NovaGold, a precious metals exploration and development company focused on British Columbia and Alaska, has announced significant progress towards completion of a pre-feasibility study for its Galore Creek copper-gold-silver project in British Columbia. The study is expected to be complete by July, and a National Instrument 43-101 compliant technical report is concurrently being prepared by AMEC Americas Limited.
The Galore Creek property covers nearly 460 square miles in northwestern British Columbia, and is owned equally by subsidiaries of NovaGold and Teck Resources. It represents one of the world’s largest undeveloped copper-gold-silver deposits.
NovaGold President and CEO, Rick Van Nieuwenhuyse, said the following, “Completion of the prefeasibility study will be an important milestone as we work with Teck to optimize the Galore Creek project. Galore Creek is one of the most significant copper-gold projects in the world. Its timely development is important for all stakeholders, including Federal and Provincial governments as well as First Nation communities of northwestern British Columbia.”
The pre-feasibility study is being prepared by Galore Creek Mining Corporation, jointly owned by NovaGold Resources and Teck Resources Limited. Teck completed funding requirements of $373 million during the second quarter of 2011, earning a 50% interest in GCMC. The Project will move forward with Teck and NovaGold equally funding further project development.
In addition to Galore Creek in British Columbia, NovaGold hold interests in several properties in Alaska, including the Donlin Creek Project in western Alaska, considered one of the largest undeveloped gold deposits in the world. The Donlin Creek property is owned equally by NovaGold and Barrick Gold Corporation. NovaGold’s stated objective is to become a low-cost million-ounce-per-year gold producer. The company has a track record of expanding deposits through successful exploration and the forging of critical partnerships.
For additional information on NovaGold Resources, visit the company’s website at www.NovaGold.net