VANCOUVER – NovaGold Resources of Vancouver has wrapped up what it calls another successful year as it and partner Barrick Gold of Toronto move forward with the Donlin gold project in Alaska. Not only does NovaGold say it has strengthened its management and financial position, it says it has sufficient cash for the Donlin permitting process.
The Donlin feasibility study is complete and approved by the two partners. Permitting the project has begun under the US National Environmental Policy Act.
NovaGold intends to concentrate solely on the development of Donlin project. Toward that end it spun out its interest in the Upper Kobuk project as newly formed NovaCopper, and it intends to sell its 50% interest in the Galore Creek gold-copper project in British Columbia.
Greg Lang, NovaGold president and CEO, said that when Donlin goes into production the annual rate will be 1.5 million oz of gold for the first five years. “Which, by way of comparison,” he added, “exceeds Grasberg’s or Goldstrike’s production rates.”
The Donlin project has measured and indicated resources of 541 million tonnes averaging 2.2 g/t Au, or roughly 39 million oz of contained metal.
Please see NovaGold.com.