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Novagold Resources Inc – ‘40FR12G’ on 10/29/03 – ‘EX-99.70’

On:  Wednesday, 10/29/03, at 5:20pm ET   ·   Accession #:  1062993-3-1067   ·   File #:  0-50443

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

10/29/03  Novagold Resources Inc            40FR12G               91:19M                                    Newsfile Corp/FA

Registration of Securities of a Canadian Issuer — SEA’34 §12(g)   —   Form 40-F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40FR12G     Registration Statement Pursuant to Section 12 of    HTML     79K 
                          the Securities Exchange Act of 1934                    
 2: EX-99.1     Revised Initial Annual Information Form of the      HTML    228K 
                          Registrant Dated July 22, 2003                         
11: EX-99.10    Quarterly Report of the Registrant for the Six      HTML    137K 
                          Months Ended May 31, 2002                              
12: EX-99.11    Quarterly Report of the Registrant for the Three    HTML    139K 
                          Months Ended February 28, 2002                         
13: EX-99.12    Management Information Circular of the Registrant   HTML    101K 
                          Dated April 14, 2003                                   
14: EX-99.13    Form of Proxy for Use in Connection With the May    HTML     35K 
                          28, 2003 Annual and Special Meeting                    
15: EX-99.14    Management Information Circular of the Registrant   HTML     98K 
                          Dated April 15, 2002                                   
16: EX-99.15    Form of Proxy for Use in Connection With the May    HTML     33K 
                          22, 2002 Annual and Special Meeting                    
17: EX-99.16    Final Short Form Prospectus Dated September 25,     HTML    159K 
                          2003                                                   
18: EX-99.17    Underwriting Agreement Dated September 15, 2003     HTML    221K 
19: EX-99.18    Warrant Indenture Dated October 1, 2003             HTML    309K 
20: EX-99.19    Report Dated August 13, 2003, as Amended September  HTML    619K 
                          22, 2003                                               
 3: EX-99.2     Annual Information Form of the Registrant Dated     HTML    422K 
                          April 17, 2002                                         
21: EX-99.20    Qualifying Certificate of Ken Kuchling Dated        HTML     30K 
                          September 22, 2003                                     
22: EX-99.21    Report Dated April 16, 2002                         HTML    161K 
23: EX-99.22    Qualifying Certificate of Curtis J. Freeman Dated   HTML     29K 
                          April 16, 2002                                         
24: EX-99.23    Report Dated April 15, 2002                         HTML     88K 
25: EX-99.24    Qualifying Certificate of Curtis J. Freeman Dated   HTML     29K 
                          April 15, 2002                                         
26: EX-99.25    Report Dated April 1, 2002                          HTML    109K 
27: EX-99.26    Qualifying Certificate of Curtis J. Freeman Dated   HTML     29K 
                          April 1, 2002                                          
28: EX-99.27    Report Dated March 2002                             HTML    600K 
29: EX-99.28    Qualifying Certificate of Stephen B. Hodgson Dated  HTML     27K 
                          March 8, 2002                                          
30: EX-99.29    Qualifying Certificate of Stephen Juras Dated       HTML     28K 
                          March 8, 2002                                          
 4: EX-99.3     Annual Report of the Registrant for the Year Ended  HTML    281K 
                          November 30, 2002                                      
31: EX-99.30    Report Dated February 2002                          HTML    264K 
32: EX-99.30.A  Appendix A of Report Dated February 2002            HTML     26K 
33: EX-99.30.B  Appendix B of Report Dated February 2002            HTML   1.29M 
34: EX-99.30.C  Appendix C of Report Dated February 2002            HTML     60K 
35: EX-99.30.D  Appendix D of Report Dated February 2002            HTML     25K 
36: EX-99.31    Qualifying Certificate of Stephen Juras Dated       HTML     28K 
                          February 25, 2002                                      
37: EX-99.32    Material Change Report of the Registrant Dated      HTML     33K 
                          October 24, 2003                                       
38: EX-99.33    Press Release Dated October 23, 2003                HTML     31K 
39: EX-99.34    Material Change Report of the Registrant Dated      HTML     36K 
                          October 16, 2003                                       
40: EX-99.35    Material Change Report of the Registrant Dated      HTML     48K 
                          October 10, 2003                                       
41: EX-99.36    Material Change Report of the Registrant Dated      HTML     36K 
                          October 2, 2003                                        
42: EX-99.37    Material Change Report of the Registrant Dated      HTML     36K 
                          September 12, 2003                                     
43: EX-99.38    Material Change Report of the Registrant Dated      HTML     46K 
                          August 13, 2003                                        
44: EX-99.39    Material Change Report of the Registrant Dated      HTML     45K 
                          August 11, 2003                                        
 5: EX-99.4     Annual Report of the Registrant for the Year Ended  HTML    294K 
                          November 30, 2001                                      
45: EX-99.40    Material Change Report of the Registrant Dated      HTML     63K 
                          August 7, 2003                                         
46: EX-99.41    Material Change Report of the Registrant Dated      HTML     39K 
                          July 30, 2003                                          
47: EX-99.42    Material Change Report of the Registrant Dated      HTML     42K 
                          July 3, 2003                                           
48: EX-99.43    Material Change Report of the Registrant Dated      HTML     59K 
                          June 4, 2003                                           
