NovaGold Appoints New Director to Board
May 28, 2008 - Vancouver, British Columbia - NovaGold
Resources Inc. (AMEX, TSX: NG) today announced the
appointment of a new director to its Board. NovaGold shareholders voted Mr.
Tony Giardini to the Board of Directors at NovaGold’s Annual General Meeting
held today in Vancouver. Mr. Giardini was subsequently appointed to the Audit
Committee to replace Mr. Mike Halvorson, who is retiring from the Board.
Mr. Giardini is Chief Financial Officer of Ivanhoe Mines Ltd., an
international mining company listed on the TSX and the NYSE, with operations
focused in Central Asia and the Asia Pacific region. Prior to joining Ivanhoe,
Mr. Giardini spent more than 10 years with Placer Dome Inc. as Vice-President
and Treasurer, responsible for managing and overseeing the company’s debt and
capital market activities, including managing banking relationships with US,
Canadian and international banks. During his time at Placer Dome, Mr. Giardini
led the financing team that raised in excess of US$1 billion in debt and equity
financings. Mr. Giardini is a CA and CPA and spent 12 years with accounting
firm KPMG prior to joining Placer Dome. Mr. Giardini’s finance and accounting
experience will be invaluable as NovaGold advances Donlin Creek and Galore
Creek through feasibility and toward operations. Mr. Giardini replaces Mr. Mike
Halvorson on NovaGold’s Board of Directors.
“Since joining NovaGold’s Board in 2004, Mr. Halvorson’s financial
expertise and his knowledge of the junior mining sector has been instrumental
in guiding NovaGold’s transition from explorer to producer,” said Rick Van
Nieuwenhuyse, NovaGold’s President and CEO. “I would like to personally
thank Mr. Halvorson for his contributions to NovaGold’s Board, and wish him
well in his future endeavors.”
NovaGold’s Board of Directors comprises eight individuals with
expertise in a variety of disciplines, including accounting, finance, legal,
business and the resource industry. A bio for each Director can be viewed on
NovaGold’s website in the Corporate Info page.
About NovaGold
NovaGold is a precious metals company engaged in the exploration and
development of mineral properties in Alaska and Western Canada. Production is
scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes
the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the
Donlin Creek gold project in Alaska, one of the world’s largest gold
deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore
Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also
in Alaska, NovaGold is earning a 51% interest as manager of the high-grade
Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold
has one of the largest resource bases of any exploration or development-stage
precious metals company. NovaGold trades on the TSX and AMEX under the symbol
NG. More information is available online at www.novagold.net or by e-mail at
info@novagold.net.
Cautionary
Note Concerning Forward-Looking Statements
This press release includes certain “forward-looking statements”
within the meaning of the United States Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical fact, included
herein including, without limitation; anticipated dates for receipt of permits
and approvals, construction and production, and other milestones; anticipated
results of drilling programs, feasibility studies and other analyses;
anticipated availability and terms of future financing; estimated timing and
amounts of future expenditures, and NovaGold’s future production, operating
and capital costs, operating or financial performance, are forward-looking
statements. Information concerning mineral reserve and resource estimates also
may be deemed to be forward-looking statements in that it reflects a prediction
of the mineralization that would be encountered if a mineral deposit were
developed and mined. 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. NovaGold’s forward-looking statements
are based on the beliefs, expectations and opinions of management on the date
the statements are made, and NovaGold does not assume any obligation to update
forward-looking statements if circumstances or management’s beliefs,
expectations or opinions should change except as required by law. For the reasons
set forth above, investors should not place undue reliance on forward-looking
statements. Important factors that could cause actual results to differ
materially from NovaGold’s expectations include uncertainties involved in
disputes and litigation; fluctuations in gold, copper and other commodity
prices and currency exchange rates; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral deposits;
uncertainty of estimates of capital and operating costs, recovery rates,
production estimates and estimated economic return; the need for cooperation of
government agencies and native groups in the exploration and development of
properties and the issuance of required permits; the need to obtain additional financing
to develop properties and uncertainty as to the availability and terms of
future financing; the possibility of delay in exploration or development
programs or in construction projects and uncertainty of meeting anticipated
program milestones; uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed in
NovaGold’s Annual Information Form for the year ended November 30, 2007,
filed with the Canadian securities regulatory authorities, NovaGold’s annual
report on Form 40-F filed with the United States Securities and Exchange
Commission, and other information released by NovaGold from time to time and
filed with the appropriate regulatory agencies.
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Contacts
Greg Johnson
Vice President, Corporate Communications and Strategic Development
Rhylin Bailie
Manager, Corporate & Investor Relations
604-669-6227 or
1-866-669-6227
info@novagold.net Toll free: 866-669-6227
www.novagold.net