NORTHGATE MINERALS APPEARS TO BE IN AN EXILENT POSITION FOR A BREAK OUT YEAR.  THE FOLLOWING LIST WOULD SEEM TO SUPPORT THIS OPINION.

NORTHGATE MINERALS STILL OWNS THE KEMESS NORTH PROPERTY.  DUE TO OBJECTION BY THE LOCAL FIRST NATIONS AND THE SUBSIQUENT PANEL DECISSION TO RECOMMEND NOT ALLOWING THE PERMIT TO BE GRANTED THE COMPANY DECIDED ON A WRITE DOWN OF THE $32 MILLION.  HOWEVER, THE FINAL APPROVAL IS STILL PENDING.  EVEN IF APPROVAL IS NOT GRANTED THE GOLD IS STILL THERE AND NORTHGATE COULD EVENTUALLY COME UP WITH ANOTHER SCEME TO SATISFY THE OBJECTIONS.  THEY COULD ALSO SELL THE PROPERTY TO LET SOMEONE ELSE DEAL WITH THE PROBLEMS.  EITHER WAY THERE IS STILL VALUE THERE.  REMEMBER THE DEPARTMENTS OF ENVIRONMENTAL, FISHERIES AND OCEANS, NATURAL RESOURSES, HEALTH, TRANSPORT AND ARCHEOLOGY ALL AGREED THAT THE PROJECT WAS ACCEPTABLE.

YOUNG DAVIDSON RAMPING UP TO PRODUCTION.

THE ACQUISITION OF PERSEVERANCE HAS BEEN APPROVED AND SHOULD BE FINALISED BY THE END OF DEBRUARY.

SUGNIFICANT CASH RESERVES.

ALL HEDGES NOW OFF.

GOLD PRICE ABOVE $900.

INTERACTION OF COPPER AND GOLD DEPOSITS AND PRODUCTION CREATING LOWER COSTS.

WHAT IS YOUR OPINION?

RINK