NovaGold to Transfer Rock Creek as Part of Focus on Dolin Gold

Date : 06/11/2012 @ 9:58AM
Source : Dow Jones News
Stock : Novagold Resources Inc. (NG)
Quote : 4.17  0.0 (0.00%) @ 8:35AM

NovaGold to Transfer Rock Creek as Part of Focus on Dolin Gold

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     By Carolyn King 
 

NovaGold Resources Inc. (NG) will transfer its Rock Creek property in Nome, Alaska to Bering Straits Native Corp. in order to focus on its 50%-owned high-grade Donlin Gold project in the state.

Terms weren't disclosed. Bering Straits Native Corp. is owned by Alaskan Natives.

NovaGold said the divestiture will allow it to focus on advancing Donlin Gold, which it owns jointly with Barrick Gold Corp. (ABX), toward permitting. NovaGold considers Donlin Gold a key asset because it's expected to be one of just a handful of gold mines worldwide that produces more than 1 million ounces of gold annually.

Write to Carolyn King at carolyn.m.king@dowjones.com

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