Canyon Resources Ltd fka CPY

[NYBob]

NovaGold shakes up Galore Creek project -

New management team after site's costs doubled
Jan 17, 2008 04:30 AM
VANCOUVER–

NovaGold Resources Inc. and Teck Cominco Ltd. appointed
a new management team yesterday to head up the troubled
Galore Creek project in northern British Columbia,
which was put on hold last year after expected costs more
than doubled.

The companies named Pol Guzman president and general manager
of Galore Creek Mining Corp., while Gary Ward was named
new project director

NovaGold chief executive Rick Van Nieuwenhuyse said the two
men have the "big project experience" needed to put
Galore Creek back on track.

"They've built big complex projects before that have a lot
of the same sort of characteristics as Galore:
big dams, big facilities, long roads, long tunnels,"
Van Nieuwenhuyse said.

"Galore is a big, complicated project. ... We wanted
to bring in some new blood to take a new look
at developing this world-class asset."

Guzman has worked in Latin America at the Escondida
and Antamina mines, where he served as project director
during construction, while Ward was most recently
project director for expansion of
the Paracatu project in Brazil.

NovaGold and Teck Cominco called a halt to work on
Galore Creek in November after rising labour costs
and materials and higher-than-expected expenses related
to its tailings pond drove the projected cost up
from $2 billion to as much as $5 billion.

Van Nieuwenhuyse expects the new team to take a year
to 18 months to review the project and come up with
a solution to the tailings pond and dam that accounted
for much of the higher costs.

"A lot of progress has been made, but we've got to come up
with a different approach on the dam and get that
engineered, and then look at the permitting of a new
approach as well," Van Nieuwenhuyse said.

Guzman and Ward replace Doug Brown, who had led
the Galore Creek copper-gold-silver project since
NovaGold and Teck Cominco teamed up in mid-2007.

Brown will return to his job as NovaGold's vice-president
of business development.


The Canadian Press

http://www.thestar.com/Business/article/294808

http://investorshub.advfn.com/boards/board.asp?board_id=11317

Ps.
$600 millon spent on the infrastructure -
fiatz $5 bil. is peanutz -
compared to the real PM treasures values in the
CPY gem safety chest.