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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (2540)	1/9/2003 9:58:25 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

NGX: Northgate Exploration releases year-end Kemess results Northgate Exploration Ltd NGX Shares issued 190,551,115 Jan 8 2003 close $ 1.57 Thursday January 9 2003 News Release Mr. Ken Stowe reports NORTHGATE REPORTS RECORD OPERATING RESULTS Northgate Exploration has released record quarterly and annual operating results from its Kemess South mine in British Columbia. Highlights Kemess had record annual gold production of 282,300 ounces in 2002, including 77,500 ounces of production in the fourth quarter. In addition, Kemess had record annual copper production of 72.9 million pounds, including 20.2 million pounds in the fourth quarter. Fourth quarter mill availability was 91 per cent and has exceeded the operating target of 90 per cent in each of the past six months. New records for quarterly gold and copper recoveries were set during the fourth quarter of 2002. Gold and copper recoveries were 74 per cent and 86 per cent, compared with the previous records of 71 per cent and 83 per cent, established in the second quarter of 2002. These higher recoveries are a direct result of excellent performance of the two column flotation cells commissioned in the second quarter, which has dramatically exceeded original expectations. Average mill throughput for 2002 was 47,420 tonnes per day, up over 12 per cent from the 42,084-tonne-per-day throughput recorded in 2001. Fourth quarter mill throughput was 48,803 tonnes per day compared with 46,920 in the same period of 2001. 2002 KEMESS MINE PRODUCTION TABLE Fourth quarter results (100% of production basis) 2002 2001 Tonnes milled (ore) 4,489,862 4,316,659 Average mill operating rate (tpd) 48,803 46,920 Gold grade (g/t) 0.730 0.790 Copper grade (%) 0.236 0.255 Gold recovery (%) 74 65 Copper recovery (%) 86 78 Gold production (ounces) 77,552 71,452 Copper production (000s pounds) 20,264 18,993 2002 KEMESS MINE PRODUCTION TABLE Year-end results (100% of production basis) 2002 2001 Tonnes milled (ore) 17,308,000 15,361,000 Average mill operating rate (tpd) 47,420 42,100 Gold grade (g/t) 0.724 0.855 Copper grade (%) 0.236 0.251 Gold recovery (%) 70 66 Copper recovery (%) 81 77 Gold production (ounces) 282,300 277,100 Copper production (000s pounds) 72,900 66,300 Ken Stowe, president and chief executive officer, commented: "The various production records established in the fourth quarter of 2002 are the result of the dedicated efforts of our management team over the past two years as we have worked to unlock the true operating potential of the Kemess South mine. In 2003, we will continue to optimize the Kemess operation with the installation of an expert computer system in the mill to increase throughput and the commissioning of a new production drill, which will dramatically improve blasting productivity in the open pit. In 2003, we anticipate an increase in gold production to 294,000 ounces. Operational success at the Kemess South mine and the prospects for reserve growth at Kemess North, combined with the higher price of gold and our well-capitalized balance sheet, has positioned Northgate to generate substantial, sustainable value for its shareholders."