NOVAGOLD RESOURCES INC. (TSX:NG)(NYSE MKT:NG) is pleased to
announce that it has appointed Richard Williams as Vice President
Engineering and Development, effective April 1, 2013. Mr. Williams
will be responsible for all aspects related to the engineering and
technical advancement of the Company's flagship Donlin Gold Project
in Alaska and Galore Creek Project in British Columbia.
Mr. Williams spent over 30 years with Barrick Gold developing
and operating major mines, with a particular focus on the design
and implementation of the pressure oxidation technology planned to
be used to process ores at Donlin Gold. Most recently, he served as
Project Director of the Pueblo Viejo operation in the Dominican
Republic where he played a key role in designing and constructing
four of the largest autoclaves in the world. At Pueblo Viejo, Mr.
Williams also spearheaded the successful commissioning and start-up
of one of the world's most complex integrated gold processing
facilities which, in addition to the autoclaves, included silver
and base-metal recovery circuits. Mr. Williams' seven year tenure
at Pueblo Viejo capped a progressively responsible career which
included the design, construction and operation of mineral
processing facilities of major mines such as Goldstrike in Nevada
and Mercur in Utah. He holds a Bachelor of Science Degree in
Chemical Engineering from Trinity University in San Antonio, Texas
and is a Member of the American Institute of Mining, Metallurgical,
and Petroleum Engineers.
"Having recently completed the successful development and
construction of one of the world's largest and newest gold mines,
Richard has an unparalleled track record of achievement in all
facets relating to the design, construction and operation of
state-of-the-art mineral processing facilities," said Gregory Lang,
NOVAGOLD's President and Chief Executive Officer. "His experience
at Pueblo Viejo is directly relevant to Donlin Gold as there are
many common reference points between the two projects. Donlin Gold
will benefit immensely from Richard's exceptional expertise in
project development and autoclave technology. With Richard's
appointment, we have completed the formation of the new leadership
team at NOVAGOLD."
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company engaged in
the exploration and development of mineral properties in North
America. Its flagship asset is the 50%-owned Donlin Gold project in
Alaska, one of the safest jurisdictions in the world. With a total
of approximately 34 million ounces(1) of gold in the Proven and
Probable reserve categories (505 million tonnes at an average grade
of approximately 2.1 grams per tonne), Donlin Gold is regarded to
be one of the largest, and most prospective known gold deposits in
the world. According to the updated Feasibility Study, once in
production, Donlin Gold should average approximately 1.5 million
ounces of gold per year for the first five years, followed by
decades of more than one million ounces of gold per year 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 strike length
of the property. Permitting is underway for the Donlin Gold
project, a clearly defined process expected to take 3-4 years.
NOVAGOLD also owns 50% of the Galore Creek copper-gold-silver
project located in northern British Columbia. According to the 2011
Pre-Feasibility Study, Galore Creek is expected to be the largest
copper mine in Canada, a tier-one jurisdiction, when it is put into
production. NOVAGOLD is currently evaluating opportunities to sell
all or a portion of its interest in Galore Creek and would apply
the proceeds toward the development of Donlin Gold. NOVAGOLD has a
strong track record of forging collaborative partnerships, both
with local communities and with major mining companies.
Scientific and Technical Information
Scientific and technical information contained herein with
respect to Donlin Gold is derived from the "Donlin Creek Gold
Project Alaska, USA NI 43-101 Technical Report on Second Updated
Feasibility Study" compiled by AMEC. Kirk Hanson, P.E., Technical
Director, Open Pit Mining, North America, (AMEC, Reno), Gordon
Seibel, R.M. SME, Principal Geologist, (AMEC, Reno), Tony Lipiec,
P.Eng. Manager Process Engineering (AMEC, Vancouver) are the
Qualified Persons responsible for the preparation of the
independent technical report, each of whom are independent
"qualified persons" as defined by NI 43-101.
