PennyStock Alert
5 years ago
This excerpt is from the latest Northgate Exploration news release. Although it doesn't mention it, this area is near Matachewans property. Just an FYI. Holes YD06-1C and YD06-1D (wedge deflections from hole YD06-1) and hole YD06-13 were drilled to define the westward extent of the Lower Boundary Zone close to where it abuts against the late diabase dyke 2 (vertical brown rock unit shown on the longitudinal section in Figure 1) Collectively, these results and those from drill holes reported earlier this year have significantly expanded this zone and confirmed the Lower Boundary Zone's potential as an attractive bulk mining target. Further potential to expand the zone is demonstrated by the results from Hole YD06-16 which tested an area well to the west of diabase dyke 2 along the plunge of the Lower Boundary Zone at a depth considerably deeper than any other hole previously drilled on the property. The mineralized interval intersected is the thickest intersected so far in this year's drilling program with a true thickness of 194 metres at an average grade of 0.93 g/t. Within this interval, seven separate intersections of gold mineralization indicate that the gold mineralizing system is widespread and similar in character to other zones on the property. Hole YD06-16 will serve as a parent hole for wedge deflections over the coming months that will test the down plunge extent of the Lower Boundary Zone in the area west of dyke 2. Lower YD Zone Hole YD06-17 is the first hole in the 2006 drilling program to test the area below the Lower YD Zone. This hole was an aggressive step out designed to quickly assess the potential size of the Lower YD Zone relative to the size of the Upper Young-Davidson Zone which was mined in the 1940s and 1950s. The results from this hole show that the vertical extent of the Lower YD Zone is at least 50% larger than the mined out zone above and that the system is similar in nature to the Lower Boundary Zone in terms of host rock lithology, alteration, sulfide mineralization as well as overall thickness. Within the hole, there are two zones of mineralization, an upper one containing 11.95 metres (true thickness) of 2.89 grams per tonne (g/t) and a lower zone, with a true thickness of 35.0 metres of 2.29 g/t, within which there is a 22.1 metre thickness of 2.94 g/t. Hole YD06-17 will serve as a parent hole for several wedge deflections over the coming months. A second hole, YD06-19, in the area of the up dip extension of the Lower YD Zone almost directly below the original Young-Davidson shaft, intersected a 31.4 metre true thickness interval assaying 2.98 g/t within which there is a high-grade interval of 4.9 metres true thickness assaying 12.9 g/t.
By festus6
Report TOS
ves
9 years ago
Press Release: Matachewan Consolidated Mines, Limited Announces Dividend
Matachewan Consolidated Mines, Limited Announces Dividend
TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Matachewan Consolidated Mines, Limited (TSX VENTURE:MCM.A) is pleased to announce the declaration of a dividend in the amount of $0.03 per common share, payable on July 30, 2015 to shareholders of record on July 23, 2015, the ex dividend date will be July 21, 2015.
It is the current intention of the company to continue to pay dividends, the amounts and the payment dates, to be determined after a review of cash available from oil and gas operations, continuing royalty payments, and investment income.
ves
9 years ago
Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction # or value acquired or disposed of Price
Apr 7/15 Apr 6/15 McCloskey, Richard Duncan Indirect Ownership Common Shares 10 - Acquisition in the public market 24,000 $0.200
Mar 30/15 Mar 26/15 McCloskey, Richard Duncan Indirect Ownership Common Shares 10 - Acquisition in the public market 1,000 $0.200
Feb 23/15 Feb 19/15 McCloskey, Richard Duncan Indirect Ownership Common Shares 10 - Acquisition in the public market 3,500 $0.219
Nov 13/14 Nov 12/14 McCloskey, Richard Duncan Indirect Ownership Common Shares 10 - Acquisition in the public market 8,000 $0.200
Nov 10/14 Nov 7/14 McCloskey, Richard Duncan Indirect Ownership Common Shares 10 - Acquisition in the public market 2,000 $0.200
Oct 22/14 Oct 21/14 Zurowski, Michael T. Direct Ownership Options common 50 - Grant of options 150,000 $0.205
Oct 22/14 Oct 21/14 Matthew, A. George Direct Ownership Options common 50 - Grant of options 150,000 $0.205
Oct 22/14 Oct 21/14 German, Richard Direct Ownership Options common 50 - Grant of options 150,000 $0.205
Oct 22/14 Oct 21/14 Dumond, Edward Direct Ownership Options common shares 50 - Grant of options 175,000 $0.205
Oct 22/14 Oct 21/14 McCloskey, Richard Duncan Direct Ownership Options common 50 - Grant of options 250,000 $0.205
Sign up for an account or login above to see all SEDI filings within the past 6 months.
