RG.v I think this press release below is what is bringing in the attention right now. I spoke with RG Pres Tom Divas yesterday and I didn't get the opinion that drill results were coming that fast. They have 3 drills and planned 12000 meters this summer. Nova Gold setting up infrastructure that they will negotiate to use at later date. He said labs are busy right now. Electricity is the main problem up there. Gov is going to spend 400 mil to build that out and the area will explode IMO. He was very conservative with what he said. This is my entry position into the Golden Triangle based on market cap per short term catalysis and future growth potential. Now looks like good timing.
NovaGold Reports Progress on Galore Creek Prefeasibility Study
June 23, 2011 – Vancouver, British Columbia – NovaGold Resources Inc. (NYSE-AMEX: NG, TSX: NG) announces significant advancement towards completion of the prefeasibility study on its Galore Creek copper-gold-silver project ("Project”) located in northwestern British Columbia. The study is being prepared by Galore Creek Mining Corporation ("GCMC”), owned equally by subsidiaries of NovaGold Resources Inc. ("NovaGold”) and Teck Resources Limited ("Teck”).
Completion of the prefeasibility study is expected by the end of July 2011 and AMEC Americas Limited, an independent supplier of engineering and project management services, is concurrently preparing a National Instrument 43-101 compliant technical report. Upon receipt of the technical report, NovaGold will announce the results and file it on SEDAR and EDGAR within 45 days of the announcement.
The partners have approved a $30.5-million budget to carry out further work on the Project during the remainder of 2011. Planned work includes infill drilling to convert inferred mineral resources to measured and indicated categories, geotechnical drilling on the tunnel alignment and geotechnical drilling to confirm open pit slopes in areas targeted for conversion of inferred mineral resources. GCMC will also complete further environmental and engineering work in preparation for feasibility level studies.
"Completion of the prefeasibility study will be an important milestone as we work with Teck to optimize the Galore Creek project,” said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "Galore Creek is one of the most significant copper-gold projects in the world. Its timely development is important for all stakeholders, including Federal and Provincial governments as well as First Nation communities of northwestern British Columbia.”
During the second quarter of 2011, Teck completed its funding requirements of $373 million to earn its 50% interest in GCMC. The Project will move forward with Teck and NovaGold equally funding further Project development.
About the Galore Creek Project
Located in northwestern British Columbia, Galore Creek is one of the world's largest undeveloped copper-gold-silver deposits, owned equally by wholly-owned subsidiaries of NovaGold and Teck Resources and operated by GCMC. The Galore Creek property comprises 293,840 acres (118,900 hectares) of British Columbia mineral claims located within Tahltan Traditional Territory in northwest British Columbia. The project has received a high level of support from local communities, First Nation groups and the British Columbia and Alaska Governments. In February 2006, NovaGold entered into a comprehensive Participation Agreement with the Tahltan Nation, ensuring collaboration between both parties for mine planning, mine operation and environmental protection, and GCMC, NovaGold and Teck continue to work closely with the Tahltan Nation.
About NovaGold
NovaGold is a precious metals company engaged in the exploration and development of mineral properties in Alaska, U.S.A. and British Columbia, Canada. The Company is focused on advancing its two core properties, Donlin Creek and Galore Creek, with the objective of becoming a low-cost million-ounce-a-year gold producer, and offers superior leverage to gold and copper with one of the largest reserve/resource bases of any junior or mid-tier gold company.