49: EX-99.44    Material Change Report of the Registrant Dated May  HTML     34K 
                          1, 2003                                                
50: EX-99.45    Material Change Report of the Registrant Dated      HTML     46K 
                          April 28, 2003                                         
51: EX-99.46    Material Change Report of the Registrant Dated      HTML     47K 
                          April 9, 2003                                          
52: EX-99.47    Press Release of the Registrant Dated February 25,  HTML     30K 
                          2003                                                   
53: EX-99.48    Material Change Report of the Registrant Dated      HTML     44K 
                          February 11, 2003                                      
54: EX-99.49    Material Change Report of the Registrant Dated      HTML     70K 
                          February 6, 2003                                       
 6: EX-99.5     U.S. Gaap Reconciliation Which Includes Audited     HTML    279K 
                          Comparative Financial Statements                       
55: EX-99.50    Material Change Report of the Registrant Dated      HTML     92K 
                          January 30, 2003                                       
56: EX-99.51    Material Change Report of the Registrant Dated      HTML     37K 
                          December 30, 2002                                      
57: EX-99.52    Material Change Report of the Registrant Dated      HTML     72K 
                          December 11, 2002                                      
58: EX-99.53    Material Change Report of the Registrant Dated      HTML     55K 
                          November 26, 2002                                      
59: EX-99.54    Material Change Report of the Registrant Dated      HTML     65K 
                          November 14, 2002                                      
60: EX-99.55    Material Change Report of the Registrant Dated      HTML     70K 
                          October 3, 2002                                        
61: EX-99.56    Material Change Report of the Registrant Dated      HTML     37K 
                          September 19, 2002                                     
62: EX-99.57    Material Change Report of the Registrant Dated      HTML     54K 
                          September 13, 2002                                     
63: EX-99.58    Press Release of the Registrant Dated September 9,  HTML     28K 
                          2002                                                   
64: EX-99.59    Material Change Report of the Registrant Dated      HTML     35K 
                          September 5, 2002                                      
 7: EX-99.6     U.S. Gaap Supplement to Management Discussion and   HTML     42K 
                          Analysis                                               
65: EX-99.60    Material Change Report of the Registrant Dated      HTML     80K 
                          September 4, 2002                                      
66: EX-99.61    Material Change Report of the Registrant Dated      HTML     51K 
                          August 7, 2002                                         
67: EX-99.62    Material Change Report of the Registrant Dated      HTML     74K 
                          July 16, 2002                                          
68: EX-99.63    Material Change Report of the Registrant Dated      HTML     57K 
                          June 5, 2002                                           
69: EX-99.64    Material Change Report of the Registrant Dated May  HTML     76K 
                          22, 2002                                               
70: EX-99.65    Material Change Report of the Registrant Dated      HTML     43K 
                          April 30, 2002                                         
71: EX-99.66    Material Change Report of the Registrant Dated      HTML     42K 
                          April 18, 2002                                         
72: EX-99.67    Material Change Report of the Registrant Dated      HTML     37K 
                          March 26, 2002                                         
73: EX-99.68    Material Change Report of the Registrant Dated      HTML     78K 
                          March 15, 2002                                         
74: EX-99.69    Material Change Report of the Registrant Dated      HTML     56K 
                          February 18, 2002                                      
 8: EX-99.7     Quarterly Report of the Registrant for the Six      HTML    110K 
                          Months Ended May 31, 2003                              
75: EX-99.70    Material Change Report of the Registrant Dated      HTML     55K 
                          January 24, 2002                                       
76: EX-99.71    Consent of Pricewaterhousecoopers LLP               HTML     25K 
77: EX-99.72    Consent of Ken Kuchling                             HTML     26K 
78: EX-99.73    Consent of Curtis J. Freeman                        HTML     28K 
79: EX-99.74    Consent of Stephen B. Hodgson                       HTML     27K 
80: EX-99.75    Consent of Stephen Juras                            HTML     28K 
81: EX-99.76    Consent of Phillip St. George                       HTML     29K 
82: EX-99.77    Consent of Harry Parker                             HTML     27K 
83: EX-99.78    Consent of Norm Johnson                             HTML     27K 
84: EX-99.79    Consent of Norwest Corporation                      HTML     27K 
 9: EX-99.8     Quarterly Report of the Registrant for the Three    HTML    121K 
                          Months Ended February 28, 2003                         
85: EX-99.80    Consent of Avalon Development Corporation           HTML     27K 
86: EX-99.81    Consent of Amec E&C Services Limited                HTML     30K 
87: EX-99.82    Consent of Kennecott Exploration Company            HTML     26K 
88: EX-99.83    Consent of Newmont Mining Corporation               HTML     27K 
89: EX-99.84    Consent of Placer Dome Inc.                         HTML     27K 
90: EX-99.85    Consent of Mark Jutras                              HTML     27K 
91: EX-99.86    Consent of Robert Prevost                           HTML     27K 
10: EX-99.9     Quarterly Report of the Registrant for the Nine     HTML    148K 
                          Months Ended August 31, 2002                           


