VANCOUVER, British Columbia, Dec 18, 2003 (BUSINESS WIRE) -- Mr. Terry Lyons, Chairman of the Board of Northgate Exploration Limited ("Northgate") is pleased to announce that Mr. Klaus Konigsmann, P. Eng., has been appointed to the Board of Directors of Northgate. Mr. Konigsmann replaces Mr. Sam Pollock of Brascan Financial Corporation who resigned from the board when the sale of Brascan's 41% equity stake in Northgate closed on November 24, 2003. Mr. Konigsmann is currently President of KVK Consulting Associates Inc. a company that provides consulting services to mining corporations in the field of mineral processing design and development. Prior to this, he had a long and distinguished career with Noranda Minerals Inc. where he was Vice-President - Engineering. Mr. Konigsmann brings a wealth of experience to Northgate as it enters into a new growth phase, including the extension of the existing Kemess operations through the development of the Kemess North Project.
Mr. Lyons stated that: "The addition of Klaus Konigsmann to the Board of Northgate provides us with strong technical expertise and experience at the board level as Northgate begins a new phase of development as an independent, widely-held, gold mining company. During the coming months, Northgate will continue to evaluate the composition of its Board to ensure that it has the specific skills necessary to support Northgate's long-term success. We would also like to thank Mr. Sam Pollock for his contributions as a Director and to thank Brascan for its support through the restructuring of Northgate and its evolution to a strong mid-tier gold mining company."
Northgate Exploration Limited is a gold and copper mining company focused on operations and opportunities in North and South America. The Corporation's principal assets are the 290,000-ounce per year Kemess South mine in north-central British Columbia and the adjacent Kemess North deposit, which contains an indicated resource of 5.4 million ounces of gold and is currently the subject of a feasibility study. Northgate is listed on the Toronto Stock Exchange under the symbol NGX and on the American Stock Exchange under the symbol NXG.
This press release includes certain "forward-looking statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements include without limitation, statements regarding future production, potential mineralization and reserves, exploration results and future plans and objectives of Northgate Exploration Limited (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. 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 2002 Annual Report and under the heading "Trends, Risks and Uncertainties" in Northgate's 2002 Annual Information Form (AIF) both of which are filed with Canadian regulators on SEDAR (
www.sedar.com) and with the United States Securities and Exchange Commission (
www.sec.gov).