NOVAGOLD RESOURCES INC. (TSX:NG) (NYSE
American:NG) regrets to announce that Gillyeard Leathley resigned
from its Board of Directors effective July 5, 2018, to focus on his
health.
NOVAGOLD’s Board of Directors and management team want to thank
Mr. Leathley for his wise counsel and valuable contributions to the
Company over the past eight years. Mr. Leathley initially
served as NOVAGOLD’s Senior Vice President and Chief Operating
Officer and subsequently became a Director and Special Advisor to
the President & CEO. Mr. Leathley, with greater than 55 years
of mining, engineering and leadership experience, has been
instrumental in advancing the Company’s Donlin Gold and Galore
Creek projects.
We have been privileged to work alongside Gil and wish him the
best of health and a speedy recovery.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on
the permitting and development of its 50%-owned Donlin Gold project
in Alaska, one of the safest mining jurisdictions in the world.
With approximately 39 million ounces of gold in the measured and
indicated resource categories, inclusive of proven and probable
reserves (541 million tonnes at an average grade of approximately
2.2 grams per tonne), Donlin Gold is regarded to be one of the
largest, highest grade, and most prospective known gold deposits in
the world. According to the Second Updated Feasibility Study (as
defined below), once in production, Donlin Gold is expected to
produce an average of more than one million ounces per year over a
27-year mine life on a 100% basis. The Donlin Gold project has
substantial exploration potential beyond the designed footprint
which currently covers only three kilometers of an approximately
eight-kilometer long gold-bearing trend. Current activities at
Donlin Gold are focused on permitting, optimization work, community
outreach and workforce development in preparation for the
construction and operation of this top tier asset. NOVAGOLD also
owns 50% of the Galore Creek copper-gold-silver project located in
northern British Columbia. According to the 2011 Pre-Feasibility
Study (as defined below), once in production, Galore Creek is
expected to be the largest copper mine in Canada, a tier-one mining
jurisdiction. NOVAGOLD anticipates selling all or a portion of its
interest in Galore Creek and would apply the proceeds toward the
development of Donlin Gold. With a strong balance sheet, NOVAGOLD
is well positioned to stay the course and take Donlin Gold through
permitting.
Scientific and Technical Information
Some scientific and technical information contained herein with
respect to the Donlin Gold project is derived from the “Donlin
Creek Gold Project Alaska, USA NI 43-101 Technical Report on Second
Updated Feasibility Study” prepared by AMEC with an effective date
of November 18, 2011, as amended January 20, 2012 (the “Second
Updated Feasibility Study”). Kirk Hanson, P.E., Technical Director,
Open Pit Mining, North America, (AMEC, Reno), and Gordon Seibel,
R.M. SME, Principal Geologist, (AMEC, Reno) are the Qualified
Persons responsible for the preparation of the independent
technical report, each of whom are independent “qualified persons”
as defined by NI 43-101.
Certain scientific and technical information contained herein
with respect to Galore Creek is derived from the technical report
entitled "Galore Creek Project British Columbia NI 43-101 Technical
Report on Pre-Feasibility Study" dated effective July 27, 2011 (the
"2011 Pre-Feasibility Study"). The Qualified Persons responsible
for the preparation of the independent technical report are Greg
Kulla, P. Geo., Principal Geologist (AMEC Americas Limited), and
Jay Melnyk, P. Eng. (AMEC Americas Limited), each of whom are
independent "qualified persons" as defined by NI 43-101.
Clifford Krall, P.E., who is the Mine Engineering Manager for
NOVAGOLD and a “qualified person” under NI 43-101, has approved and
verified the scientific and technical information related to the
Donlin Gold project contained in this press release.
NOVAGOLD Contacts:Mélanie Hennessey Vice
President, Corporate Communications
Allison PettitInvestor Relations Manager
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding
Forward-Looking Statements
This press release includes certain “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included herein including,
without limitation, the permitting, potential development,
exploration, construction and operation of Donlin Gold, Galore
Creek’s potential to be the largest copper mine in Canada,
NOVAGOLD’s anticipated sale of all or a portion of its interest in
Galore Creek and the application of any such proceeds, statements
relating to NOVAGOLD’s future operating and financial performance,
production estimates and outlook are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as “expects”, “anticipates”, “believes”,
“intends”, “estimates”, “potential”, “possible”, and similar
expressions, or statements that events, conditions, or results
“will”, “may”, “could”, “would” or “should” occur or be achieved.
These forward-looking statements may include statements regarding;
exploration potential of Donlin Gold; mine life and production
estimates at Donlin Gold; perceived merit of properties;
anticipated permitting timeframes; exploration results and budgets;
mineral reserve and resource estimates; work programs; capital
expenditures; timelines; strategic plans; benefits of the
project; completion of transactions; market prices for
precious and base metals; or other statements that are not
statements of fact. Forward-looking statements involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from NOVAGOLD’s expectations include the
uncertainties involving the interpretation of the drill results,
the need to obtain permits and governmental approvals; the need for
additional financing to explore and develop properties and
availability of financing in the debt and capital markets;
uncertainties involved in the interpretation of drilling results
and geological tests and the estimation of reserves and resources;
the need for continued cooperation with Barrick Gold Corporation
for the continued exploration and development of the Donlin Gold
property; the need for cooperation of government agencies and
native groups in the development and operation of properties; risks
of construction and mining projects such as accidents, equipment
breakdowns, bad weather, non-compliance with environmental and
permit requirements, unanticipated variation in geological
structures, ore grades or recovery rates; unexpected cost
increases, which could include significant increases in estimated
capital and operating costs; fluctuations in metal prices and
currency exchange rates; and other risk and uncertainties disclosed
in NOVAGOLD’s Annual Report filed on Form 10-K for the year-ended
November 30, 2017 with the United States Securities and Exchange
Commission, Canadian securities regulators, and in other NOVAGOLD
reports and documents filed with applicable securities regulatory
authorities from time to time. NOVAGOLD’s forward-looking
statements reflect the beliefs, opinions and projections on the
date the statements are made. NOVAGOLD assumes no obligation to
update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as
required by law.
Cautionary Note to United States
Investors
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all resource and reserve estimates included in
this press release have been prepared in accordance with Canadian
National Instrument 43-101 Standards of Disclosure for Mineral
Projects (“NI 43-101”) and the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM)—CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as
amended (“CIM Definition Standards”). NI 43-101 is a rule developed
by the Canadian Securities Administrators which establishes
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission (SEC), and resource and reserve information contained
herein may not be comparable to similar information disclosed by
U.S. companies. In particular, and without limiting the generality
of the foregoing, the term "resource” does not equate to the term
"reserves”. Under U.S. standards, mineralization may not be
classified as a "reserve” unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. The
SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources”, "indicated
mineral resources” or "inferred mineral resources” or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves” by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that all
or any part of “measured” or “indicated resources” will ever be
converted into “reserves”. Investors should also understand that
"inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. Under Canadian rules, estimated "inferred
mineral resources” may not form the basis of feasibility or
pre-feasibility studies except in rare cases. Disclosure of
"contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves” by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for
identification of "reserves” are also not the same as those of the
SEC, and reserves reported by NOVAGOLD in compliance with NI 43-101
may not qualify as "reserves” under SEC standards. Donlin Gold does
not have known reserves, as defined under SEC Industry Guide
7. Accordingly, information concerning mineral deposits set
forth herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
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