VANCOUVER, May 10 /PRNewswire-FirstCall/ - Northgate Minerals Corporation ("Northgate" or the "Company") (TSX: NGX) (NYSE Amex: NXG) today announced that its President and Chief Executive Officer (CEO), Ken Stowe, intends to retire on the appointment of his successor. Mr. Stowe joined Northgate in 1999 and has been CEO since 2001. Mr. Stowe shared his retirement plans now to provide ample time to complete the recruitment and hiring process. A search will be conducted with the goal to select and transition to a new President and CEO by the end of 2011. The Board has designated the Corporate Governance and Compensation Committee, chaired by Mark Daniel, to oversee a comprehensive search process to identify Ken's successor, taking both internal and external candidates into consideration.
Terry Lyons, Chairman, said: "The Board is very appreciative of the contribution Ken has made during his time at Northgate. He has overseen the growth of the Company, the development of Kemess into one of the most efficient and prolific gold and copper mines in the world and, in Young-Davidson, the establishment of another strong core asset for the Company. He has also developed an excellent executive team that will build on his accomplishments and continue to strengthen Northgate. I would like to take this opportunity to thank Ken for all that he has done for the Company over the last twelve years."
"Ken remains in full control of the business until a successor is appointed. This will ensure continuity of strong management and will support the achievement of our strategic objectives while arrangements are made to find his successor."
Ken Stowe, Chief Executive Officer, added: "It has been a privilege to lead Northgate and to work alongside some of the most talented and capable people in the industry. As I approach the tenth anniversary of my tenure as CEO, I believe that the time is right to plan for my retirement. The Company now has an exciting and excellent portfolio of assets, and a strong platform from which we plan to grow further and build towards the future."
During his distinguished career, Mr. Stowe has served as Vice President, Technology of Diamond Fields Resources, where he was responsible for the feasibility study of the Voisey's Bay nickel-copper deposit and as Vice President, Operations of Westmin Resources, where he oversaw the successful startup of the Lomas Bayas copper mine in Chile. He then moved on to Northgate to take on the significant challenge of re-launching the Company as an operating entity through the turnaround of the then recently-commissioned but floundering Kemess South gold-copper mine. Kemess South ultimately became one of the lowest cost gold mines in the world. In 2006, Mr. Stowe was the recipient of the prestigious Canadian Mineral Processor of the Year Award.
Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. Our vision is to be the leading intermediate gold producer by identifying, acquiring, developing and operating profitable, long-life mining properties.
Cautionary Note Regarding Forward-Looking Statements and Information:
This Northgate press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning Northgate's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Northgate operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Northgate cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Northgate's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to gold and copper price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimate reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled "Risk Factors" in Northgate's Annual Information Form for the year ended December 31, 2010 or under the heading "Risks and Uncertainties" in Northgate's 2010 Annual Report, both of which are available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this press release. Although Northgate has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Northgate disclaims any intention or obligation to update or revise such information, except as required by applicable law.
SOURCE Northgate Minerals Corporation