Galore Creek
NOVAGOLD and Teck Resources each own 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According to the Pre-Feasibility Study, Galore Creek has the potential to be the largest copper mine in Canada and in the top 5% of known gold deposits. Construction began on the project in 2007, but was halted in November of that year when a $3 Billion cost overrun forced the partners to put the project on "care and maintenance". The increase more than doubled the estimated development cost of the project. The new estimate was attributed to cost increases for the tailings dam and water diversion structures. NOVAGOLD indicated in 2010 that it was evaluating opportunities to sell all or a portion of its interest in Galore Creek and apply the proceeds toward the development of Donlin Gold. However, after the 2012 announcement concerning Donlin, NOVAGOLD has reevaluated its decision to sell Galore Creek.
Read more about this topic: Nova Gold Resources
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