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NovaGold Reports Further Results From 2006 Drill Campaign at Donlin Creek

Monday February 26, 10:05 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 26, 2007 -- NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that additional assay results from the 2006 Donlin Creek infill drill program continue to demonstrate continuity of the ore body. This drilling has resulted in a significant increase in Measured and Indicated Resources for the project, further confirming Donlin Creek's world-class potential.

Highlights

Drill core assay results have been received from Barrick Gold Corporation ("Barrick") for an additional 61 infill holes drilled by Barrick on the Donlin Creek property in 2006. Results have been received for approximately 45,000 meters from the 2006 drill campaign. Final assays are still pending from an additional approximately 37,000 meters of drilling. Final results are expected later in March 2007. Highlights from the recently received assay results are listed below (g/t equals grams per tonne):

Drill highlights from the Acma area infill drilling include:

- DC06-1129 with 13 mineralized intervals totaling 174 meters grading 3.07 g/t gold

- DC06-1130 with 13 mineralized intervals totaling 214 meters grading 2.83 g/t gold

- DC06-1131 with 12 mineralized intervals totaling 169 meters grading 4.23 g/t gold

- DC06-1133 with 14 mineralized intervals totaling 257 meters grading 3.82 g/t gold

Drill highlights from the Lewis area infill drilling include:

- DC06-1255 with 7 mineralized intervals totaling 109 meters grading 7.89 g/t gold

- DC06-1283 with 13 mineralized intervals totaling 102 meters grading 4.10 g/t gold

- DC06-1287 with 15 mineralized intervals totaling 126 meters grading 3.62 g/t gold

- DC06-1376 with 12 mineralized intervals totaling 104 meters grading 3.46 g/t gold

Recent drilling outside the current resource pit has confirmed and extended mineralization north of the Akivik zone. DC06-1369, collared approximately 500 meters north of the resource pit, cut 36 meters grading 3.68 g/t gold in five intervals. In addition, drilling has shown that the Aurora, Acma, East Acma, Vortex, Lewis and South Lewis deposits remain open to further expansion laterally and at depth (see Figures 1 and 2).

NOTE: To view Figure 1, Donlin Creek Project Grade Thickness Map, please click the following link: http://www.ccnmatthews.com/docs/ng0226a.pdf

NOTE: To view Figure 2, Donlin Creek Interim Resource, please click the following link: http://www.ccnmatthews.com/docs/ng0226b.pdf

Donlin Creek Additional 2006 Drill Results

Assay results provided by Barrick for 61 additional core holes continue to show excellent property-wide results. Over 82,000 meters of infill drilling was completed in 2006, targeting the conversion of Inferred Resources to Measured and Indicated Resources. Assays from 135 of the infill drill holes have been received by NovaGold, with the remaining 37,000 meters of assays expected by the end of March. An additional 10,000 meters of drilling, over and beyond the 82,000 meters of infill drilling, were focused on geotechnical studies, metallurgical studies, facilities condemnation and limestone resource definition, bringing the total 2006 drilling to approximately 92,000 meters (see link to Appendix 1 below with compilation of all final drill results to date).

http://www.novagold.net/i/pdf/AppendixDonlinDrillResults.pdf

Though only very minor drilling was undertaken beyond the current resource pit in 2006, the few holes drilled beyond the pit limits have confirmed significant new mineralization in several areas. Drill hole DC06-1369, 500 meters north of the Akivik zone, has intersected 36 meters grading 3.68 g/t gold in five intervals. Mineralization in the drill hole is associated with a northeast-trending intrusive dike that has been traced by limited drilling several kilometers north of the resource pit.

Significant potential also exists in the East Acma area, where DH-1144 drilled early last summer intersected 164.7 meters grading 3.68 g/t gold and extending well beyond the current pit limit at depth and to the east of the main Acma deposit. This interval is particularly significant because it potentially represents the discovery of a new important structural intersection between the ore hosting intrusive dikes and sills similar to the settings that host the main Acma and Lewis deposits. Additionally, a geotech hole (DGT06-1158) drilled early in the 2006 program in the south high-wall of the resource pit encountered 15.5 meters grading 12.67 g/t gold. No follow-up drilling has been done on any of these intercepts. The other major deposits that host the majority of the resources at Donlin also remain open to expansion laterally and at depth (see Figures 1 and 2).