https://canadianinsider.com/node/7?menu_tickersearch=MCM+%7C+Matachewan+Cons+Mines
Is this a sign that a new dividend will come?
..
NYBob
11 years ago
'Matachewan Consolidated Mines Ltd. (TSXV:MCM.A) - Aurico Gold Announces Inaugural Dividend Policy
TORONTO, February 21, 2013 /PRNewswire/ --
http://www.auricogold.com/investor-information/press-releases/press-release-details/2013/AuRico-Gold-Announces-Inaugural-Dividend-Policy/default.aspx
* (all amounts are in US dollars unless otherwise indicated)
AuRico Gold Inc.
(TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") is pleased to
announce that as part of the Company's long-term strategy to
maximize shareholder value, the Board of Directors has approved
the implementation of a new, two-tiered dividend policy:
In 2013, the Company will pay an annual dividend of $0.16 per common
share (payable quarterly);
In subsequent years, the quarterly dividend will be linked to
operating cash flow[1] ("OCF"), whereby the Company intends to pay
out 20% of the OCF generated in the preceding quarter divided by
the Company's outstanding common shares at the time the dividend is
approved;
The first quarterly dividend ($0.04 per common share) is expected to
be declared on March 25, 2013.
"We are very pleased that the transformation of AuRico has enabled
us to introduce a regular quarterly dividend, supported by growing
production at the Young-Davidson mine, expanding margins, declining
capital requirements and a strong balance sheet.
Linking the dividend to our cash flow stream will provide
shareholders significant leverage to the growing production profile
at the Young-Davidson mine, one of the most exciting, low cost
mines to co me into production in recent years,"
stated Scott Perry, President and CEO.
He continued, "With a commitment to delivering reliable, consistent
and sustainable performance, the Company is well positioned to
reward our shareholders this year through a peer-leading yield of
approximately 2.5% and in subsequent years by returning a
significant portion of the growing cash flow generated from our
operations.
The implementation of a meaningful dividend policy along with the
completion of the recent $300 million share buyback program clearly
authenticates our ongoing commitment to delivering shareholder
value."
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and
projects in North America that have solid production growth and
exploration potential.
The Company is focused on its core operations including
the Young-Davidson gold mine in northern Ontario and
the El Chanate mine in Sonora State, Mexico.
AuRico's project pipeline also includes advanced development
opportunities in Canada and Mexico.
AuRico's head office is located in Toronto, Ontario, Canada.
Cautionary Statement
Certain information included in this news release constitutes
forward-looking statements, ---- statements whether as a result of
new information, future events or otherwise, except as required by
applicable law.
As reported in the Company's financial statements
For further information please visit the AuRico Gold website at
http://www.auricogold.com
or contact:
Scott Perry
President and Chief Executive Officer
AuRico Gold Inc.
+1-647-260-8880
Anne Day
Vice President, Investor Relations and Communications
AuRico Gold Inc.
+1-647-260-8880
http://www.auricogold.com/operations/young-davidson/default.aspx
http://www.auricogold.com/operations/el-chanate/default.aspx
Aerial View Of El Chanate
http://www.auricogold.com/exploration/kemess-underground/default.aspx
Kemess Underground Project
http://www.auricogold.com/investor-information/presentations/corporate-presentations/default.aspx
http://www.auricogold.com
http://www.biblebelievers.org.au/monie.htm
God Bless
Ps.
Matachewan Consolidated Mines, Limited Announces Commencement of Royalty from Gold Production
http://ih.advfn.com/p.php?pid=nmona&article=55186288
NYBob
11 years ago
Matachewan Consolidated Mines, Limited Announces Commencement of Royalty from Gold Production
http://ih.advfn.com/p.php?pid=nmona&article=55186288
Matachewan Consolidated Mines, Limited (TSX VENTURE:MCM.A) ("Matachewan or the
"company") is pleased to announce the commencement of actual royalties earned
from gold production at the Young Davidson mine operations.
