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Video NXG: Trader Radar Northgate Minerals Corp.

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by
WakingTheBull
on 12-01-2010 at 10:31 AM (865 Views)
NXG (AMEX) : Northgate Minerals Corp. 9-30-2010
On Tuesday, Northgate Minerals Corp.NXG (AMEX)
Closed @ 3.01 after opening @ 2.91 crossing its 200 DMA. Technical analysis is suggesting early confirmation and a high probability a new uptrend will ensue. In the intermediate term the stock looks to be going parabolic and would watch the previous highs in the 3.59 for a true short term break-out.

In addition, a possible Golden Cross set up could develop in the short term, when the 50(MA) crosses back up over the 200 (MA). Should this occur it would produce a bullish technical move and the 52 week high of 3.59 could be tested. Breaking that resistance area finds next resistance at the 3.75, 4.0, and 4.82 levels. With the Gold Chart also setting up for a another move higher NXG might be one you want to put on your Trader Radar this week. As the dollar nears it's short term top, we feel Gold will be making a significant move higher in the coming sessions. NXG could be a great vehicle in the Gold sector as Gold resumes it's bull run....


Thanks everyone
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Recent News:
  • Northgate Minerals Successfully Completes 2010 Diamond Drill Program at Kemess Underground
""We are excited to have completed the 2010 drill program at Kemess
Underground, which has exceeded our expectations" commented Ken Stowe,
President and Chief Executive Officer. "Now that all assay results are in
hand, we see further confirmation with hole KN-10-13 that a compact,
continuous higher grade zone exists beneath the eastern third of the resource
area currently being considered for a bulk underground mining operation. The
2010 results from the higher grade sector consistently exceed grades for both
copper and gold when compared to the 2005 resource model. We now look forward
to completing a new underground resource estimate, which is expected early in
the first quarter of 2011 and will support studies to determine the economics
of the potential underground mine at Kemess."Overview of the Kemess Underground Project and 2010 Exploration Program"


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Comments

  1. WakingTheBull's Avatar
    Close at the 50 (MA) @ 2.97, chart is still intact still needs to be monitored next few sessions.
  2. WakingTheBull's Avatar
    Miners Priced to Move: Northgate Minerals



    "
    It's no secret that precious metal stocks have enjoyed noteworthy strength here as metal prices continue their multiyear advance. But even the hottest sector around can have its laggards.
    When a rising tide like gold and silver seeks to carry all ships, turn on your Foolish sonar, and locate some submarines before they reach the surface.
    Currently, some of my own sonar's loudest pings are bouncing off of Northgate Minerals (AMEX: NXG). This stock came out smelling like roses when I lined-up five junior gold producers in a side-by-side comparison back in July, and 44% of respondents to our Motley Poll agreed Northgate was the cream of that crop.
    Despite another solid year of gold price gains, however, Northgate's stock has gone absolutely nowhere in 2010. Initial production targets were stymied by disappointing shortfalls at the company's two Australian mines (Fosterville and Stawell). As my colleague Andrew Sullivan suggested within his own bullish assessment of Northgate, investors may also be discounting a rather light year of production for 2011. Northgate is laboring to build the Young-Davidson mine (targeting production in the first quarter of 2012), while the outgoing flagship Kemess South mine approaches the end of its operating life.
    But just because the stock has been asleep, doesn't mean the company has! Northgate continues to deliver shareholder value by the most efficient means possible in this industry: by the tip of the exploration drill.
    This week, the company unveiled phenomenal results from drilling aimed at establishing the potential for an underground operation at Kemess North (where an open pit mine permit has previously been denied). Intersecting wide zones of high-grade gold and copper ore -- including one 80-meter interval with 2.4 grams of gold per ton and a copper concentration of 0.78% -- this underground mine option is beginning to look very promising from a stanpoint of economic feasibility.
    Meanwhile, those Australian mines continue to telegraph additional reserve expansions in the works as Northgate reveals high-grade intercepts at both properties. At Stawell, where production is now expected to return to normal going forward, new discoveries like the Waterloo zone are yielding gold grades as high as 24 grams per ton over a promising 10.6-meter interval. At Fosterville, the Phoenix deposit -- not to be confused with Rubicon Minerals' (AMEX: RBY) similarly named bonanza in Ontario -- is shaping up nicely as an organic growth engine of its own."


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