ONTARIO — Northgate Minerals of Toronto and the Matachewan First Nation signed an impact and benefits agreement (IBA) in Matachewan on July 14, 2009. The ceremony took place on the Matachewan First Nation Reserve and was attended by the chief, elders and members of the First Nation, members of the Wabun Tribal Council and ATK (aboriginal traditional knowledge), as well as Northgate employees.
Chief Richard Wincikaby said, "This IBA is a historical event for our people. It ensures that our members will have access to jobs, training and it opens the doors for First Nation's entrepreneurs. It is also a giant leap in First Nation's collaboration with the mining sector. Our First Nation people finally have a true opportunity for employment and economic development."
Northgate acquired the Young-Davidson gold property 60 km west of Kirkland Lake in 2005, and completed a positive pre-feasibility study earlier this month. The property contains 2.8 million oz of gold in proven and probable reserves. Northgate is proposing development an open pit and underground mine with a 6,000-t/d plant what will operate for at least 15 years. Annual production will be 170,000 oz of gold at a net cash cost of US$333/oz. The target date for full production is 2012.
The January 2009 technical report for the Young-Davidson project is posted at www.NorthgateMinerals.com.
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