NOVAGOLD Reports 2019 Financial Results: Maintains Strong Financial Position While Continuing to Advance Donlin Gold Up the Value Chain Through the Receipt of Multiple State Permits and Authorizations
- Significant permitting progress made with Donlin Gold LLC (“Donlin Gold”) receiving final easements for the access road and fiber optic cable, as well as land leases, land use permits, and material site authorizations for proposed transportation facilities on State lands
- Plans in place for 2020 to carry out a 22,000-meter, 80-hole drill program to test the extension of high-grade gold zones and validate geologic modeling concepts
- By completing fiscal year 2019 with $148.5 million in cash and term deposits as well as additional receivables, NOVAGOLD enjoys the financial strength to advance the Donlin Gold project up the value chain
VANCOUVER, British Columbia, Jan. 22, 2020 — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the Company”) (NYSE American, TSX: NG) today released its 2019 year-end financial results and an update on its flagship Donlin Gold project in Alaska, which NOVAGOLD owns equally with Barrick Gold Corp. (“Barrick”).
Details of the financial results for the year ended November 30, 2019 are presented in the consolidated financial statements and annual report filed January 22, 2020 on Form 10-K 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.
In 2019, NOVAGOLD achieved the following milestones:
- With key Federal and State permits in hand, Donlin Gold secured additional State permits:
- The Alaska Department of Natural Resources (ADNR) approved the Reclamation and Closure Plan (“Plan”).
- The Waste Management permit was issued by the Alaska Department of Environmental Conservation.
- ADNR’s Division of Mining, Land, and Water (DMLW) issued the final land leases, land use permits, and material site authorizations for the proposed transportation facilities on State lands and the final easements for the access road and fiber optic cable.
- NOVAGOLD and Barrick advanced technical work on Donlin Gold with more drilling planned for 2020:
- In mid-2019, commenced a multi-year site investigation program to collect additional geotechnical information to advance the engineering work on the tailings facility and other water retention and diversion structures from a feasibility level to a final construction package, as required for the project’s dam safety certification application to ADNR.
- A 22,000-meter, 80-hole drill program will be undertaken in 2020 to test the extension of high-grade gold zones, including some encountered in the 2017 drilling, and validate geologic modeling concepts.
- Donlin Gold, together with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), its Native Corporation partners who respectively own the subsurface and surface rights for the Donlin Gold project, carried out a wide-ranging program of community engagement, including training, education, health, safety and environmental management initiatives during 2019:
- Community Backhaul projects, funded by NOVAGOLD, brought together over 20 regional organizations to remove nearly 100,000 pounds of hazardous and electronic waste from 14 remote villages in the Yukon-Kuskokwim (Y-K) region and Bethel.
- Broad outreach activities and engagement with key local groups during the Alaska Federation of Natives Convention last fall.
- Co-sponsored spill response training with TKC and 25 participants from the region.
- Hosted a career & college fair with the Lower Kuskokwim School District that was attended by hundreds of students, parents and teachers from the Y-K region.
Read More: https://www.novagold.com/investors/news/index.php?content_id=2241
NT4
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