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NovaGold sees 2018 total budget approximately $28M.

Management said, "Spending for Donlin Gold and Galore Creek projects, along with general and administrative costs totaled $23.5 million in 2017, and was lower than our 2017 outlook of $27 million, mainly due to lower than expected permitting and optimization work expenditures at Donlin Gold. The net change in cash and term deposits was also favorably impacted by higher interest income and working capital changes, resulting in a net decrease in cash and term deposits of $21.3 million. As previously acknowledged, we believe that our cash and term deposits are sufficient to cover the anticipated funding at the Donlin Gold and Galore Creek projects in addition to general and administrative costs through completion of permitting at the Donlin Gold project. The term deposits are denominated in U.S. dollars and held at two Canadian chartered banks. Similar to 2017, we anticipate a total budget of approximately $28 million in 2018, $14 million to fund our share of expenditures at the Donlin Gold project, which includes permitting costs of $9 million and project optimization work of $5 million, $3 million at the Galore Creek project and $11 million for general and administrative costs. NOVAGOLD remains focused on five primary goals in 2018: advance the Donlin Gold project toward a construction/ production decision; maintain a favorable reputation of the Company and its projects among shareholders, Native entities and other stakeholders; promote a strong safety culture, maintain a zero lost time accident record at all project and office locations; and safeguard the treasury."

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Publication:The Fly
Date:Jan 24, 2018
Words:252
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