NOVAGOLD Announces Departure of Director
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NOVAGOLD Announces Departure of Director
July 6, 2018 - Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (TSX, NYSE American: NG)
regrets to announce that Gillyeard Leathley resigned from its Board of Directors effective July 5, 2018, to
focus on his health.
NOVAGOLD’s Board of Directors and management team want to thank Mr. Leathley for his wise counsel and
valuable contributions to the Company over the past eight years. Mr. Leathley initially served as
NOVAGOLD’s Senior Vice President and Chief Operating Officer and subsequently became a Director and
Special Advisor to the President & CEO. Mr. Leathley, with greater than 55 years of mining, engineering and
leadership experience, has been instrumental in advancing the Company’s Donlin Gold and Galore Creek
projects.
We have been privileged to work alongside Gil and wish him the best of health and a speedy recovery.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the permitting and development of its
50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With
approximately 39 million ounces of gold in the measured and indicated resource categories, inclusive of
proven and probable reserves (541 million tonnes at an average grade of approximately 2.2 grams per tonne),
Donlin Gold is regarded to be one of the largest, highest grade, and most prospective known gold dep osits in
the world. According to the Second Updated Feasibility Study (as defined below), once in production, Donlin
Gold is expected to produce an average of more than one million ounces per year over a 27 -year mine life on
a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint
which currently covers only three kilometers of an approximately eight -kilometer long gold-bearing trend.
Current activities at Donlin Gold are focused on permitting, optimization work, community outreach and
workforce development in preparation for the construction and op eration of this top tier asset. NOVAGOLD
also owns 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According
to the 2011 Pre-Feasibility Study (as defined below), once in production, Galore Creek is expected to be the
largest copper mine in Canada, a tier-one mining jurisdiction. NOVAGOLD anticipates selling all or a portion
of its interest in Galore Creek and would apply the proceeds toward the development of Donlin Gold. With a
strong balance sheet, NOVAGOLD is well positioned to stay the course and take Donlin Gold through
permitting.
Scientific and Technical Information
Some scientific and technical information contained herein with respect to the Donlin Gold project is derived
from the “Donlin Creek Gold Project Alaska, USA NI 43 -101 Technical Report on Second Updated Feasibility
Study” prepared by AMEC with an effective date of November 18, 2011, as amended January 20, 2012 (the
“Second Updated Feasibility Study”). Kirk Hanson, P.E., Technical Director, Open Pit Mining, North America,
(AMEC, Reno), and Gordon Seibel, R.M. SME, Principal Geologist, (AMEC, Reno) are the Qualifi ed Persons
responsible for the preparation of the independent technical report, each of whom are independent “qualified
persons” as defined by NI 43-101.
Certain scientific and technical information contained herein with respect to Galore Creek is derived from the
technical report entitled "Galore Creek Project British Columbia NI 43 -101 Technical Report on Pre-Feasibility
Study" dated effective July 27, 2011 (the "2011 Pre-Feasibility Study"). The Qualified Persons responsible for
the preparation of the independent technical report are Greg Kulla, P. Geo., Principal Geologist (AMEC
Americas Limited), and Jay Melnyk, P. Eng. (AMEC Americas Limited), each of whom are independent
"qualified persons" as defined by NI 43-101.
Clifford Krall, P.E., who is the Mine Engineering Manager for NOVAGOLD and a “qualified person” under
NI 43-101, has approved and verified the scientific and technical information related to the Donlin Gold project
contained in this press release.
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NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
Allison Pettit
Investor Relations Manager
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking
statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, included herein including, without limitation, the permitting, potential
development, exploration, construction and operation of Donlin Gold, Galore Creek’s potential to be the largest copper mine in Canada,
NOVAGOLD’s anticipated sale of all or a portion of its interest in Galore Creek and the application of any such proceeds, statements
relating to NOVAGOLD’s future operating and financial performance, production estimates and outlook are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”,
“estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would”
or “should” occur or be achieved. These forward-looking statements may include statements regarding; exploration potential of Donlin
Gold; mine life and production estimates at Donlin Gold; perceived merit of properties; anticipated permitting timeframes; exploration
results and budgets; mineral reserve and resource estimates; work programs; capital expenditures; timelines; strategic plans; benefits of
the project; completion of transactions; market prices for precious and base metals; or other statements that are not statements of fact.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from NOVAGOLD’s expectations include the uncertainties involving the interpretation of the
drill results, the need to obtain permits and governmental approvals; the need for additional financing to explore and develop properties
and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological
tests and the estimation of reserves and resources; the need for continued cooperation with Barrick Gold Corporation for the continued
exploration and development of the Donlin Gold property; the need for cooperation of government agencies and native groups in the
development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad
weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations
in metal prices and currency exchange rates; and other risk and uncertainties disclosed in NOVAGOLD’s Annual Report filed on Form 10-
K for the year-ended November 30, 2017 with the United States Securities and Exchange Commission, Canadian securities regulators,
and in other NOVAGOLD reports and documents filed with applicable securities regulatory authorities from time to time. NOVAGOLD’s
forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. NOVAGOLD assumes no
obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as
required by law.
Cautionary Note to United States Investors
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the
requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this press release have
been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning
mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and
Exchange Commission (SEC), and resource and reserve information contained herein may not be comparable to similar information
disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource” does not equate to the
term "reserves”. Under U.S. standards, mineralization may not be classified as a "reserve” unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC's disclosure
standards normally do not permit the inclusion of information concerning "measured mineral resources”, "indicated mineral resources” or
"inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves” by
U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that all or any part of “measured” or “indicated
resources” will ever be converted into “reserves”. Investors should also understand that "inferred mineral resources” have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated "inferred
mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces” in a
resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that
does not constitute "reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI
43-101 for identification of "reserves” are also not the same as those of the SEC, and reserves reported by NOVAGOLD in compliance with
NI 43-101 may not qualify as "reserves” under SEC standards. Donlin Gold does not have known reserves, as defined under SEC Industry
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Guide 7. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.