ALASKA PLACER DOME U.S., a wholly-owned subsidiary of PLACER DOME INC., is now the Donlin Creek gold joint venture operator and can increase its share to 70% from 30%. This additional 40% represents NOVAGOLD RESOURCES’ share of the project. The balance is held by CALISTA NATIVE CORP. and the KUSKOKWIM CORP. The property is located 450 km northwest of Anchorage.
Placer Dome must spend a minimum of US$30 million at Donlin Creek, complete a feasibility study, and build a 600,000-oz/yr mine by Nov. 13, 2007. Otherwise its share will remain at 30% and management would revert to NovaGold. A prefeasibility study is now underway.
Drilling, geological and reserve details about Donlin Creek are available at www.novagold.net