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NOVAGOLD Reports Third Quarter Results Donlin Gold Receives Record of Decision & Key Federal and State Permits & NOVAGOLD Sells its 50% share of Galore Creek to Newmont

Nachrichtenquelle: Marketwired
02.10.2018, 23:00  |  804   |   |   
  • The U.S. Army Corps of Engineers (Corps) and U.S. Bureau of Land Management (BLM) issued the joint Donlin Gold Record of Decision (ROD), marking the completion of a multi-year federal environmental review process
  • NOVAGOLD sold its 50% interest in Galore Creek to Newmont Mining Corporation (“Newmont”) for total consideration of up to $275 million
  • With approximately $166 million in cash and term deposits as of August 31, 2018, NOVAGOLD is in an excellent financial position to continue advancing its Donlin Gold project up the value chain

VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (NYSE American, TSX: NG) today released its 2018 third quarter financial results and updates for the Donlin Gold project in Alaska, which NOVAGOLD (the “Company”) owns equally with Barrick Gold Corporation (“Barrick”).

Details of the financial results for the third quarter ended August 31, 2018 are presented in the consolidated financial statements and quarterly report filed on Form 10-Q with the SEC that is available on the Company's website at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated and all resource and reserve estimates are shown on a 100% project basis.

During the third quarter 2018 and to date, NOVAGOLD achieved the following milestones:

  • Donlin Gold received a Record of Decision and key Federal and State Permits with successful completion of the National Environmental Policy Act (NEPA) process:
    • The final Environmental Impact Statement (EIS) was released and Notice of Availability published on April 27, 2018 and the joint ROD was issued on August 13, 2018 by the Corps and BLM
    • Clean Water Act (CWA) Section 10/404 (wetlands) permit and BLM Offer to Lease for pipeline right-of-way were also issued
    • The Pipeline and Hazardous Materials Safety Administration (PHMSA) special permit was issued on June 5, 2018
  • Alaska state permits were secured in parallel with the federal permits:
    • The State air quality permit and APDES water discharge permit have been issued
    • Title 16 fish habitat permits were received on August 30, 2018
    • The State issued the CWA Section 401 certification that the Corps’ Section 404 permit complies with state water quality standards
  • NOVAGOLD sold its 50% share of Galore Creek to Newmont for a total consideration of up to $275 million:
    • The Company already received $100 million in July; it is scheduled to receive an additional $75 million no later than July 27, 2021 and another $25 million no later than July 27, 2023; if a construction decision for development of Galore Creek is made, the Company would receive an additional $75 million
  • NOVAGOLD and its partner Barrick continued to carry out optimization work to improve capital efficiencies at Donlin Gold and enhance the project’s execution plan with the objective of updating the 2011 feasibility study
  • The Company conducted a site tour for a diverse group of financial representatives and hosted a dinner with Alaska Governor Walker, key State agency commissioners and executives of Calista and The Kuskokwim Corporation (TKC)
  • The Company carried out several important initiatives in the Yukon-Kuskokwim region near Donlin Gold:
    • Collaborated with our Native Corporation partners to visit multiple villages to provide updates on Donlin Gold’s recent achievements
    • Participated in an environmental initiative that identified and removed hazardous waste from six Kuskokwim River villages
    • Supported educational opportunities for more than 100 students

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