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Re: News Release - Friday, February 23, 2007
NovaGold Receives Galore Creek Project Environmental Certificate
Approval
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February 23, 2007 - Vancouver, British Columbia - NovaGold Resources
Inc. (AMEX, TSX: NG) is pleased to announce that it has received from
the Province of British Columbia the Environmental Assessment
Certificate for the company's Galore Creek copper-gold-silver project
in northwestern British Columbia, following a comprehensive review led
by B.C.'s Environmental Assessment Office.
The Galore Creek environmental assessment process was initiated in
February 2004. As part of the comprehensive assessment effort, NovaGold
entered into the collaborative study and review process with the
Tahltan First Nation, B.C. Provincial and Canadian Federal agencies,
and U.S. federal and Alaska State agencies to develop a detailed plan
for the development, operation and closure of a mine at Galore Creek
with a minimum overall environmental impact. During the process a
series of public meetings were held in various communities in northern
British Columbia and Alaska to allow for input into the project from
local communities in the region.
In their comment letter to the British Columbia Environmental
Assessment Office, the chair of the Tahltan Central Council, stated,
"The Tahltan believe that NovaGold provides the leadership, management
and vision, in partnership with the Tahltan Nation, to make the Galore
Creek project socially and environmentally sustainable. The present
leadership of NovaGold is creative and transformative in its approach
to the relationship with the Tahltan Nation and in taking mining to the
next level of social and environmental responsibility. NovaGold is the
mining industry leader in Tahltan territory and will ensure mining
brings more benefits than impacts to the Tahltan and BC citizens."
"We are very pleased to have received the timely approval of our
Environmental Certificate for the Galore Creek project. This is a major
step toward the development of what will be one of the largest new
mines in Canada. The issuance of the Environmental Certificate is the
culmination of three years of dedicated collaborative work by our
Galore Creek project team and contractors, staff at the various
government agencies and our partners the Tahltan First Nation. We are
grateful for the contributions from everyone who worked to achieve this
major milestone for the project," said Rick Van Nieuwenhuyse, President
and CEO of NovaGold. "We look forward to developing Galore Creek as a
model of how a mine can be built and operated in a socially and
environmentally sustainable manner."
The Galore Creek project has also been subject to a comprehensive level
review under the Canadian Environmental Assessment Act (CEAA) due to
authorizations required by Fisheries and Oceans Canada, Transport
Canada, Environment Canada and Natural Resources Canada. The B.C.
Environmental Assessment Office and federal agencies have harmonized
the Environmental Assessment process and prepared a joint Comprehensive
Study Report/Assessment Report for the decision makers. The final
public comment period on the Comprehensive Study Report, as required by
the Canadian Environmental Assessment Act (CEAA), was completed on
February 19, 2007.
The joint Provincial and Federal Assessment Report concludes that
effects from the project will be within acceptable levels, subject to
adherence to the application's design components and implementation of
mitigation measures and commitments agreed to by NovaGold. Approval of
the project's Environmental Certificate now clears the way for the
issuance of the various permits and authorizations required to
construct and operate the mine. Those approvals are anticipated to be
received in the second quarter with construction of the project
targeted to begin by mid-2007.
The provincial environmental assessment certificate contains a series
of project-specific commitments that NovaGold will implement, or
continue to implement, throughout the various phases of the project.
These include ongoing assessment of water treatment options,
maintaining aquatic, fisheries and wildlife monitoring programs,
continuing the collection and analysis of water, sediment, and biota,
developing a long-term maintenance and mitigation strategy for the
tailings impoundment dam and spillway, and developing a wildlife
mitigation and monitoring plan to identify measures to further reduce
effects on wildlife.
About the Galore Creek Project
Located in northwestern British Columbia, Galore Creek is one of the
largest undeveloped copper-gold-silver projects worldwide. As
envisioned, the Galore Creek deposit would be developed as an open-pit
mine at a 65,000 tonne-per-day processing rate over a minimum 20-year
mine life. The project will create up 1,000 jobs during the
construction phase and approximately 500 direct employees during
operation.
In February 2006, NovaGold entered into a comprehensive agreement with
the Tahltan First Nation to support development of the Galore Creek
project. The agreement supports the Tahltan Nation's principles of
environmental stewardship, economic sustainability and
self-determination and ensures collaboration throughout the
Environmental Assessment review and the permitting process.
About NovaGold
NovaGold Resources Inc. owns 70% of the Donlin Creek gold project in
Alaska, one of the world's largest gold deposits. The Company is
rapidly advancing toward production at its 100%-owned Galore Creek
copper-gold project in northwestern British Columbia, and expects to
achieve production in mid-2007 at its 100%-owned Nome Operations in
Alaska, which include Rock Creek, Big Hurrah and Nome Gold. Also in
Alaska, NovaGold is earning a 51% interest as manager of the high-grade
Ambler copper-zinc-silver-gold project in partnership with Rio Tinto.
NovaGold is well financed with no long-term debt, and has one of the
largest resource bases of any exploration or development-stage precious
metals company. NovaGold trades on the TSX and AMEX under the symbol
NG. More information is available online at: www.novagold.net or by
e-mail at: info@novagold.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical fact,
included herein including, without limitation; anticipated dates for
receipt of permits and approvals, construction and production, and
other milestones; anticipated results of drilling programs, feasibility
studies and other analyses; anticipated availability and terms of
future financing; and NovaGold's future production, operating and
capital costs, operating or financial performance and future share
prices, are forward-looking statements. Information concerning mineral
reserve and resource estimates also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization that
would be encountered if a mineral deposit were developed and mined.
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 uncertainties involved in disputes and litigation, including
disputes and litigation concerning Barrick Gold Corporation;
fluctuations in gold, copper and other commodity prices and currency
exchange rates; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits;
uncertainty of estimates of capital and operating costs, recovery
rates, production estimates and estimated economic return; the need for
cooperation of government agencies and native groups in the exploration
and development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs or in
construction projects and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and other
governmental approvals for Galore Creek and other projects; and other
risks and uncertainties disclosed in NovaGold's Annual Information Form
for the year ended November 30, 2005, filed with the Canadian
securities regulatory authorities, NovaGold's annual report on Form
40-F filed with the United States Securities and Exchange Commission,
and other information released by NovaGold and filed with the
appropriate regulatory agencies.
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Contacts
Greg Johnson
Vice President, Corporate Communications and Strategic Development
Don MacDonald, CA
Senior Vice President & CFO
Rhylin Bailie
Manager, Corporate & Investor Relations
604-669-6227 or 1-866-669-6227
Associated File:
http://www.novagold.net/i/pdf/ngpr23feb07galore ea.pdf
37 KB in size, approx. 8 seconds to download at 56.6Kbps
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Copyright (c) 2007 NOVAGOLD RESOURCES INC. (TSX/AMEX:NG) All rights
reserved. For more information visit our website at
http://www.novagold.net/ or send mail to: info@novagold.net
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Message sent on Fri Feb 23, 2007 at 6:22:06 AM Pacific Time
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