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*** Gold/Copper related post (NovaGold) ***


NovaGold Year-End Financial Results and Project Update

Wednesday February 28, 4:05 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 28, 2007 -- NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced the results of its fiscal year ended November 30, 2006 along with an update on the Company's project development activities. Details of the Company's financial results are described in the consolidated financial statements and Management's Discussion and Analysis which, together with further details on each of the Company's projects including resource estimates, will be available on the Company's website at www.novagold.net and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

Highlights

- US$175 million financing completed in 2006

- Rock Creek construction started in 2006, with production anticipated to start by mid-2007

- Galore Creek Feasibility Study completed, providing first reserves

- Galore Creek Environmental Assessment Certificate issued. Permits expected shortly, with construction anticipated by mid-2007

- Extensive drill program completed for Donlin Creek

- C$106.6 million cash at November 30, 2006

- Conference call set for March 2, 2007 at 11 am PST (2 pm EST); toll free 1-877-461-2814

The last 12 months have certainly been exciting for NovaGold and its shareholders. In 2006 the Company continued to make significant headway at its three most advanced projects, acquired a "green" power company, survived a hostile takeover attempt and delivered outstanding shareholder returns. NovaGold is exceptionally well positioned in 2007 to take full advantage of the bull market in gold, silver and copper, leveraging its large and growing North American reserve and resource base that will continue to add significant new value for shareholders, and for the communities in which it works.

The year began with the completion of a US$175 million marketed equity financing led by Citigroup, RBC and Bear Stearns. Each subsequent milestone achieved in 2006 moved NovaGold one step closer to becoming a mid-tier gold producer. Indeed, initial production is targeted to begin by mid-2007 at NovaGold's Rock Creek project near Nome, Alaska, ramping up to commercial production at approximately 100,000 ounces of gold per year. With the receipt of major permits, construction on the project began at the end of August 2006 and continued throughout the winter. A lawsuit launched against the US Army Corps of Engineers resulted in suspension of the project's wetlands permit while the Corps reviewed the Environmental Assessment process. Neither NovaGold nor its subsidiary, Alaska Gold Company, was named in the lawsuit, and to this point delays at the project have not been significant. The US Army Corps of Engineers today announced its intention to reinstate the permit effective March 13th, at which point NovaGold can resume work at other areas on site. Construction may be impeded, however, if the permit is challenged again or if a court enters an order in the litigation temporarily or permanently enjoining the project.

NovaGold's Galore Creek copper-gold-silver project made significant advancements in 2006. NovaGold signed a comprehensive Participation Agreement with the Tahltan First Nation in February, committing both parties to working together to develop Galore Creek as a showcase mine that is built and operated in a socially and environmentally sustainable manner. The Tahltan were instrumental in completing the Environmental Assessment Application, which was filed in June. After a complete public and government review process, NovaGold received the Environmental Assessment Certificate on February 23, 2007, clearing the way for the issuance of the various permits and authorizations required to construct and operate the mine. The Galore Creek Construction team, comprising 37 individuals with decades of industry experience, is making final preparations to begin construction. NovaGold anticipates receipt of permits in the second quarter of 2007, and will begin construction immediately upon Board approval.

Another significant achievement for both NovaGold and the Galore Creek project was the acquisition of Coast Mountain Power Corp. in August. Coast Mountain is a "green" power company with several run-of-river hydroelectric projects. Through the acquisition of Coast Mountain, NovaGold secured a potential renewable energy source for the Galore Creek project and introduced a pipeline of renewable energy projects to its portfolio.

A final Feasibility Study for Galore Creek was completed in October 2006, confirming the economics of the project and providing Proven and Probable Reserves. NovaGold completed over 36,000 meters of drilling at Galore Creek in 2006, demonstrating significant expansion potential beyond the currently defined pits. The 2007 drilling program is budgeted for 15,000 meters of follow-up drilling.

The 2006 Donlin Creek drill program completed 92,000 meters of drilling. While results from a considerable portion of the drilling have yet to be analyzed, pending receipt from Barrick of the remaining assays, the 2006 drill campaign is expected to significantly expand the Measured and Indicated Resource base. NovaGold will release a 2006 Donlin Creek resource update as soon as all assays are received and evaluated. The Donlin Creek project is one of the world's largest undeveloped gold deposits. The project is a joint venture with Barrick Gold Corporation (NovaGold 70%, Barrick 30%). Barrick is currently manager of Donlin Creek and is working toward completion of a feasibility study that will provide Proven and Probable Reserves for the project. Under the terms of a back-in arrangement outlined in the Donlin Creek Mining Venture Agreement, Barrick has an option to earn an additional 40% interest (bringing its total to a 70% interest) in the joint venture. NovaGold believes it will not be possible for Barrick to meet the terms and conditions of the Agreement, and on August 25, 2006 filed a lawsuit against Barrick in the United States District Court of Alaska seeking, among other remedies, a declaratory judgment to clarify the requirements Barrick must satisfy to earn an additional 40% interest in Donlin Creek, and an order to the effect that it is impossible for Barrick to satisfy these requirements, in which case NovaGold is asking to be appointed as manager of the project in place of Barrick. The Court concluded there is a "genuine dispute" as to Barrick's ability to meet the conditions required to earn a 70% interest in Donlin Creek, and the Company's litigation is still pending.

An independent Preliminary Economic Assessment of the project completed by SRK Consulting (US), Inc. was released by NovaGold on September 25, 2006, confirming the economics of potentially one of the world's largest open-pit gold mines. As currently envisioned, Donlin Creek would be one of only a handful of gold mines worldwide that produce over 1 million ounces of gold per year, making it a true world-class asset.

NovaGold made exceptional progress over the past year on all of its projects, and continues to build its experienced construction, operations and management teams. The Company will continue to advance its projects in 2007, aiming to create shareholder value by initiating construction at Galore Creek and achieving market revaluation as a gold producer. NovaGold is well positioned to become North America's next mid-tier gold and copper producer. We look forward to reporting on further positive developments on the Company's projects during the coming months.

Continued at:

http://biz.yahoo.com/iw/070228/0221331.html