Northgate Minerals Corporation: Environmental Review of Kemess North Project Initiated Panel Review Timelines Set.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography-- Northgate Minerals Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :NGX NGX Natural Gas Exchange Inc. (Canada) NGX Next Generation X )(AMEX AMEX See: American Stock Exchange :NXG NXG Necrobiotic Xanthogranuloma (rare, progressive, histiocytic disease) ) is pleased to announce that the Canadian Environmental Assessment Agency (Federal) and the British Columbia Environmental Assessment Office (Provincial) have formally initiated the Kemess North environmental review process with the release on Monday March 13th, 2005 of the draft agreement for the establishment of a joint environmental review panel. After a 30-day public comment period, the agreement will be finalized See finalization. and executed and the joint environmental assessment process will begin. The terms of the agreement outlines the scope, procedures and timeline for the joint environmental assessment of the Kemess North project by a three-member panel and provides funding to facilitate the participation of the public and First Nations groups. The panel will begin its review by establishing guidelines for the preparation of the Kemess North Environmental Impact Assessment (EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ). Once the EIA is finalized and submitted by Northgate, the panel will convene 45 days of public hearings to provide those groups affected by the proposed development the opportunity to comment on the project as presented in the EIA. Once the public hearings conclude, a final report setting out the rationale, conclusions and recommendations of the panel relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the environmental assessment of the Kemess North project will be prepared and submitted to both levels of government. The entire review process is expected to take between 10-12 months. Ken Stowe commented "We are very pleased that the Provincial and Federal government agencies have come to terms on a harmonized har·mo·nize v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). environmental review process for the Kemess North project that meets the stringent requirements of the applicable environmental assessment acts and incorporates a fair and predictable process timeline. Once the panel review is initiated, Northgate will be given the opportunity to present its case for the development of Kemess North within a review process that ensures input from First Nations groups and the public at large and I am confident that the merits of the project will lead to a positive recommendation from the panel in early 2006." Panel Review Timeline -------------------------------------------------------------------- Event Allotted Time -------------------------------------------------------------------- Public and First Nations review of draft guidelines 30 days -------------------------------------------------------------------- Issuance of guidelines by panel Up to 14 days -------------------------------------------------------------------- Submission of EIA by Northgate -------------------------------------------------------------------- EIA Released for public and First Nations comment period 60 days -------------------------------------------------------------------- Northgate response to comments Up to 30 days -------------------------------------------------------------------- Panel review of EIA & possible request for additional information Up to 30 days -------------------------------------------------------------------- Northgate to provide any additional information requested -------------------------------------------------------------------- Notice period for panel hearings 45 days -------------------------------------------------------------------- Panel hearings 45 days -------------------------------------------------------------------- Delivery of panel's final report to Ministers Up to 60 days -------------------------------------------------------------------- About Kemess North: Kemess North is an undeveloped gold/copper deposit containing 4.1 million ounces of gold and 1.5 billion pounds of copper, located approximately six kilometers north of the Kemess South mine. Development of the Kemess North open pit and the expansion of Northgate's existing Kemess milling infrastructure is forecast to cost US$190 million and will extend the productive life of the Kemess operation and sustain the jobs of some 450 employees and contractors until at least 2019. Annual metal production during the mine's 13 year life will average 250,000 ounces of gold and 113,000 million pounds of copper. About Northgate: Northgate Minerals Corporation is a gold and copper mining company focused on operations and opportunities in the Americas. The Corporation's principal assets are the 300,000-ounce per year Kemess mine Kemess Mine is an open-pit copper and gold mine, located in British Columbia. It was operated by Royal Oak Mines from 1998 to 2000, when it was bought by Northgate Minerals. It is serviced by Kemess Creek Airport. in north-central British Columbia and the adjacent Kemess North deposit, which contains a Proven and Probable Reserve of 4.1 million ounces of gold. Northgate is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol NGX and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol NXG. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release includes certain "forward-looking statements" within the meaning of section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended. These forward-looking statements include estimates, forecasts, and statements as to management's expectations with respect to, among other things, future metal production and production costs, potential mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and reserves, exploration results, progress in the development of mineral properties, demand and market outlook for commodities and future plans and objectives of Northgate Minerals Corporation (Northgate). Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northgate's expectations are disclosed under the heading "Risk Factors" in Northgate's 2003 Annual Report and under the heading "Trends, Risks and Uncertainties" in Northgate's 2003 Annual Information Form (AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force ) both of which are filed with Canadian regulators on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com) and with the United States Securities and Exchange Commission (www.sec.gov). Northgate expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Northgate Minerals Corporation (TSX:NGX) (AMEX:NXG) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion