In addition to the spin out of NovaCopper, the Board of NovaGold has re iterated its objective to unlock the value of NovaGold copper assets in order to focus on the Company flagship Donlin Gold project refer to the Press Release dated July 28, 2011 To that end, the Board of NovaGold has decided to explore opportunities to sell all or part of NovaGold 50% share of the Galore Creek project Creek” located in northwestern British Columbia. Galore Creek is one of the largest known undeveloped copper projects in the world and is located in a first tier mining jurisdiction. If put into production as contemplated in the recently completed Prefeasibility Study, the Galore Creek mine would be the fourth largest copper mine in North America and the largest in Canada on current production figures from industry sources addition, the NTL in its current design is not able to carry the load of all of the proposed mining projects, so the likelihood of having all proposed ones developed is close to Zero.
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