NovaGold (NG)

[MiamiGent]

NG Novagold Resources Shares Tumble on Doubts Over Donlin Creek Gold Project
BY Midnight Trader- 12:50 PM ET 07/26/2012

http://stockcharts.com/h-sc/ui?s=NG

12:50 PM EDT, 07/26/2012 (MidnightTrader) -- Novagold Resources (NG) plunged more than 23% on worries about the future of its flagship Donlin Creek gold project in Alaska, jointly owned with Barrick Gold Corp. (ABX).

Barrick announced Thursday that a number of projects in its pipeline don't meet cost targets after announcing quarterly earnings dropped 35%, Canadian Press reported.

And the Donlin project is one of these, with Barrick saying it "no longer meets its investment criteria.


NovaGold reported net income of $94.2 million (or $0.34 per share) for the three months ended May 31, 2012. This compares to a net income of $24.6 million (or $0.11 per share) in the same period last year.

NG shares were down $1.29 to $4.16 on volume of 1.15 million.

Price: 4.16, Change: -1.29, Percent Change: -23.67