A pair of Vancouver gold mining companies posted strong gold production in 2008 and expect a productive year in 2009, despite the global economic downturn.
Northgate Minerals Corp. (TSX:NGX) produced a record 354,800 ounces of gold last year due in part to record fourth-quarter gold production of 118,265 ounces. The company's average net per-ounce cash cost for production was $421.
The company is forecasting another record year with gold production projected at 392,000 ounces from its three operating mines in Canada and Australia and a net per-ounce cash cost of $461.
Meanwhile, Vancouver's Aurizon Mines Ltd. (TSX:ARZ) produced 158,830 ounces of gold from its Casa Berardi mine last year. It's expecting to produce between 150,000 and 155,000 ounces of gold next year with an average per-ounce cash cost of US$390. More than a quarter of the costs, $109 per ounce, will be for onsite mining, milling and administration costs.
Northgate's share price range during the past week: between $1.02 and $1.11; 52-week high: $3.49; 52-week low: $0.67.
Aurizon's share price range during the past week: between $3.54 and $3.87; 52-week high: $5.43; 52-week low: $1.21.