NovaGold Resources Inc. TICKER: NG:AMEX,TSX DESCRIPTION: NovaGold is a growth company focused on exploration, development and production of gold and copper with a resource base of more than 28 million ozs of gold along with nearly 8 billion lbs of copper. NovaGold’s growth and success comes from its experienced exploration team and its ability to forge collaborative partnerships with Native Alaskan and First Nations groups, local communities and major mining companies. With gold production targeted for the second half of 2008 at its Nome Operations in Alaska, NovaGold has one of the strongest production growth profiles in the sector – increasing from 100,000 ounces of gold on an annualized basis to potentially over 1 million ounces of gold, 4 million ounces of silver and 200 million pounds of copper annually at very low cost net of by-product metal credits. To ensure successful development of its world-class projects, NovaGold is partnered with some of the largest mining companies in the world including Barrick Gold in a 50/50 partnership of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, and with Teck Cominco in a 50/50 partnership at Galore Creek project in northwestern British Columbia, one of the world's largest copper-gold deposits. WEBSITE: www.novagold.net Mike Niehuser, Beacon Rock: Emerging Producers Contain Significant Unrecognized Value (6/30/08)NovaGold Research Report by Kenneth Gerbino (8/06/08)
The information below is based on the most recent information we have
received from analysts and the companies participating in The Gold Report.
We encourage you to visit the company's web site for updates.
The Gold Report
"NovaGold Resources Inc.: Increased resources at Donlin Creek to Measured and Indicated Resources of 393.8 million tonnes grading 2.49 g/t Au for contained 31.67 million ounces Au and Inferred Resource of 55.4 million tonnes grading 2.33 g/t Au for contained 4.13 million ounces gold. Total gold resource attributable to NovaGold (50%) is 17.6 million ounces gold." (8/19/08)
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Junior Mining Weekly
The Gold Report
"...Again you have to consider the supply side. Let’s face it—new deposits are taking longer and costing a lot more to bring into production.
A good example of that is the situation at Galore Creek with NovaGold Resources Inc. (NG:AMEX,TSX) . Here you have a fantastic mega project that initially looked very good and the economics made sense. Then all of a sudden—largely due to rising energy, steel and other development costs—you have to reevaluate everything." (8/12/08)
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NEIL MACDONALD, NOVADX, The Gold Report
The Gold Report
"Barrick Gold, the world’s largest gold producer attempted a hostile takeover of Nova at $16 a share when gold was $600. Since then NovaGold Resources Inc. (NG:AMEX,TSX) has doubled its gold resources to 27.3 million ounces and gold is at $890. The prize property is Donlin Creek which will produce 1.9 million ounces of gold a year when in production and be one of the world’s largest gold mines. It most likely will produce gold for 30-40 years. It will be the 2nd largest gold mine in the world.
The company is obviously a possible buy out candidate. We would have to consider it to be the number one buy out candidate in the mining sector." (8/11/08)
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KENNETH GERBINO, KENNETH J. GERBINO & COMPANY
The Gold Report
"We believe NovaGold has the potential to generate EBITDA of over $695 million in 2015, growing to over $900 million in 2016, which should garner a future share price of $25.00. Based on our model, the current market price of $8.57 per share reflects a minimal value for Galore Creek and thus, represents a low cost call option on any future design success at the project. Addressing market concerns regarding capital costs will be key in regaining market confidence – the Galore Creek preliminary economic assessment from joint venture partner Teck Cominco will be the first data point to address this issue. We believe the company is on track to start commissioning at Rock Creek shortly and increase production from 116,000 ounces of gold in 2009 to over 1.0 million ounces per year by 2017. Total cash costs are expected to dramatically decrease from US$500/oz to negative US$100/oz, net by-product credits from Galore Creek. The majority of our estimated valuation for NovaGold is associated with Donlin Creek (47%) and Galore Creek (38%) and thus the delivery of two technical documents over the next six months should demonstrate the pathway forward for these two assets. Having large mining companies such as Barrick and Teck Cominco as joint venture partners allows for experienced technical teams to oversee project engineering and construction, which would otherwise be a challenge. Both technical teams fully staffed with approximately 50 professionals assigned to each of the projects (including outside engineering firms). Since taking over management of the Donlin Creek project, Barrick has invested over US$250 million into the project (largest investment in any of their development stage projects prior to construction). Likewise, Teck Cominco has invested over $300 million in the past two years at Galore Creek. We rate NovaGold a Buy with an $11.00 per share target derived by applying a 1.02x multiple to our estimated NAVPS of $10.82." (7/31/08)
-PAOLO LOSTRITTO, WELLINGTON WEST CAPITAL MARKETS
The Gold Report
"At NovaGold's (NovaGold Resources Inc. (NG:AMEX,TSX) Galore Creek copper-gold project, which was suspended last fall pending a comprehensive engineering review, we note that Teck Cominco Ltd. management has recently indicated excellent progress and expects to make a new go-forward decision later in 2008 under a modified development plan. We see the transition to production, advancement to feasibility and permitting on Donlin and a new development plan for Galore Creek as potential major positive catalysts, especially in light of the current share price level which resulted from the announcement on the Galore Creek project in late 2007." (6/30/08)
-MIKE NIEHUSER, BEACON ROCK RESEARCH
NovaGold Resources Inc. 
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