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Friday, July 2, 2010

Northgate (AMEX:NGX) Launching Construction at Young-Davidson Mine

Northgate Minerals Corp. (AMEX:NGX) (TSE:NGX) said they've received approval from regulators to start development on the Young-Davidson gold mine in northern Ontario.

Construction is scheduled to being in the early part of August, with the main process building being the first structure to go up.

Reserve at the mining project are estimated to be about 2.8 million ounces, although additional drilling this year should result in those numbers being bumped up.

As of now, the gold production over the 15 year life expectancy of the mine is expected to be an average of 180,000 ounces, at a cash cost of $350 an ounce during that time.

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