The company reports that approximately 47,000 tonnes of ore was processed from
the Matachewan property during October 2012, recovering 2,300 ounces of gold,
and generating an estimated royalty of $215,000 US.
Under the terms of the agreement dated June 1, 1979 as amended, with Aurico Gold
Inc. (TSX:AUQ) ("Aurico"), Matachewan earns a base royalty of $1.105 US per
tonne of ore mined and processed from the former producing Matachewan mine
property, an additional sliding scale royalty is also earned if the price of
gold exceeds $270 US per ounce. This amounts to 5% of the increase per ounce
recovered above the base rate of $270 US per ounce, the price is based on the
average quarterly price of gold sold on the free market during the quarter that
the ore is processed.
The property is located in Powell and Cairo Townships, Larder Lake Mining
Division, Ontario, and forms a portion of the Young-Davidson mine operated by
Aurico. The Young-Davidson mine commenced commercial production effective
September 1, 2012.
Richard McCloskey, President and CEO of the company said that based on
production and price expectations the Company anticipates the royalty stream to
have a significant impact on future income.
Statements in this press release other than purely historical information,
including statements relating to the Company's future plans and objectives or
expected results, constitute forward-looking statements. Forward-looking
statements are based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the business of the Company, including risks
inherent in resource development. As a result, actual results may vary
materially from those described in the forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Matachewan Consolidated Mines, Limited
Edward G. Dumond
Corporate Secretary
416.364.2173
416.814.3965 (FAX)
http://investorshub.advfn.com/Matachewan-Consolidated-Mines-Ltd-TSXV-MCMA-17882/
NYBob
12 years ago
Matachewan Consolidated Mines, Limited Announces Sale of Mine Property to Northgate Minerals Corporation
May 20, 2011 (Marketwire Canada) --
TORONTO, ONTARIO --
Matachewan Consolidated Mines, Limited
("MCM") (TSX VENTURE:MCM.A) announces the sale effective May 12, 2011,
to Northgate Minerals Corporation ("Northgate") (TSX:NGX)(NYSE Amex:NXG)
of its former producing gold property located in
the Matachewan Gold Camp, 50 miles southeast of Timmins,
Ontario.
The property consists of 24 mining leases in Powell and Cairo
townships, Larder Lake Mining Division, Ontario, which prior
to the sale had been optioned to Northgate as the company
builds the Young-Davidson gold mine.
Terms of the sale include cash of $216,500, retention of
the royalty of ore mined and processed from the property,
and Northgate assuming liability for a note payable on
the property of $383,434.
The base royalty is $1.00 U.S. per ton of ore mined and
processed from the property. An additional royalty will be
paid when the price of gold exceeds $270 U.S. per ounce.
This will amount to 5% of the increase per ounce recovered
above the base rate of $270 U.S. per ounce.
The royalty relates to the current reserves of approximately
600,000 tonnes on the 24 Powell and Cairo mining leases,
subject to this agreement.
These tonnes form part of an open pit containing 6.2 million
tonnes of ore and will be mined once Young-Davidson
commences production in 2012.
In addition, underground exploration activity within these
mining leases will commence shortly as Northgate explores
outside of its current reserve envelope.
Northgate is currently building the Young-Davidson mine,
which is scheduled to commence production in late Q1 2012.
Young-Davidson is forecasting an initial 15-year mine-life and
is projecting average annual production of 180,000 ounces of
gold at a cash cost of $400 per ounce.
Matachewan is a Canadian publicly-traded junior resource company
that has oil and gas investments in Western Canada.
Matachewan's common shares are traded on the TSX Venture
Exchange under the trading symbol MCM.A
Northgate 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.
