VANCOUVER, British Columbia NOVAGOLD RESOURCES and VICEROY RESOURCE CORP. have pooled their properties in B.C. and the Yukon to create a new exploration company, SPECTRUMGOLD INC. The new enterprise will focus on exploration in the Western Canadian Cordillera under the direction of the NovaGold management team.
NovaGold and Viceroy will each own 50% of the new exploration company at its formation. NovaGold intends to initially retain its 50% of the shares in the new company, while Viceroy intends to retain 19% of the issued shares with the balance of its shares to be received by its current shareholders. SpectrumGold's board will have up to seven members nominated from both NovaGold and Viceroy. The founders have agreed to apply for a listing on a senior stock exchange for the new company.
More information is available from NovaGold VP of corporate development (306-766-7102 or [email protected]
) and Viceroy president Ronald Netolitzky (604-688-9780 or [email protected]