EX-99.70   —   Material Change Report of the Registrant Dated January 24, 2002


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



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  Filed by Automated Filing Services Inc. (604) 609-0244  

FORM 27
MATERIAL CHANGE REPORT

SECTION 75(2) OF SECURITIES ACT (ONTARIO),
SECTION 84(1)(b) OF THE SECURITIES ACT (SASKATCHEWAN),
SECTION 118(1) OF SECURITIES ACT (ALBERTA),
SECTION 67(1) OF SECURITIES ACT (BRITISH COLUMBIA),
SECTION 81(2) OF THE SECURITIES ACT (NOVA SCOTIA),
SECTION 76(2) OF SECURITIES ACT (NEWFOUNDLAND).

Item One - Reporting Issuer

NovaGold Resources Inc.
PO Box 2020, 48 Gerrish Street
Windsor NS B0N 2T0

Item Two - Date of Material Change

January 24, 2002

Item Three - Press Release

The attached press release was issued in San Jose, California.

Item Four - Summary of Material Change

On January 24, 2002, NovaGold Resources Inc. reported that after nearly a year of exploration, an independent geological analysis has doubled the previous estimates of contained gold resource at the Donlin Creek gold deposit in Alaska, making the NovaGold Resources Inc. property one of the largest undeveloped gold deposits in the world.

