The best day to visit a gold producer is when the company has just managed to sell part of its output for the highest price in its history.
That was the situation experienced recently at the Fosterville mine -- an operation in the Australian state of Victoria -- that is owned by the Canada's Northgate Minerals Corp. On this visit, Northgate sold 3,500 ounces at A$1180 an ounce -- an act that brought a smile to the face of Peter MacPhail, the Canadian boss of the local operation. "It's a great day. Our best day ever," said MacPhail...
Northgate has added to its reserves and boosted the life of both mines. At Stawell, the mine has a 25-year history, all on the basis of a four-year mine life and is slated to produce 100,000 ounces a year until 2011; at Fosterville, the present reserves are slated to last until 2014. In the recent quarter, Fosterville produced 15,491 ounces. In 2009, the goal is more than 100,000 ounces...
Full article by Barry Critchley at http://www.nationalpost.com/opinion/columnists/story.html?id=933708
PSV
perseverance corporation limited
