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Analyst Actions: CIBC Upgrades AuRico on Northgate Takeover

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AuRico Gold (AUQ.TO) will pay 0.365 of a common share for each Northgate Minerals Corp. (NGX.TO) common share, equating to a 60% premium to Northgate's closing price on Friday, the Globe and Mail reported. CIBC World Markets Inc. analyst Brian Quest reportedly said in a research note today "We believe that a gold producer operating in Australia, Canada, and Mexico, producing nearly 500,000 ounces of gold in 2012, should garner support in the years to come."

CIBC World Markets Inc. upgraded the stock to "sector outperformer" while maintaining a price target of $15.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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