NovaGold Completes PFS for Canadian Project

28 July 2011 (Last Updated July 28th, 2011 18:30)

NovaGold Resources has completed the prefeasibility study (PFS) for its Galore Creek copper-gold-silver project in British Columbia, Canada. The Galore Creek project is owned by a partnership between the subsidiaries of NovaGold and Teck Resources, and is managed by Galore Creek Mining (G

NovaGold Resources has completed the prefeasibility study (PFS) for its Galore Creek copper-gold-silver project in British Columbia, Canada.

The Galore Creek project is owned by a partnership between the subsidiaries of NovaGold and Teck Resources, and is managed by Galore Creek Mining (GCMC).

The PFS conducted by GCMC has confirmed the viability of the project and showed a significant increase in scale and redesign of the project from previous configurations.

The project has total proven and probable mineral reserves of 528Mt, grading 0.6% copper, 0.32g/t of gold and 6.02g/t of silver.

It is expected to produce 6.2 billion pounds of copper, 4.0Moz of gold and 65.8Moz of silver over a mine life of 18 years.

Based of the PFS, AMEC Americas and Lemley International will prepare an independent technical report.