Each one in plain English, with the numbers worked through for a shareholder.
26 Jan 2010resource reserve update▲ GoodMajor
Northgate released the final feasibility study for its 100%-owned Young-Davidson project, prepared by AMEC. It shows a 15-year mine life, average output of 180,000 oz of gold a year at a net cash cost of $351/oz, initial capital of $339 million (up from $292.5 million in the pre-feasibility study), and a 12.4% pre-tax IRR at $825/oz gold, with production targeted for 2012. It builds on the 2.8 million ounce reserve announced in July 2009; the company is moving toward a development decision, with shaft work, permits and bank financing discussions under way.
Northgate announced a positive pre-feasibility study for Young-Davidson, with the headline stating 2.8 million ounces of gold added to reserves. The visible filing only lists the July 14, 2009 news release as an exhibit, so no other details are available here. This moves the project beyond drilling toward a development decision.
Northgate filed a technical report on underground and open pit mineral resource estimates for Young-Davidson, with a consent from Carl Edmunds. The visible text has no figures; it is likely the updated resource estimate that the company said in 2008 would come, but the filing does not say so (inference).
Northgate filed a technical report with revised mineral resources and reserves for the Stawell gold mine as at June 30, 2008, with consents from three qualified persons. The visible text gives no figures, so whether the estimates rose or fell cannot be told from this filing.
Northgate reported first-half 2008 drilling at Young-Davidson (34 surface and 59 underground holes, 33,000 m), saying the zones form a near-continuous gold system and a new area of mineralization was found near the old workings. Highlights include 4.12 g/t gold over 350.0 m in hole 75A and 3.51 g/t over 130.2 m in hole 56A; a bulk-sample cross cut averaged 5.0 g/t over 41 m true thickness and testing indicated low-cost autogenous grinding. An updated resource estimate is planned for the fourth quarter of 2008 alongside a feasibility study; this continues the long-running drilling program and builds on the earlier three-million-ounce ambition.
Northgate filed an amended technical report on the Stawell gold mine in Victoria, Australia (dated March 28, 2008), with consents from qualified persons Glenn Miller, Tamer Dincer and Dean Fredericksen. The visible text contains no new figures; it is a refiling of the report on the mine acquired with Perseverance.
Northgate filed an amended technical report on the Fosterville gold mine in Victoria, Australia (dated March 28, 2008), with consents from three qualified persons (Ian Holland, Simon Hitchman, Brad Evans). The visible text contains no new figures; it is a refiling of the report on the mine acquired with Perseverance.
Northgate filed an amended technical report on the Kemess South mine dated May 30, 2008, with consents from qualified persons Craig Tomlinson and Gordon Skrechky. It follows the May 9, 2008 amended version filed in May; the visible text gives no new figures, so it appears to be a regulatory refiling.
This filing attaches a further amended technical report on the Young-Davidson underground resource estimates, dated May 27, 2008, with a consent from qualified person Carl Edmunds. It follows the May 9 amended version; the visible text gives no new figures.
This filing attaches an amended technical report on the Young-Davidson underground mineral resource estimates dated May 9, 2008, plus a qualified person's consent. The visible text contains no new figures; it is a regulatory refiling of the earlier March 2008 report.
This filing attaches an amended technical report on the Kemess South mine dated May 9, 2008 (the title refers to December 31, 2007 reserves) and a qualified person's consent. The visible text contains no figures or new announcements; it appears to be a regulatory refiling of an existing report.
This filing only attaches the appendices to the March 28, 2008 technical report on the Stawell gold mine (acquired with Perseverance). It contains no new announcement in the text provided.
This filing is a bundle of previously issued documents rather than new news. It lists technical reports (Kemess South, Young-Davidson, Fosterville, Stawell), news releases, meeting materials and acquisition reports from 2007-2008, including a letter from Xstrata about copper concentrate purchase. The title mentions additional East Pit reserves at Kemess South, but the visible text gives no figures.
Northgate reported results for four more Young-Davidson holes, including 6.42 g/t gold over 19.5 m in hole YD90-22X, which extends the Lower Boundary zone more than 100 m further west than previously known. This continues the 2007 drilling program; management says it expects the system to ultimately hold at least three million ounces of gold. Six surface drills are active, the underground ramp has advanced 1,140 m of a 3,000 m target, and 14 analysts toured the property on September 18.
Northgate reported drill results for nine more holes at its Young-Davidson gold property in Ontario. Highlights include 52.8 m averaging 2.87 g/t gold in the deepest hole to date (YD07-33), and 28.4 m of 4.65 g/t in a gap area now called the Lower Lucky Zone. Management says the results show the deposit continues at depth and could add resource ounces; the company also says dewatering of the old workings has begun and the decline ramp has advanced about 150 m.
