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Gold/Mining/Energy : Northgate NGX on NYSE -- Ignore unavailable to you. Want to Upgrade?

To: Sheldon C. who wrote (35)	2/24/1998 2:54:00 PM
From: Sheldon C.	Read Replies (1) \| Respond to of 89

Qrtly Earnings, Some high school kids in New Jersey, in a contest, using paper money, took $10K and turned it into over a Million $. Perhaps, Northgate should have hired them as consultants to invest the company's $25M. Maybe, I should do so, too. Regards to anyone still out there. Northgate Reports 1997 Results TORONTO--(BUSINESS WIRE)--Northgate Exploration Limited of Toronto (NGX: TSE, NYSE, ME, London SE) reports unaudited consolidated net income of $479,000 or $0.02 per share for the year ended December 31, 1997, compared with net income of $937,000 or $0.03 per share for the year ended December 31, 1996. Lower earnings in 1997 were primarily attributable to decline in Canadian interest rates during the year. At December 31, 1997, Northgate had working capital of $23.5 million and investments of $3.8 million which in aggregate includes $23.6 million in cash and $3.5 million in secured notes. NORTHGATE EXPLORATION LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of Canadian dollars except per share amounts) Three months ended Year ende December 31 December 31 ----------------------------------------------------------------------------- 1997 1996 1997 1996 ----- ----- ----- ----- REVENUE Metal production $ 733 Investment and sundry income $ 455 $ 176 $1,580 1,990 --------------------------------------------------------------------------- 455 176 1,580 2,723 --------------------------------------------------------------------------- EXPENSES Mining 618 Administrative and general 280 289 1,101 1,112 Depreciation 3 56 --------------------------------------------------------------------------- 280 292 1,101 1,786 --------------------------------------------------------------------------- NET INCOME (LOSS) FOR THE PERIOD $ 175 $ (116) $ 479 $ 937 =========================================================================== EARNINGS (LOSS) PER SHARE $0.006 $(0.004) $ 0.02 $ 0.03 =========================================================================== CONTACT: Northgate Exploration Limited, Toronto Terry Lyons, 604/669-3141 or 416/362-6683 KEYWORD: NEW YORK BW0286 FEB 12,1998