NovaGold (NG) Gets Board Approval for Donlin Gold Feasibility Study
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NovaGold Resources Inc. (AMEX: NG) announces that the Donlin Gold LLC Board of Directors ("Donlin Gold Board"), which is comprised of equal representation from NovaGold Resources Alaska Inc. and Barrick Gold U.S. Inc. (NYSE: ABX), has approved the Updated Donlin Gold Feasibility Study, which forms the basis of the Technical Report filed by the Company earlier this year. The Donlin Gold Board has also given authorization to file permit applications, which is expected to be underway shortly. When the permitting process nears completion, the owners of Donlin Gold will be in an optimal position to make further decisions on the Project. The Donlin Gold Project ("Donlin Gold" or the "Project"), located in Alaska, is owned equally by a wholly-owned subsidiary of NovaGold and a wholly-owned subsidiary of Barrick Gold Corporation.
Donlin Gold, with a Measured and Indicated Resource of approximately 39 million ounces of gold (541 million tonnes at an average grade of approximately 2.2 grams per tonne of gold), is one of the largest undeveloped open-pit gold known deposits in the world. When in production, it is expected, as stated in the Updated Feasibility Study, to produce approximately 1,500,000 ounces of gold per year in the first five full years of production and average more than 1,000,000 ounces of gold per year over a 27 year mine life. Donlin Gold is one of only seven of the world's gold mines producing or which have the potential to produce in excess of a million gold ounces per year and it is located in North America, one of the safest jurisdictions.
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Donlin Gold, with a Measured and Indicated Resource of approximately 39 million ounces of gold (541 million tonnes at an average grade of approximately 2.2 grams per tonne of gold), is one of the largest undeveloped open-pit gold known deposits in the world. When in production, it is expected, as stated in the Updated Feasibility Study, to produce approximately 1,500,000 ounces of gold per year in the first five full years of production and average more than 1,000,000 ounces of gold per year over a 27 year mine life. Donlin Gold is one of only seven of the world's gold mines producing or which have the potential to produce in excess of a million gold ounces per year and it is located in North America, one of the safest jurisdictions.
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