Northgate completed the acquisition of Perseverance Corporation Ltd., on
February 18, 2008, adding the Fosterville and Stawell Gold mines to its mining portfolio.

The acquisition is consistent with Northgate's strategic growth plan with the following attributes: 

• Two fully-permitted producing mines
• Politically stable jurisdictions
• Gold as primary metal
• Project diversification

Stawell Gold Mine 

Location and Overview
The Stawell Gold mine is located alongside the town of Stawell, northwest of Ballarat in central Victoria and is approximately 250 kilometres west of Melbourne.  Stawell has a population of approximately 6,500 people and most of the mine's workforce resides in the town or immediate surrounding area.  Stawell has a history of gold mining dating back to the mid-19th century Victorian gold rushes.

• Underground gold mine
• Currently has a 3-year mine life plan at 100,000+ ounces of gold per year with a
  25-year history of mine-life extension
• Exploration of numerous identified targets located laterally or adjacent to present underground workings will add to mine life
• 2008 gold production is forecast to be 105,000 ounces.