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
Shares Outstanding: 12,445,025
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Matachewan Consolidated Mines, Limited
Chief Executive Officer and President
(416) 364-2173
Northgate Minerals Corporation
Director, Investor Relations
(416) 216-2781
kyun@northgateminerals.com
NYBob
12 years ago
AUQ new Au-home neighbor -
0.23 ? 0.0 (0.00%)
Volume: 0 @- ET
Bid Ask Day's Range
0.23 0.3 - - -
TSX:MCM.A Detailed Quote Wiki
AUQ $GOLD TA Intact LT Trend Bull Breakout
GOLD Chart TA P&F LT Bullish Price Objective $1960.0/oz next Target
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72648018
inflation is coming our way. That's what I'm worried about.
I'd rather keep my money safe from inflation...
Project Remains on Schedule for Production by the End of Q1 2012
AuRico Gold Inc.
(TSX: AUQ) (NYSE: AUQ), ("AuRico", "AuRico Gold" or "the
Company) is pleased to provide the first monthly status update
on the exciting
Young-Davidson mine
located in the prolific Abitibi gold belt in Northern Ontario.
The Company remains on schedule to achieve the first gold pour
by the end of the first quarter of 2012.
Young-Davidson Project Construction Update
The Young-Davidson Project remains on schedule nearing
completion of the 18-month pre-production construction phase.
Mill processing construction for commissioning is 92% complete
(see figure 1).
Over 900 contractors and employees are working towards
achieving the first gold pour by the end of March 2012.
"The entire operating team at Young-Davidson remains focused
on realizing production by the end of the first quarter and
remains confident that this milestone continues to be
achievable.
As well, the stockpile of open pit ore will ensure there is
sufficient mill feed as we ramp up to commercial production.
We will continue to provide monthly status reports that will
keep investors up to date with our progress as we move from
construction to commissioning and onward to commercial
production," stated Peter MacPhail, Chief Operating Officer,
Canada and Australia.
He continued, "I would like to congratulate all construction and
operating personnel for recently achieving 1,350,000 man-hours
without recording a lost time injury.
This is a tremendous achievement, particularly on a construction
project of this scale."
The following major project milestones have been achieved:
Mill systems required for initial production are 92% complete.
All required equipment is on site.
Mechanical and electrical / instrumentation construction teams
have started commissioning activities on process equipment
required for initial production, while personnel prepare for
operational readiness.
Open pit operations commenced in November 2011 and are ramping
up to targeted levels of 35,000 tonnes per day of ore and
waste.
Approximately 160,000 ore tonnes (approximately one-month mill
feed) have already been stockpiled for processing beginning in
mid-March.
Wet commissioning of the mill is on track for early March.
All senior operating personnel are in place.
Completion of the 115 kV power line and successful commissioning
of the site substation.
Underground development continues to focus on ramp and shaft
access to the 9,590 level (760 meters below surface) where the
mid-shaft ore and waste handling systems will be installed.
Raise boring of the second leg of the production shaft is
scheduled to begin mid-year.
About AuRico Gold
AuRico Gold is a leading intermediate Canadian gold and silver
producer with a diversified portfolio of properties in Canada,
Mexico and Australia.
The Company currently has five operating properties including
the Ocampo mine in Chihuahua State, the El Chanate mine in
Sonora State, the El Cubo mine in Guanajuato State, as well as
the Fosterville and Stawell gold mines in Victoria, Australia.
The first production from the exciting Young-Davidson gold mine
in northern Ontario is targeted by the end of Q1 2012 as the
mine ramps up to over 200,000 ounces of annual production by
2015.
AuRico's strong pipeline of development and exploration stage
projects includes advanced development properties in Mexico and
British Columbia and several highly prospective exploration
properties in Mexico.
AuRico's head office is located in Toronto, Ontario, Canada.
Image with caption: "Figure 1: Initial Production Model of mill facility. (Items in green have been installed. Installation of items in yellow are in progress.(CNW Group/AuRico Gold Inc.)". Image available at:
Image with caption: "Figure 2: Mill exterior. (CNW Group/AuRico Gold Inc.)". Image available at:
Image with caption: "Figure 3: Mill interior. (CNW Group/AuRico Gold Inc.)". Image available at:
Image with caption: "Figure 4: Open pit operations. (CNW Group/AuRico Gold Inc.)". Image available at:
Image with caption: "Figure 5: Open pit production drill. (CNW Group/AuRico Gold Inc.)". Image available at:
Image with caption: "Figure 6: Headframe construction for Northgate shaft. (CNW Group/AuRico Gold Inc.)". Image available at:
For further information:
Please visit the AuRico Gold website at
http://www.auricogold.com
or contact:
René Marion
President & Chief Executive Officer
AuRico Gold Inc.