Item Five - Full Description of Material Change

On January 24, 2002, NovaGold Resources Inc. reported that after nearly a year of exploration, an independent geological analysis has doubled the previous estimates of contained gold resource at the Donlin Creek gold deposit in Alaska, making the NovaGold Resources Inc. property one of the largest undeveloped gold deposits in the world.

According to engineering firm MRDI Canada, a division of AMEC E&C Services Limited of Vancouver (MRDI), NovaGold’s 3D modeling and 2001 drilling reveal that, compared to earlier estimates, Donlin’s higher-grade Measured and Indicated Resource categories at the 3.5 grams-per-tonne cut-off grade have increased 92% to 4.4 million ounces of gold grading, on average, 5.1 grams per tonne (0.15 ounces/ton). In addition, the Inferred Resource has increased 161% to 6.2 million ounces of gold grading 5.2 g/t (0.15 oz/t).

NovaGold will earn a 70% interest in the deposit by spending $US10 million on exploration and


development within 10 years. However, NovaGold is fast tracking development and feasibility studies and will complete its expenditures by the end of 2002.

MRDI is currently preparing a Preliminary Economic Assessment of the Donlin Creek Project, and this study is scheduled for completion by March. Exploration of the property, meanwhile, resumes in Spring 2002 as part of the Preliminary Feasibility Study to be completed by Fall 2002.

The updated resource estimate for the Donlin Creek gold deposit was prepared in January 2002 by MRDI of Vancouver, BC. MRDI’s parent company is an independent engineering firm with more than 40 years of experience in developing and building mines in Alaska and the Canadian North. This updated estimate incorporates all data obtained from the sampling and drilling programs on the project through November 2001.

Cut-off grades of 3.5 g/t, 2.5 g/t and 1.5 g/t gold were selected by AMEC/MRDI and NovaGold as representative of the large-scale open pit mining operations that would be potentially economic for a range of gold prices from US$250 to US$300 to US$350 per ounce of gold.

The updated resource estimates were included in a table format.

The new resource estimates use a re-interpreted 3D geologic and mineralization model. The reinterpretation is based on extensive re-logging and 3D modeling. The resources are estimated using a probability assisted method with a total of 122,231 meters (401,020 feet) of sampling. The sampling is comprised of 87,571 meters (287,306 feet) of core samples in 361 drill holes, 13,323 meters (43,711 feet) of reverse circulation samples in 117 drill holes and 21,337 meters (70,000 feet) of surface trench samples. Consistent sample protocols using standards, duplicates, blanks and check assays have been used on the project since 1995. Dr. Stephen Juras P.Geo., MRDI’s Chief Geologist in Vancouver, supervised the data verification and resource estimate updates. Dr. Juras is a Qualified Person as defined by National Instrument 43-101.

NovaGold’s exploration program in 2001 was highly successful at expanding the extent of the known mineralized resource. Of the 42 drill holes completed in the 2001 program, 26 were offset holes that substantially expand the known higher-grade mineralization beyond the known resource area. The other 16 drill holes were in-fill holes that upgraded Inferred category resources to the higher Measured and Indicated category resources.

The higher-grade gold mineralization remains open at both the nearby Acma and Lewis target areas that comprise the currently defined gold resource. A follow-up drill program to further define and expand the extent of the mineralized system begins in spring 2002 as part of the Preliminary Feasibility Study.

Engineering work on the project Preliminary Assessment study by AMEC/MRDI is underway and should be complete by March. This study will help define the operating cost parameters and scale of the operation, and thereby direct the Preliminary Feasibility Study, detailed engineering work and delineation drilling.


