Northgate Exploration Limited - TSX: NGX; AMEX: NXG Message Board

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Gold/Mining/Energy : Northgate Exploration Limited - TSX: NGX; AMEX: NXG

NXG 50.72

+1.3%

Nov 3 3:59 PM EST

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To: Northern Marlin who wrote (23)	4/27/2004 7:33:51 AM
From: Northern Marlin	Read Replies (1) of 148

EBITDA estimate by: HMLphlailers 04/27/04 07:30 am Msg: 10943 of 10943 Based on the press release yesterday I'm going to guess that EBITDA for 1Q04 comes in at around $9 million, more than double what NXG achieved for 1Q03. My assumptions: 17,000 oz for hedge at $307/oz 34,500 oz at $408/oz 51,500 oz at $375/oz for 1Q04 Using the company's cash cost of $202/oz gives operating profit of $173/oz. 51,500 oz times $173/oz = $8,909,500 for EBITDA finance.messages.yahoo.com

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