October 14, 2010 (FinancialWire) (http://www.financialwire.net/) — Northgate Minerals Corp. (TSX: NGX) (AMEX: NXG) said that the underwriters of its offering of 3.50% convertible senior notes due 2016 have exercised their US$20 million over-allotment option in full, increasing the total offering size to US$170 million.

As a result, Northgate expects to receive net proceeds from the offering of around US$163.5 million after deducting the underwriters' commission and expenses of the offering.

Closing of the over-allotment option is scheduled to occur on or about October 15.

Northgate plans to use the net proceeds of the offering to finance a portion of the US$339 million pre-production development cost of its Young-Davidson gold mine near Matachewan, Ontario, which is currently scheduled to begin producing gold in early 2012.

Canada-based Northgate Minerals is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia.

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