Canadian Mining Journal

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GOLD RESERVES: Donlin Creek number now stands at over 33 million oz

ALASKA - There is more gold in that thar deposit, 4.3 million ounces more when you examine the latest reserve ...



ALASKA – There is more gold in that thar deposit, 4.3 million ounces more when you examine the latest reserve estimate for the Donlin Creek project owned equally by NovaGold Resources of Vancouver and Barrick Gold of Toronto. Total proven and probable reserves are now estimated to contain 33.59 million oz of gold. Or, in terms of tonnage, that is 467.7 million tonnes grading 2.23 g/t Au.

The resource numbers – not including the reserves – are 39.8 million tonnes grading 3.36 g/t Au in the measured and indicated categories plus 58.4 million tonnes at 2.35 g/t in the inferred category.

Mineral reserves and resources were estimated using a long-term gold assumption of US$825/oz and US$900/oz, respectively, said NovaGold.

Donlin Creek is one of the largest known undeveloped gold deposits in the world, and there is potential for more discoveries in the area. The partners are reviewing and optimizing the mine plans, and may be ready to begin the permitting process by mid-2010. The mine plan involves an annual production rate of 1.0 million oz of gold.

More details of the Donlin Creek gold project are available at www.NovaGold.net.