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Wednesday, 28th March 2007 (5455 views)

NovaGold resources is initiating a drilling campaign at one of its copper-gold projects in north-western British Columbia.

Set to commence in the second quarter of 2007 once financing is in place and permits have been received, NovaGold will concentrate on supplementing its existing resource at the Galore Creek deposit.

Proven and provable reserves were estimated for the project in October 2006, demonstrating that indicated gold resources have increased by 12 per cent.

The group has also identified that inferred gold resources have also increased by 23 per cent, with resource estimates suggesting that gold is worth $450 (£228.90) per ounce.

Rick Van Nieuwenhuyse, NovaGold's president and chief executive, said the new resource estimate "continues to show the expansion potential of the world-class Galore Creek deposit".

He added: "The Galore Creek construction team is looking forward to starting construction, with board approval."

 

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