Lawsuit Filed Against NovaGold and Certain of Its
Officers
August 7, 2008 - Vancouver, British Columbia -
NovaGold Resources Inc. (AMEX, TSX: NG) today
learned that it and certain of its officers have been named as defendants in a
purported securities class action lawsuit filed on August 7, 2008 in the United States
District Court for the Southern District of New York. The complaint alleges,
among other things, that the defendants failed to disclose materially adverse
facts about the Company’s operations and prospects in various public
statements and filings from October 25, 2006 through November 23, 2007. The
Company believes that it has substantial and meritorious legal and factual
defenses, which the Company intends to pursue vigorously.
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.
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Contacts
Greg Johnson
Vice President, Strategic Development
Elaine Sanders
Vice President, Finance
604-669-6227 or 1-866-669-6227
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,
statements regarding the resolution of the class action lawsuit, are
forward-looking statements. 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, without limitation, the inherent uncertainty
of the litigation process, the early stage of the case, the possible assertion
of additional claims, the effect of evidence that emerges during the discovery
process or acceptance of new legal theories, and the difficulty of predicting
the decisions of judges and juries. Other important factors that could cause
actual results to differ materially from NovaGold’s expectations are
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.
info@novagold.net Toll
free: 866-669-6227 www.novagold.net