+1-647-260-8880
Anne Day
Director of Investor Relations
AuRico Gold Inc.
+1-647-260-8880
God Bless
NYBob
13 years ago
Matachewan Consolidated Mines, Limited Announces Signing of Letter of Intent With Batavia Energy Corp. on Timmins Gold Property
10/25/2010 4:06:05 PM - Market Wire
TORONTO, ONTARIO, Oct 25, 2010 (MARKETWIRE via COMTEX News Network) --
Matachewan Consolidated Mines, Limited ("MCM")(TSX VENTURE: MCM.A) is pleased to announce the signing of a binding Letter of Intent whereby Batavia can earn up to a 70% interest in eight mining claims owned 100% by MCM located in Hislop and Guibord townships, Ontario. The parties agreed to enter into a definitive agreement based on standard industry terms as soon as practicable, including a joint venture post 70% earn in by Batavia.
The property is 5 kilometers southeast of the producing Black Fox Mine, 2 kilometers northeast of the producing Hislop mine, and 4 kilometers due north of the former producing Ross mine. Gold mineralization was delineated on the property by Noranda during the 1980's and Royal Oak Mines Inc. initiated production from a small open pit mine in the early 1990's, shipping approximately 100,000 tons grading 0.1 oz/ton for milling (Source: Resident Geologist) when the gold price averaged $366 per oz.
Batavia and MCM plan to explore and establish gold in the mineralized zones along strike and to depth from the previous mining operation.
Key Terms
The key terms for the Batavia 70% earn in are:
-- 50% over three years after $60,000 cash payments,
$450,000 in exploration expenditures,
and 500,000 Batavia shares;
-- 10% for completing a definitive feasibility study
or $1 million in additional exploration expenditures
over 2 years;
and
-- 10% for obtaining mine financing or $2 million
in additional exploration
expenditures over 3 years.
MCM retains, in addition to its 30% interest, the following:
-- 2% NSR, 1% of which can be repurchased for $1 million;
and
-- $25,000 annual advance royalty post Batavia's 50% earn.
Joint Venture Operating Profits
A joint venture will be established once Batavia has earned
a 70% interest.
The joint venture operating profits will be divided based on
participation in mine financing.
Should Batavia provide 100% of mine financing,
Batavia will receive 90% of joint venture
operating profits until recovery of 200% of expenditures,
and thereafter operating profits are divided 70/30 in
favour of Batavia.
Should MCM exercise a 20% mine financing option,
the joint venture operating profits will be divided
70/30 in favour of Batavia from the establishment
of the joint venture.
Batavia President John Kontak said:
"Batavia is excited to have the opportunity to earn in to
the world class Timmins gold mining camp.
MCM and Richard McCloskey provide a great partner and we
look forward to getting busy in the field."
MCM President Richard McCloskey said:
"We are pleased to have this property reactivated and
look forward to a long and successful relationship
with Batavia."
Ken Guy is the Qualified Person for the purposes of NI 43 101.
Matachewan is a Canadian publicly-traded Junior resource company
that has a significant royalty interest in a portion of
the Northgate Minerals Corporation developing Yonge-Davidson
gold mine located in the Matachewan, Ontario area, an indirect
royalty interest in developing Saskatchewan potash operations,
and oil and gas investments in Western Canada.
Matachewan's common shares are traded on the TSX Venture
Exchange under the trading symbol MCM.A
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
NYBob
14 years ago
Signing Of Letter Of Intent With Batavia Energy Corp. On Timmins Gold Property
Oct. 25, 2010 (Market News Publishing) --
MATACHEWAN CONSOLIDATED MINES LTD ("MCM.A-V") - Signing Of Letter Of Intent With Batavia Energy Corp. - On Timmins Gold Property
Matachewan Consolidated Mines, Limited ("MCM") is pleased to announce the signing of a binding Letter of Intent whereby Batavia can earn up to a 70% interest in eight mining claims owned 100% by MCM located in Hislop and Guibord townships, Ontario. The parties agreed to enter into a definitive agreement based on standard industry terms as soon as practicable, including a joint venture post 70% earn in by Batavia.
