NOVAGOLD Announces Departure of Director
VANCOUVER, British Columbia, July 06, 2018 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (TSX:NG) (NYSE American:NG) regrets to announce that Gillyeard Leathley resigned from its
Board of Directors effective July 5, 2018, to focus on his health.
NOVAGOLD’s Board of Directors and management team want to thank Mr. Leathley for his wise counsel and valuable contributions to the Company over the past eight years. Mr. Leathley initially served as NOVAGOLD’s Senior Vice President and Chief Operating Officer and subsequently became a Director and Special Advisor to the President & CEO. Mr. Leathley, with greater than 55 years of mining, engineering and leadership experience, has been instrumental in advancing the Company’s Donlin Gold and Galore Creek projects.
We have been privileged to work alongside Gil and wish him the best of health and a speedy recovery.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the permitting and development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the measured and indicated resource categories, inclusive of proven and probable reserves (541 million tonnes at an average grade of approximately 2.2 grams per tonne), Donlin Gold is regarded to be one of the largest, highest grade, and most prospective known gold deposits in the world. According to the Second Updated Feasibility Study (as defined below), once in production, Donlin Gold is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint which currently covers only three kilometers of an approximately eight-kilometer long gold-bearing trend. Current activities at Donlin Gold are focused on permitting, optimization work, community outreach and workforce development in preparation for the construction and operation of this top tier asset. NOVAGOLD also owns 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According to the 2011 Pre-Feasibility Study (as defined below), once in production, Galore Creek is expected to be the largest copper mine in Canada, a tier-one mining jurisdiction. NOVAGOLD anticipates selling all or a portion of its interest in Galore Creek and would apply the proceeds toward the development of Donlin Gold. With a strong balance sheet, NOVAGOLD is well positioned to stay the course and take Donlin Gold through permitting.