The 2006 drill program and sampling protocol was managed by Barrick. All drill samples were analyzed by fire assay at ALS Chemex Labs in North Vancouver, B.C., Canada. Assay quality control and quality assurance standards were overseen by Barrick. Kevin Francis, P.Geo., Resource Manager for NovaGold, and a Qualified Person as defined by National Instrument 43-101, has reviewed the results of the 2006 drill program disclosed by NovaGold and confirmed that all procedures, protocols and methodologies used in the drill program conform to industry standards.

Final 2006 Resource Update Targeted for Second Quarter 2007

Barrick has provided NovaGold with an initial interim resource model to meet its year-end reporting requirements based on 39,000 meters of drilling (out of the total 82,000 meters drilled on the project) from the 2006 program. The updated drill results in the interim model are primarily from the Acma area (western half of Figures 1 and 2) and have increased the overall Measured and Indicated Resources for the project. The interim update shows an increase of 5 million ounces in Measured and Indicated ounces for the project, representing a 34% increase over the previous Placer Dome Inc. January 2006 Donlin Creek model. At the Acma deposit, the Measured and Indicted Resources increased by over 50%. The Barrick interim resource model shows an overall decrease in the Inferred ounces, with 5 million ounces being converted to the Measured and Indicated category and 7 million ounces decreasing largely due to more restrictive estimation methodology used by Barrick to define Inferred Resources in comparison with those used by Placer Dome in its January 2006 estimate.

The largest portion of the decreased Inferred ounces are in the Lewis area (eastern half of Figures 1 and 2) where the vast majority of the remaining 43,000 meters of 2006 drilling, which was not included in this interim resource update, is located. NovaGold anticipates that additional Measured and Indicated ounces along with Inferred ounces will be added to the overall model from the final 2006 resource update, which will include the results from the Lewis area. Initial results from the drilling at Lewis are very encouraging and are highlighted in Figures 1 and 2 and Appendix 1. NovaGold anticipates that the final 2006 drill assays and a complete 2006 resource estimate will be released in the second quarter.

Figure 1 is a plan map showing grade thickness results for the 2006 drilling. Drill holes that were included in the interim resource are shown as squares. The drill holes that were not included in the interim resource are shown as circles. Those holes that are still pending assay results are shown as green circles and historical drill holes are shown as small gray circles. Appendix 1 provides details of the drill holes shown in Figure 1. Figure 2 is a geologic section showing the main Acma and Lewis area deposits and drill holes, highlighting the holes completed in 2006 and those still pending assays. The section shows the pit outlines and intrusive boundaries, and highlights that the deposits remain open to further significant expansion with additional drilling.

The Donlin Creek Project

NovaGold owns a 70% interest in the Donlin Creek deposit in a joint venture with Barrick (30%). The deposit, located in southwestern Alaska, is one of the largest undeveloped gold resources in the world. Under the terms of a back-in agreement, Barrick has an option to earn an additional 40% interest in the joint venture (which would bring its total to a 70% interest) by expending a minimum of US$32 million on the property, completing a bankable feasibility study and making a board decision by November 2007 to construct a mine with an anticipated production rate of not less than 600,000 ounces of gold or gold equivalent per year for the first five years of production. A bankable feasibility study is a comprehensive analysis and assessment of a project's economics that would be used by NovaGold to obtain project financing.

NovaGold believes it will not be possible for Barrick to meet the terms and conditions of the back-in agreement to obtain an additional 40% interest in the Donlin Creek project. This is due to the fact that the upcoming Feasibility Study will not be the final Feasibility Study for the project and that construction can not begin on the project until after completion of the permitting process. Barrick has admitted that the Draft Environmental Impact Statement process will not begin until later this fall and will not be completed for 2 to 3 years, well after the required construction decision deadline this November. In recent hearings before a US District Court in Alaska, NovaGold has submitted that clarification of the contract terms should proceed on their own merits and not wait until after the contract deadline in November 2007. A ruling from the court is expected in the next few weeks, and should determine whether the case will proceed to discovery and trial or wait until after the contract deadline later this year.

About NovaGold

NovaGold Resources Inc. owns 70% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits. The Company is rapidly advancing toward production at its 100%-owned Galore Creek copper-gold project in northwestern British Columbia, and expects to achieve production in mid-2007 at its 100%-owned Nome Operations in Alaska, which include Rock Creek, Big Hurrah and Nome Gold. Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold is well financed with no long-term debt, and has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG. More information is available online at: www.novagold.net or by e-mail at: [e-mail].

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