Placer Dome and several independent laboratories completed comprehensive metallurgical test work including bench-scale grinding, flotation, pressure oxidation, bio-oxidation and carbon-in-leach (CIL) cyanidation recovery. Results from metallurgical test work and mineralogical examination demonstrate that 95%-98% of the gold is contained in the finer grained arsenopyrite mineralization at Donlin Creek. Gold recoveries in excess of 90%-95% are achievable by using a conventional sulfide flotation concentration followed by pressure oxidation of the concentrate and CIL cyanidation for gold recovery. Potential remains to further improve the overall gold recoveries through process optimization, which will be the focus of additional future metallurgical work.

Donlin Creek is one of the largest undeveloped gold deposits in the world. The deposit is located in Southwestern Alaska on 109 square kilometers (42 square miles) of private patented land. The project is 19 km (12 miles) north of a commercial barge site on the Kuskokwim River at the village of Crooked Creek, Alaska. A State of Alaska designated winter road connects the project to the barge site. The project has an all-season exploration camp for up to 75 people with an adjacent 1,500 meter (5,000 ft) runway that is directly serviced by commercial aircraft as large as the C-130 Hercules freighter.

NovaGold will earn a 70% interest in the deposit by spending $US10 million on exploration and development within 10 years. NovaGold intends to fast track development of the project and complete these expenditures by the end of 2002 as part of the preliminary feasibility and project development work. Upon vesting by NovaGold, a joint venture between NovaGold and Placer Dome would be established, and Placer Dome would have 90 days to decide on one of three options: a) to remain at 30% interest and participate as a minority partner; or b) to convert to a 5% Net Profits Interest (NPI); or c) to exercise a back-in right to re-acquire a majority interest in the project (70% Placer Dome / 30% NovaGold) by expending three times that expended by NovaGold at the time the back-in is exercised, conducting a feasibility study, and making a decision to mine at a production rate of not less than 600,000 ounces of gold per year within a five year period from the exercise of the back-in.

In accordance with National Instrument 43-101, a technical report detailing the resource estimate parameters will be filed with SEDAR as a public securities filing within 30 days.

A diversified natural resource company, NovaGold acquires and develops precious metal deposits in North America. NovaGold has strong cash flow from its operations in Nome, Alaska, has no debt, and has one of the largest gold resource bases of any junior mining company.

NovaGold was the top performing stock on the Toronto Stock Exchange (symbol NRI) in 2001. The company also trades on the U.S. OTC (symbol NVGLF). Financial reports and other information are available at www.novagold.net.

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and resources, exploration results and future plans and objectives of NovaGold Resources Inc., are forward-looking statements that 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 expectations are disclosed under the heading “Risk Factors” and elsewhere in NovaGold documents filed from time to time with the Toronto Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities.

Item Six - Reasons for Confidential Filing

Not Applicable.

Item Seven - Omitted Information

Not Applicable.

Item Eight - Senior Officer

Glenn A. Holmes, Secretary/Treasurer, (902) 798-9701

Item Nine - Statement of Senior Officer

"The foregoing accurately discloses the material change referred to herein."

Executed this 28th day of January, 2002 at Windsor, Nova Scotia by Glenn A. Holmes, Secretary/Treasurer.





News Release
Toronto Stock Exchange: NRI
U.S. OTC Symbol: NVGLF

High Grade Gold Resource Doubles at Donlin Creek

January 24, 2002, San Jose, California – After nearly a year of exploration, an independent geological analysis has doubled the previous estimates of contained gold resource at the Donlin Creek gold deposit in Alaska, making the NovaGold Resources Inc. property one of the largest undeveloped gold deposits in the world.

According to engineering firm MRDI Canada, a division of AMEC E&C Services Limited of Vancouver (MRDI), NovaGold’s 3D modeling and 2001 drilling reveal that, compared to earlier estimates, Donlin’s higher-grade Measured and Indicated Resource categories at the 3.5 grams-per-tonne cut-off grade have increased 92% to 4.4 million ounces of gold grading, on average, 5.1 grams per tonne (0.15 ounces/ton). In addition, the Inferred Resource has increased 161% to 6.2 million ounces of gold grading 5.2 g/t (0.15 oz/t).

