tonnes per day. The average annual production is expected to be over 170,000 ounces of gold at a net cash cost of $333 per ounce, after the first two years of open pit production.
Average annual production for the next ten years will increase to more than 190,000 ounces of gold at a net cash cost of $326 per ounce. The project has an estimated start-up cost of $293 million.
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