Gil Leathley to Retire As Chief Operating Officer of NOVAGOLD
November 13 2012 - 5:32PM
Marketwired
NOVAGOLD RESOURCES INC. (TSX:NG)(NYSE MKT:NG) ("NOVAGOLD" or "the
Company") announces that Gillyeard Leathley, the Senior Vice
President and Chief Operating Officer will be retiring at the end
of November, 2012. He will continue to serve as a Senior Advisor to
the President and Chief Executive Officer and as a Director of the
Company and Donlin Gold LLC. Gil has more than 50 years of
experience in the mining industry. He joined NOVAGOLD in 2010 as a
Senior Advisor to the President, became Senior Vice President and
Chief Operating Officer later in the year and joined the Board of
Directors earlier this year.
"Gil has been instrumental in advancing our flagship mining
projects, Donlin Gold and Galore Creek, and executing on the
divestiture of non-core assets as part of the reorganization of the
Company," said Gregory A. Lang, NOVAGOLD's President and Chief
Executive Officer. "He has been an integral part of our team which
benefitted from his extensive technical and operating experience
and guidance. I have worked with Gil for many years and look
forward to his continued contribution as a Senior Advisor and
Director, as Donlin Gold continues to advance through permitting
and development."
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company engaged in
the exploration and development of mineral properties in North
America. The Company's flagship asset is its 50%-owned Donlin Gold
project in Alaska, one of the safest jurisdictions in the world.
With approximately 39 million ounces of gold in the Measured and
Indicated resource categories (541 million tonnes at an average
grade of approximately 2.2 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 per year. 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.
Please note: As part of the rebranding, the company has
converted its primary domain to .com from .net, therefore, our
website can now be accessed at www.NOVAGOLD.com and all email
formats within NOVAGOLD are now firstname.lastname@NOVAGOLD.com.
Please update your contacts accordingly.
Scientific and Technical Information
Scientific and technical information contained herein with
respect to the Donlin Gold project 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.
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, 2011, 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.
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 www.NOVAGOLD.com
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