Tuesday, 28th October 2008 (334 views)

NovaGold has announced that production has started at its Rock Creek gold mine and insists that it expects to improve its operating margins in the future.

Located near Nome, Alaska, the new Rock Creek gold mine is expected to produce around 100,000 ounces of gold a year.

The Vancouver-based company's Nome operations include the Rock Creek and Big Hurrah mine sites, with a proven and probable reserve of 510,000 ounces of gold.

According to NovaGold, the firm plans to work over the next year on obtaining permits for work on Big Hurrah, conduct a feasibility study for the Donlin Creek gold project in Alaska and work on the Galore Creek copper-gold project in British Columbia.

Despite the global economic slowdown, NovaGold has reported that it has hit targets on a number of projects and has started gold production for the first time at Rock Creek.

A growth company in the gold exploration, development and mining sector, NovaGold has a sizeable resource base located in North America which has grown over the past ten years from 500,000 ounces of gold to 27.7 million ounces of gold.

 

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