NovaGold Resources Inc.: Donlin Creek Gold Resources Increased.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 9, 2003 NovaGold Resources NovaGold Resources Inc. (TSX: NG, (AMEX:NG)) is a leading exploration and development company with three of the world’s largest undeveloped gold and copper deposits located in Alaska and Western Canada. These projects include the 28. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :NRI NRI Nomura Research Institute (Tokyo, Japan) NRI Non-Resident Indian NRI Natural Resources Institute NRI National Resources Inventory NRI Networked Readiness Index NRI Natural Resources Inventory NRI National Research Institute ): Highlights -- A new joint Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. , NovaGold and AMEC AMEC African Methodist Episcopal Church AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies resource estimate confirms NovaGold's November 2002 amounts. -- Measured and Indicated Category Resources significantly increased since November 2002. -- New resource estimate represents a 62% increase in Measured and Indicated Resources and 138% increase in Inferred Resources over the Placer Dome December 2000 estimate. -- Donlin Creek Joint Venture to complete Pre-Feasibility Study by fourth quarter 2003. Donlin Creek Gold Resource Updated with Expanded Measured and Indicated Category The Donlin Creek Joint Venture (NovaGold 70% / Placer Dome 30%) has just completed a new resource estimate for the Donlin Creek gold deposit in Alaska. This new resource estimate confirms the November 2002 estimates completed by NovaGold and AMEC E&C Services Limited and significantly increases the Measured and Indicated Resource category. Compared with the last estimates completed by Placer Dome in December 2000, the Measured and Indicated Resource categories (using a 1.5 gram-per-tonne (g/t) cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, grade) have increased 62% to 11.1 million ounces of gold grading an average of 3.0 g/t gold. In addition, the Inferred Resource has increased 138% to 14.3 million ounces of gold grading 3.1 g/t. Within this is a higher grade resource that includes 4.7 million ounces grading 5.1 g/t of Measured and Indicated material and an additional Inferred Resource of 6.8 million ounces grading 5.5 g/t using a 3.5 g/t cut-off. Since the project has now advanced to the Pre-Feasibility Stage, this estimate and all future estimates, will only report as resources the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. that falls within a potentially economic pit model. The amounts in the current estimate represent 90% of the Inferred Category mineralization and 99% of the Measured and Indicated Category mineralization that falls within a pit model and is classified as resource. Previous estimates by Placer Dome, NovaGold and AMEC would have used 100% of these amounts. The additional mineralization that is located outside of the pit model could eventually be included in future estimates as the pit model deepens and expands along strike with further drilling. Donlin Creek Resource Estimates: April 2003 Estimate (1.5 g/t cut off grade) ---------------------------------------------------------------- ---------------------------------------------------------------- Resource Tonnes Grade Contained Category (Millions) Gold g/t Ounces ---------------------------------------------------------------- Measured 7.9 3.1 799,000 Indicated 109.5 2.9 10,343,000 ---------------------------------------------------------------- Total M&I: 117.5 3.0 11,142,000 Inferred 142.2 3.1 14,308,000 ---------------------------------------------------------------- Previous Estimate At December 2000 (1.5 g/t cut off Grade) ---------------------------------------------------------------- ---------------------------------------------------------------- Resource Tonnes Grade Contained Category (Millions) Gold g/t Ounces ---------------------------------------------------------------- Measured 21.3 3.1 2,135,000 Indicated 48.9 3.0 4,760,000 ---------------------------------------------------------------- Total M&I: 70.1 3.1 6,895,000 Inferred 66.2 2.8 6,009,000 ---------------------------------------------------------------- A 1.5 g/t economic cut-off grade is being used for the project based on an assumed 20,000 to 30,000 tonne per day mill processing rate. The new resource estimates are based on an updated 3D geologic and mineralization model that integrates 58,000 meters (192,000 feet) of drilling completed by NovaGold in 2001 and 2002 and 93,000 meters (304,000 feet) of drilling previously completed by Placer Dome. The model contains a total of 85,760 assays from 172,000 meters (564,000 feet) of drilling and trenching. The most recent drill programs and sampling protocol were managed by NovaGold with oversight provided by Phil St. George, Vice President of Exploration and Project Manager for NovaGold Resources. All drill samples were analyzed by fire assay at ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex Labs in Vancouver, B.C., Canada. Database quality control and quality assurance standards were overseen by independent engineering firm AMEC E&C Services Limited (AMEC) of Vancouver. Dr. Harry Parker
MRDI McCanse Readiness for Death Instrument (questionnaire) ) and Marc Jutras, P.Eng., Senior Geostatistician, of Placer Dome, supervised the resource estimate and approved of all procedures, protocols and methodology used in the estimation. Dr. Parker and Mr. Jutras are Qualified Persons as defined by National Instrument 43-101. Pre-Feasibility Study On-Track for Completion in Fourth Quarter 2003 The completion of the updated resource estimate is the first development milestone for the new Donlin Creek Joint Venture. The joint venture is on track to complete the project Pre-Feasibility study in the fourth quarter of 2003. The study is being conducted by AMEC E&C Services Limited, an independent engineering services company. Engineering studies currently underway include: detailed pit designs, mill process work, site facilities layout and on-going environmental monitoring in anticipation of future mine permitting. As a priority development project for Placer Dome, NovaGold shareholders should see considerable added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. and make a decision to construct a mine producing at least 600,000 ounces of gold annually before November 14, 2007 in order to earn an additional 40% interest in the project. The Donlin Joint Venture is looking at a high-tonnage operation in the range of 20,000 to 30,000 tonnes per day that potentially would produce over 1 million ounces of gold per year. NovaGold's annual share of this gold production would range from 300,000 to 400,000 ounces of gold per year. About NovaGold NovaGold will review developments at Donlin Creek, Rock Creek Rock Creek may refer to:
NovaGold is a precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. company focused on the exploration and development of gold properties in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . NovaGold is well financed, has no debt, and one of the largest unhedged gold resource bases of any junior gold company. Shares of NovaGold are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol NRI). Annual and quarterly financial reports, news releases and other information are available online at: www.novagold.net. |
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