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Northgate Minerals Down 2% After Drilling Program Update

Northgate Minerals Corporation (NGX.TO) is down 2% at $2.84 despite announcing results from a highly successful underground delineation drill program at its 100% owned Young-Davidson Mining Project located in northern Ontario.

It said: "Delineation drilling was initiated to define the stope limits for underground mining within the Upper Boundary Zone. Results from the drill program have confirmed the grade, continuity and width of the UBZ, which contains 3.64 million tonnes of ore and is scheduled for mining in the early years of underground production. Young-Davidson is currently forecasting an initial 15-year mine-life with production commencing in 2012 from a small open pit before mining moves underground in 2014. The area of delineation drilling covers approximately half of the ore tonnage in the UBZ."

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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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