(1) Proven and Probable reserves of 0.57 million ounces and
33.28 million ounces respectively (504.8 million tonnes at an
average grade of approximately 2.09 grams per tonne) which are
included in Measured and Indicated resources of 0.63 million ounces
and 38.38 million ounces respectively (541 million tonnes at an
average grade of approximately 2.2 grams per tonne).
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included herein including,
without limitation, the timing of permitting and potential
development of Donlin Gold, statements relating to NOVAGOLD's
future operating and financial performance, outlook, and the
potential sale of all or part of NOVAGOLD's interest in Galore
Creek are forward-looking statements. Forward-looking statements
are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. These forward-looking statements may
include statements regarding perceived merit of properties;
exploration results and budgets; mineral reserves and resource
estimates; work programs; capital expenditures; timelines;
strategic plans; completion of transactions; market prices for
precious and base metals; intended use of proceeds; or other
statements that are not statements of fact. Forward-looking
statements involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
NOVAGOLD's expectations include the uncertainties involving the
need for additional financing to explore and develop properties and
availability of financing in the debt and capital markets;
uncertainties involved in the interpretation of drilling results
and geological tests and the estimation of reserves and resources;
the need for continued cooperation with Barrick Gold Corporation
and Teck Resources Limited for the continued exploration and
development of the Donlin Gold and Galore Creek properties; the
need for cooperation of government agencies and native groups in
the development and operation of properties; the need to obtain
permits and governmental approvals; risks of construction and
mining projects such as accidents, equipment breakdowns, bad
weather, non-compliance with environmental and permit requirements,
unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases, which could include
significant increases in estimated capital and operating costs;
fluctuations in metal prices and currency exchange rates; and other
risk and uncertainties disclosed in NOVAGOLD's Annual Information
Form for the year-ended November 30, 2012, filed with the Canadian
securities regulatory authorities, and NOVAGOLD's annual report on
Form 40-F filed with the United States Securities and Exchange
Commission and in other NOVAGOLD reports and documents filed with
applicable securities regulatory authorities from time to time.
NOVAGOLD's forward-looking statements reflect the beliefs, opinions
and projections on the date the statements are made. NOVAGOLD
assumes no obligation to update the forward-looking statements of
beliefs, opinions, projections, or other factors, should they
change, except as required by law.
Cautionary Note to United States Investors
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all resource and reserve estimates included in
this press release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and the Canadian Institute of Mining, Metallurgy, and
Petroleum Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Canadian standards, including NI
43-101, differ significantly from the requirements of the United
States Securities and Exchange Commission ("SEC"), and resource and
reserve information contained herein may not be comparable to
similar information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, the term
"resource" does not equate to the term "reserves". Under U.S.
standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made.
The SEC's disclosure standards normally do not permit the
inclusion of information concerning "measured mineral resources",
"indicated mineral resources" or "inferred mineral resources" or
other descriptions of the amount of mineralization in mineral
deposits that do not constitute "reserves" by U.S. standards in
documents filed with the SEC. Investors are cautioned not to assume
that any part or all of mineral deposits in these categories will
ever be converted into reserves. U.S. investors should also
understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an "inferred mineral resource" will ever be upgraded to
a higher category. Under Canadian rules, estimated "inferred
mineral resources" may not form the basis of feasibility or
pre-feasibility studies except in rare cases. Investors are
cautioned not to assume that all or any part of an "inferred
mineral resource" exists or is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in-place tonnage and
grade without reference to unit measures. The requirements of NI
43-101 for identification of "reserves" are also not the same as
those of the SEC, and reserves reported by NOVAGOLD in compliance
with NI 43-101 may not qualify as "reserves" under SEC standards.
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Contacts: NOVAGOLD RESOURCES INC. Melanie Hennessey Vice
President, Corporate Communications 604-669-6227 or 1-866-669-6227
NOVAGOLD RESOURCES INC. Erin O'Toole Analyst, Investor Relations
604-669-6227 or 1-866-669-6227
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