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Wednesday, 27th February 2008 (4903 views)

Northgate Minerals has announced its entrance into a transition agreement with MG Mining Services which will see it move to Owner Mining at the Fosterville Gold mine.

The Fosterville property is located in Bendigo, Australia and all undergoing mining activities undertaken at the site had previously been done so by MG.

However, the deal will now see this responsibility placed under Northgate's supervision with immediate effect.

The transition of equipment and personnel is scheduled to be completed by the end of June 2008.

"I am very pleased that we have quickly reached an agreement with MG Mining to move to Owner Mining," said Ken Stowe, president and chief executive officer of Northgate.

"Northgate considers this to be an important and logical step in the long-term strategic development of the Fosterville Gold mine."

In related news, the company recently announced the acquisition of the Perseverance Corporation.

 

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