The property is 5 kilometers southeast of the producing Black Fox Mine, 2 kilometers northeast of the producing Hislop mine, and 4 kilometers due north of the former producing Ross mine. Gold mineralization was delineated on the property by Noranda during the 1980's and Royal Oak Mines Inc. initiated production from a small open pit mine in the early 1990's, shipping approximately 100,000 tons grading 0.1 oz/ton for milling (Source: Resident Geologist) when the gold price averaged $366 per oz.
Batavia and MCM plan to explore and establish gold in the mineralized zones along strike and to depth from the previous mining operation.
Key Terms
The key terms for the Batavia 70% earn in are:
50% over three years after $60,000 cash payments, $450,000 in
exploration expenditures, and 500,000 Batavia shares;
10% for completing a definitive feasibility study or $1 million in
additional exploration expenditures over 2 years; and
10% for obtaining mine financing or $2 million in additional
exploration expenditures over 3 years.
MCM retains, in addition to its 30% interest, the following:
2% NSR, 1% of which can be repurchased for $1 million; and
$25,000 annual advance royalty post Batavia's 50% earn.
Joint Venture Operating Profits
A joint venture will be established once Batavia has earned a 70% interest. The joint venture operating profits will be divided based on participation in mine financing. Should Batavia provide 100% of mine financing, Batavia will receive 90% of joint venture operating profits until recovery of 200% of expenditures, and thereafter operating profits are divided 70/30 in favour of Batavia.
Should MCM exercise a 20% mine financing option, the joint venture operating profits will be divided 70/30 in favour of Batavia from the establishment of the joint venture.
Batavia President John Kontak said: "Batavia is excited to have the opportunity to earn in to the world class Timmins gold mining camp. MCM and Richard McCloskey provide a great partner and we look forward to getting busy in the field."
MCM President Richard McCloskey said: "We are pleased to have this property reactivated and look forward to a long and successful relationship with Batavia."
Ken Guy is the Qualified Person for the purposes of NI 43 101.
Matachewan is a Canadian publicly-traded Junior resource company that has a significant royalty interest in a portion of the Northgate Minerals Corporation developing Yonge-Davidson gold mine located in the Matachewan, Ontario area, an indirect royalty interest in developing Saskatchewan potash operations, and oil and gas investments in Western Canada. Matachewan's common shares are traded on the TSX Venture Exchange under the trading symbol MCM.A
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. The Company does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Shares Outstanding: 21,540,722
____________________________________________________________ (c)2010 Market News Publishing Inc. All rights reserved. Toronto:(416)366-8881
Vancouver:(604)689-1101
Fax:(604)689-1106
1029700191NT21029702838-13213420101025
TEL: (416) 637-4616 ext. 4600 John Kontak, President ______________________________________ _______________________________________________
NYBob
14 years ago
Matachewan opens mine
By RICK OWEN, NORTHERN NEWS
Updated 7 months ago
http://www.northernnews.ca/ArticleDisplay.aspx?archive=true&e=2478104
-Matachewan and surrounding communities celebrated their gold
medal as Northgate Minerals held an official ceremony to mark
the start of construction of its new Young-Davidson Mine.
The day started with a ceremony at the new mine site where First Nation drummers took part and the company raised it flag.
After a tour of the site the celebration moved to the Matachewan Community Hall.
This part of the day started acwith a traditional Ojibway prayer.
In an interview with the Northern News Northgate Minerals President and CEO Ken Stowe said while the company has two mines in Australia they are much smaller and the Young- Davidson Mine will be the foundation for Northgate moving forward for hopefully the next 25 years.
As well Stowe said the company is still in the acquisition mode
and are looking in Canada, including Northeastern Ontario
as well as in Australia, the two places they prefer to be in.
In commenting on the support the company has received from local communities Stowe said, "I think it is a reflection of how we came here four years ago and how we do business.
It is a direct reflection of that."
Timiskaming-Cochrane MPP David Ramsay is also very pleased to see the new mine go a head. He stated:
"This has got to be the best news that hit this area in years and years.
