Donlin Gold
The Company's flagship asset is Donlin Gold, in Alaska. NOVAGOLD and Barrick Gold each own 50% of the project. Project permitting began in 2012. Permitting is a clearly defined process which, if successful, can take 3-4 years or more. Donlin Gold is a substantial resource. In terms of size, grade, exploration potential, production profile and jurisdictional safety, it is regarded as one of the most significant undeveloped gold projects in the world. As per the Feasibility Study, Donlin Gold has the potential to produce more than 1M ounces of gold annually over a 27-year mine life. In July 2012, joint venture partner Barrick Gold announced that the Donlin project "no long meets its investment criteria." The substancial costs of bringing power to the remote site, and other development expenses, gave Barrick reason to rethink its investment in the project. The share price of NOVAGOLD dropped 23% on the news.
Read more about this topic: Nova Gold Resources
Famous quotes containing the word gold:
“We are born with luck
which is to say with gold in our mouth.
As new and smooth as a grape,
as pure as a pond in Alaska,
as good as the stem of a green bean
we are born and that ought to be enough....”
—Anne Sexton (1928–1974)