“Donlin Creek’s assay results from last year exceed our expectations and, no doubt, the gold mining industry’s expectations,” says Rick Van Nieuwenhuyse, president of NovaGold. “This dramatic increase in the gold resource makes Donlin Creek one of the most exciting new North American gold plays in years. The deposit remains open and we are confident we will continue to significantly expand the resource.”

NovaGold will earn a 70% interest in the deposit by spending $US10 million on exploration and development within 10 years. However, NovaGold is fast tracking development and feasibility studies and will complete its expenditures by the end of 2002.

MRDI is currently preparing a Preliminary Economic Assessment of the Donlin Creek Project, and this study is scheduled for completion by March. Exploration of the property, meanwhile, resumes in Spring 2002 as part of the Preliminary Feasibility Study to be completed by Fall 2002.

Donlin Creek Technical Background

Who updated the resource estimate for the Donlin Creek gold deposit?

The updated resource estimate for the Donlin Creek gold deposit was prepared in January 2002 by MRDI of Vancouver, BC. MRDI’s parent company is an independent engineering firm with more than 40 years of experience in developing and building mines in Alaska and the Canadian North. This updated estimate incorporates all data obtained from the sampling and drilling programs on the project through November 2001.

Why were cut-off grades of 3.5 g/t, 2.5 g/t and 1.5 g/t of gold chosen?

Cut-off grades of 3.5 g/t, 2.5 g/t and 1.5 g/t gold were selected by AMEC/MRDI and NovaGold as representative of the large-scale open pit mining operations that would be potentially economic for a range of gold prices from US$250 to US$300 to US$350 per ounce of gold.


The updated resource estimates are as follows:

3.5 g/t cut off grade (US$250 per gold ounce)  
Resource   Tonnes   Grade   Contained  
Category   (Millions)   Gold g/t   Ounces  
Measured   2.225   5.36   383,000  
Indicated   24.705   5.04   4,002,000  
Total M&I:   26.930   5.06   4,385,000  
Inferred   36.806   5.22   6,183,000  
               
2.5 g/t cut off grade (US$300 per gold ounce)  
Resource   Tonnes   Grade   Contained  
Category   (Millions)   Gold g/t   Ounces  
Measured   3.846   4.34   537,000  
Indicated   48.941   4.00   6,296,000  
Total M&I:   52.787   4.03   6,833,000  
Inferred   66.984   4.20   9,043,000  
               
1.5 g/t cut off grade (US$350 per gold ounce)  
Resource   Tonnes   Grade   Contained  
Category   (Millions)   Gold g/t   Ounces  
Measured   6.593   3.35   710,000  
Indicated   97.530   2.98   9,329,000  
Total M&I:   104.123   3.00   10,040,000  
Inferred   129.144   3.11   12,921,000  
Notes: (1) Tonnes and Contained Ounces are rounded to the nearest 1,000.

What are the new resource estimates based on?

The new resource estimates use a re-interpreted 3D geologic and mineralization model. The reinterpretation is based on extensive re-logging and 3D modeling. The resources are estimated using a probability assisted method with a total of 122,231 meters (401,020 feet) of sampling. The sampling is comprised of 87,571 meters (287,306 feet) of core samples in 361 drill holes, 13,323 meters (43,711 feet) of reverse circulation samples in 117 drill holes and 21,337 meters (70,000 feet) of surface trench samples. Consistent sample protocols using standards, duplicates, blanks and check assays have been used on the project since 1995. Dr. Stephen Juras P.Geo., MRDI’s Chief Geologist in Vancouver, supervised the data verification and resource estimate updates. Dr. Juras is a Qualified Person as defined by National Instrument 43-101.


What was accomplished in NovaGold’s 2001 drill program?

NovaGold’s exploration program in 2001 was highly successful at expanding the extent of the known mineralized resource. Of the 42 drill holes completed in the 2001 program, 26 were offset holes that substantially expand the known higher-grade mineralization beyond the known resource area. The other 16 drill holes were in-fill holes that upgraded Inferred category resources to the higher Measured and Indicated category resources.

