VANCOUVER, British Columbia, July 06, 2018 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (TSX:NG)
(NYSE American:NG) regrets to announce that Gillyeard Leathley resigned from its Board of Directors effective July 5, 2018, to
focus on his health.
NOVAGOLD’s Board of Directors and management team want to thank Mr. Leathley for his wise counsel and valuable contributions to
the Company over the past eight years. Mr. Leathley initially served as NOVAGOLD’s Senior Vice President and Chief Operating
Officer and subsequently became a Director and Special Advisor to the President & CEO. Mr. Leathley, with greater than 55 years of
mining, engineering and leadership experience, has been instrumental in advancing the Company’s Donlin Gold and Galore Creek
projects.
We have been privileged to work alongside Gil and wish him the best of health and a speedy recovery.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the permitting and development of its 50%-owned Donlin Gold
project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the
measured and indicated resource categories, inclusive of proven and probable reserves (541 million tonnes at an average grade of
approximately 2.2 grams per tonne), Donlin Gold is regarded to be one of the largest, highest grade, and most prospective known
gold deposits in the world. According to the Second Updated Feasibility Study (as defined below), once in production, Donlin Gold
is expected to produce an average of more than one million ounces per year over a 27-year mine life 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 long gold-bearing trend. Current activities at Donlin Gold are focused on permitting, optimization
work, community outreach and workforce development in preparation for the construction and operation of this top tier asset.
NOVAGOLD also owns 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According to the 2011
Pre-Feasibility Study (as defined below), once in production, Galore Creek is expected to be the largest copper mine in Canada, a
tier-one mining jurisdiction. NOVAGOLD anticipates selling all or a portion of its interest in Galore Creek and would apply the
proceeds toward the development of Donlin Gold. With a strong balance sheet, NOVAGOLD is well positioned to stay the course and
take Donlin Gold through permitting.
Scientific and Technical Information
Some 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” prepared by AMEC with an effective
date of November 18, 2011, as amended January 20, 2012 (the “Second Updated Feasibility Study”). Kirk Hanson, P.E., Technical
Director, Open Pit Mining, North America, (AMEC, Reno), and Gordon Seibel, R.M. SME, Principal Geologist, (AMEC, Reno) 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.
Certain scientific and technical information contained herein with respect to Galore Creek is derived from the technical report
entitled "Galore Creek Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study" dated effective July 27, 2011
(the "2011 Pre-Feasibility Study"). The Qualified Persons responsible for the preparation of the independent technical report are
Greg Kulla, P. Geo., Principal Geologist (AMEC Americas Limited), and Jay Melnyk, P. Eng. (AMEC Americas Limited), each of whom are
independent "qualified persons" as defined by NI 43-101.
Clifford Krall, P.E., who is the Mine Engineering Manager for NOVAGOLD and a “qualified person” under NI 43-101, has approved
and verified the scientific and technical information related to the Donlin Gold project contained in this press release.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
Allison Pettit
Investor Relations Manager
604-669-6227 or 1-866-669-6227
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 permitting, potential development, exploration, construction and operation of Donlin Gold, Galore Creek’s
potential to be the largest copper mine in Canada, NOVAGOLD’s anticipated sale of all or a portion of its interest in Galore Creek
and the application of any such proceeds, statements relating to NOVAGOLD’s future operating and financial performance, production
estimates and outlook 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”, “would” or “should” occur or be achieved. These
forward-looking statements may include statements regarding; exploration potential of Donlin Gold; mine life and production
estimates at Donlin Gold; perceived merit of properties; anticipated permitting timeframes; exploration results and budgets;
mineral reserve and resource estimates; work programs; capital expenditures; timelines; strategic plans; benefits of the
project; completion of transactions; market prices for precious and base metals; 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 interpretation of the drill results, the need to obtain permits and governmental approvals; 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 for the continued exploration and development of the Donlin Gold property; the need for
cooperation of government agencies and native groups in the development and operation of properties; 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 Report filed on Form 10-K for the year-ended November 30, 2017 with the
United States Securities and Exchange Commission, Canadian securities regulators, 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 Canadian National Instrument 43-101 Standards of Disclosure for
Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (“CIM Definition Standards”). 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 all or any part of “measured” or “indicated resources” will ever be
converted into “reserves”. 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. Under Canadian rules, estimated "inferred
mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. 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. Donlin Gold does not have
known reserves, as defined under SEC Industry Guide 7. 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.