This is a fabulous project that is going to bring 600 jobs for the next two years, 250 jobs for the next 15, probably 25 years because they are finding more and more reserves here.
Because we know this is a very prosperous gold belt here and there is lots of gold here.
I think this is a renaissance in gold mining in this area."
The MPP is also pleased with the agreement reached between Northgate and the Matachewan First Nations.
"It is a great example of when we work together we can move a ahead.
I saw First Nations people all over that site today in hard hats and the benefits in training and work and everything else in terms of that agreement is so good for that community and the whole of Northeastern Ontario. "
Northgate's Chief Operating Officer Peter MacPhail said today's celebration is the culmination of four years of hard work.
A total of 275 diamond drill holes were completed. This adds up to 116 kilometers of diamond drill hole core, enough core to spread from Matachewan to Shillington.
To date they have about four million ounces of gold and will continue to conduct exploration in hopes of adding more ounces.
Now the decision has been made to go a head with the mine MacPhail said there is a lot work going on such as environmental work, baseline studies, engineering design work.
This year Northgate plans on putting up the mill building, road realignment, the shaft and headframe will start and the power line refurbishing will start.
Advertisement
MacPhail said so far they have a 15 year mine life and look as that as a start.
During that time they will employ about 275 people permanently and during the two-year construction phase there will about 600 people working on the project.
Matachewan Reeve Bev Hine noted that they have given full support to the project and will continue to fully support it. The project will have benefits for the community. "The timely and responsible development of this project will continue to be of significant benefit to the workers and ratepayers of the Township of Matachewan and surrounding communities."
Other communities that will also benefit Hine said include Matachewan's sister community Matachewan First Nation and neighbours Elk Lake, Kirkland Lake, Englehart, Temiskaming Shores and Timmins.
"The resulting jobs, income and community opportunities will all help ensure this area is indeed the best place to live, work and raise our families," said Hine.
Noting that Matachewan is growing at a rate it hasn't in decades thanks to the Young-Davidson project, Hine said, "we are one of the fastest growing communities in Northern Ontario with accommodation rentals continuing to hover at near zero percent vacancy and major increases in housing starts."
Matachewan First Nations Chief Richard Wincikaby congratulated Northgate Minerals and It is our First Nation's commitment to support Northgate with this project. Our area needs a positive economic development in these uncertain times. This mine was long awaited, much needed jobs will be created. Opportunities are within reach for our First Nation and its members. This is an important development for our small community. We look forward to continuing our relationship with Northgate Minerals throughout the life of the mine."
Terry Fiset, Reeve of Elk Lake (James Township), said Elk Lake has always been an advocate of the resource industry and this large project is a step forward. "We take our hats off to Northgate, its staff and board. This is our Olympic gold metal."
"To have something new and this large created for our area is a major step forward," stated Fiset.
Kirkland Lake Mayor Bill Enouy noted that since the late 1980s Matachewan with the closing of the asbestos mine was in decline as was Kirkland Lake but now it appears that "we have hit rock bottom and we're bouncing back because of that rock. There's gold in them thar hills and it has taken investors with creativity and foresight to look at our little portion of Northeastern Ontario and say there is something there."
Enouy also thanked Tom Obradovich, a Kirkland Laker, who got the property back on the market and sold it to Northgate. He thanked Northgate for having the foresight to develop it.
While Kirkland Lake and Matachewan had a set of problems that included, dwindling population and empty buildings now the communities have a new set of good problems and we have to build housing and improve infrastructure and be prepared for the next 10 years. It is going to be a good time for us up here said Enouy.
Mike MacArthur Deputy Mayor of Temiskaming Shores congratulated Northgate and looks forward to the positive production that is coming. He described the people who worked together as a winning team and it is all about creating jobs.
"Our athletes brought home gold and now Matachewan and Northgate are going to continue to bring home gold."
Timmins Mayor Tom Laughren said it is not only an important day for Matachewan it is an important day for Northeastern Ontario. In Timmins the mayor said they are celebrating 100 years of mining and now there is a new mine started. While the North needs diversification Laughren described mining as being the North's life blood.
Christine Kaszyki, Assistant Deputy Minister of Mines and Minerals Division, Ministry of Northern Development, Mines and Forestry, brought greeting and congratulations from the Minister and said they understand the importance of mining to the North and communities like Matachewan and Matachewan First Nations and will continue to work with Northgate.