The higher-grade gold mineralization remains open at both the nearby Acma and Lewis target areas that comprise the currently defined gold resource. A follow-up drill program to further define and expand the extent of the mineralized system begins in spring 2002 as part of the Preliminary Feasibility Study.

What is the status of the Donlin Creek Preliminary Economic Assessment Study?

Engineering work on the project Preliminary Assessment study by AMEC/MRDI is underway and should be complete by March. This study will help define the operating cost parameters and scale of the operation, and thereby direct the Preliminary Feasibility Study, detailed engineering work and delineation drilling.

How will the gold be processed at Donlin Creek?

Placer Dome and several independent laboratories completed comprehensive metallurgical test work including bench-scale grinding, flotation, pressure oxidation, bio-oxidation and carbon-in-leach (CIL) cyanidation recovery. Results from metallurgical test work and mineralogical examination demonstrate that 95%-98% of the gold is contained in the finer grained arsenopyrite mineralization at Donlin Creek. Gold recoveries in excess of 90%-95% are achievable by using a conventional sulfide flotation concentration followed by pressure oxidation of the concentrate and CIL cyanidation for gold recovery. Potential remains to further improve the overall gold recoveries through process optimization, which will be the focus of additional future metallurgical work.

Donlin Creek Project Summary

Donlin Creek is one of the largest undeveloped gold deposits in the world. The deposit is located in Southwestern Alaska on 109 square kilometers (42 square miles) of private patented land. The project is 19 km (12 miles) north of a commercial barge site on the Kuskokwim River at the village of Crooked Creek, Alaska. A State of Alaska designated winter road connects the project to the barge site. The project has an all-season exploration camp for up to 75 people with an adjacent 1,500 meter (5,000 ft) runway that is directly serviced by commercial aircraft as large as the C-130 Hercules freighter.

NovaGold will earn a 70% interest in the deposit by spending $US10 million on exploration and development within 10 years. NovaGold intends to fast track development of the project and complete these expenditures by the end of 2002 as part of the preliminary feasibility and project development work. Upon vesting by NovaGold, a joint venture between NovaGold and Placer Dome would be established, and Placer Dome would have 90 days to decide on one of three options: a) to remain at 30% interest and participate as a minority partner; or b) to convert to a 5% Net Profits Interest (NPI); or c) to exercise a back-in right to re-acquire a majority interest in the project (70% Placer Dome / 30% NovaGold) by expending three times that expended by NovaGold at the time the back-in is exercised, conducting a feasibility study, and making a decision to mine at a production rate of not less than 600,000 ounces of gold per year within a five year period from the exercise of the back-in.

In accordance with National Instrument 43-101, a technical report detailing the resource estimate parameters will be filed with SEDAR as a public securities filing within 30 days.


About NovaGold

A diversified natural resource company, NovaGold acquires and develops precious metal deposits in North America. NovaGold has strong cash flow from its operations in Nome, Alaska, has no debt, and has one of the largest gold resource bases of any junior mining company. NovaGold was the top performing stock on the Toronto Stock Exchange (symbol NRI) in 2001. The company also trades on the U.S. OTC (symbol NVGLF). Financial reports and other information are available at www.novagold.net.

Forward-Looking Statements

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and resources, exploration results and future plans and objectives of NovaGold Resources Inc., are forward-looking statements that 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 expectations are disclosed under the heading “Risk Factors” and elsewhere in NovaGold documents filed from time to time with the Toronto Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities.

For more information contact:

Rick Van Nieuwenhuyse, President Tony Hayes, Investor Relations
Los Gatos, California, USA (907) 223-8883 Toronto, Ontario, Canada (416) 368-0882
E-mail: RickVann@NovaGold.net E-mail: Tony.Hayes@NovaGold.net



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