Article ID# 2478104
http://www.northernnews.ca/ArticleDisplay.aspx?archive=true&e=2478104
http://investorshub.advfn.com/boards/board.aspx?board_id=17882
NYBob
14 years ago
Construction of new gold mine under way
News
By RICK OWEN, NORTHERN NEWS
Friday was a golden day in Matachewan as Northgate Minerals Corporation
executives, Matachewan First Nation representatives, and area
political leaders officially broke ground to mark the start
of construction of Northgate's new Young- Davidson Gold Mine.
Matachewan has seen promise of mining development in the past fail so the ground breaking was a tangible indication of the new jobs and economic development that will benefit Matachewan, Matachewan First nations and the entire area.
In many ways the new Young-Davidson Mine will be different
from other area gold mines.
Northgate has worked closely with Matachewan First Nations and
worked out mutually beneficial agreements so both will benefit.
As well when the mine is in full production it will process 6,000
tonnes of gold ore a day, which is much higher than traditional
area mines that mill about 2,000 to 2,500 tons a day.
With exploration Matachewan has already seen an improvement in its economic situation and with the mine on track a total of 65 new homes will be built to house mine employees. With this will also come more commercial and economic development.
During the construction phase there will be about 600 people working at the mine site and during the mine life, which currently is projected to be 15 years but could be longer, just under 300 people will be employed at Young-Davidson. Currently Northgate has about 60 employees on site.
Northgate President and CEO Ken Stowe is very encourage by recent exploration results and is just as optimistic that the mine life can be expanded beyond the 15 years projected based on mining rate, costs and current mineral resources.
Northgate's President and CEO said people will see things move very quickly during the next few months and hopefully in a year and half they will be pouring their first gold bar at the Young-Davidson.
The mine is scheduled to start commercial production in early 2012.
To date Northgate has spent about $100 million at the Young-Davidson for exploration, development and equipment and during the next couple of years another $350 million will be injected into the community.
Over the mine life of 15 years there will be about one billion
and a half dollars go into the economy through capital and
operating costs.
"This mine I expect will be running a lot longer than 15 years.
We are having some outstanding exploration success already.
I think if we can produce gold at $350 an ounce, which
I expect we will be here for a long time," said Stowe.
He praised the community for the strong support they have given Northgate and that has allowed the company to move the project ahead at the speed they have.
He noted that the support not only came from Matachewan but
the surrounding communities and the Matachewan First Nation.
Matachewan Reeve Bev Hine noted the groundbreaking ceremony
has been a long time coming and she couldn't be more pleased
to be there representing the good people of Matachewan.
http://www.northernnews.ca/ArticleDisplay.aspx?archive=true&e=2754064
NYBob
14 years ago
The mine will have a 15-year life and will produce 180,000 ounces of gold annually.
A successful $2.6-million exploration drilling campaign east and west of the deposit has yielded good results, suggesting Young-Davidson may stay in production beyond that time.
When mining starts, Young-Davidson will run as an open pit for two years before operations move underground.
Project manager Andrew Cormier said it’s "critical" to deliver feed to their 6,000-tonne-per-day processing mill while development of the underground workings continue.
Rather than sink a new production shaft from surface,
the company decided to deepen the old
Matachewan Consolidated Mine shaft -
from 775 metres to 1,515 metres and raise a new shaft
from the bottom of the reserve.
This oldy may get a goldy uplift
http://investorshub.advfn.com/boards/board.aspx?board_id=17882
The production shaft work is contracted to North Bay’s Cementation.
Northgate has completed its first round of hires
with 60 employees on site.
They’re working with Dumas Contracting of Timmins,
who built the exploration ramp, to take over
more of the underground development.
On the surface side, MLA Northern Contracting
of Thunder Bay was starting work in August on
the ground preparation for the $81-million gold
processing plant.
About $75 million will be spent on infrastructure,
including a new administration-engineering building,
warehouse and maintenance shop.
--
I bought into Matachewan Mines Ltd. must be about
20 yrs ago and its nice that things start to pick
Up -
we do not stop playing because we are old -
we grow old because we stop playing ~<
God Bless
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