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[energyi] 21/3/2003 08:28

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[energyi] 18/3/2003 09:08

WARRANTS ISSUED...
(1)
Sep 6, 2001
Cdn$1,326,000 including Cdn$450,000 from a director of the Company. The placees will receive 730,000 common shares at a price of $1.20 per share and 300,000 shares at a price of $1.50 per share. The placees will also receive 365,000 warrants (exercisable at a price of $1.50 per share) and 150,000 warrants (exercisable at a price of $2.00). The share purchase warrants are non-transferable and good for a period of one year.

(2)
Apr 18, 2002: wts.: C$4.50 +18mos= Oct.2003
NovaGold Resources Inc. announced today that it has completed its equity offering with agents Salman Partners Inc., BMO Nesbitt Burns Inc. and Griffiths McBurney & Partners. The issue was oversubscribed at 5,295,000 units at a price of C$3.50 per unit for gross proceeds of C$18,532,500 (US$11.7 million). Each unit consists of one common share of the Company and one-half of a common share purchase warrant. Each full warrant will have a term of 18 months and an exercise price of C$4.50.

(3)
Sep 9, 2002: wts.: C$6.50 +18mos= Mar.2004
Private placement 1,960,785 units for a total of C$10 million (C$5.10). Each Unit will consist of one common share and one-half of a common share purchase warrant with each full warrant entitling the holder to purchase one common share of the Company at an exercise price of C$6.50 per common share for a period of 18 months from closing. The Company also agreed to allow an over-subscription which would result in a total offering of up to C$15,086,004 or 2,958,040 Units.

NovaGold (t.NRI): CDN$4.80, exp.: Oct. ??, 2003
WT.Value (10/03). 30%vol 40%vol 50%vol 60%vol 70%vol
C$4.80 ATM ..... -in C$-
1 Year........... $0.576 $0.768 $0.960 $1.152 $1.344
7 mos.(x0.76).. $0.403 $0.583 $0.730 $0.876 $1.021
C$3.25------ -.775 - - - - - - - $0.000?
C$3.50------ -.650 - - - - - - - $0.080?
C$4.00------ -.400 - - - - - - - $0.330
C$4.50------ -.250
temp
US$eqv.@1.53 -C$ prices for wts:
C$1.50/$0.98 -.075 $0.34/ $0.48/ $0.62/ $0.76/ $0.89
C$1.75/$1.14 +0.05 $0.47/ $0.60/ $0.74/ $0.88/ $1.02
C$2.00/$1.31 +0.18 $0.60/ $0.73/ $0.87/ $1.02/ $1.15
US$prices:
US$1.00 (per above)$0.23/ $0.37/ $0.46/ $0.54/ $0.64
WT.Value (05/07). 30%vol 40%vol 50%vol 60%vol 70%vol

[energyi] 17/3/2003 14:46

World Gold Editor Cites 'Top 10' Undeveloped Projects
Thursday March 13, 12:28 pm ET

TORONTO -(Dow Jones)- Many gold projects that have been accumulating dust on mining company shelves are starting to look promising again amid higher prices.
Paul Burton, London-based editor of the journal World Gold, presented his Top 10 list of undeveloped projects at a Canadian mining conference. With the flair of a beauty-pageant host, Burton introduced them one by one.

1)
His top pick: the Target North & Sun project, north of the Target mine in South Africa, owned by Avgold Ltd. , with resources of 72.3 million ounces. The project is likely to produce 500,000 ounces a year, Burton said.

The others, from second to 10th:
2)
-Russia's Sukhoi Log deposit, owned by the Russian government. Burton said he settled on a figure of 46 million ounces of resources (as there are a variety of estimates), and said it's likely to produce 1.4 million ounces a year.
3)
-Telfer in Western Australia, owned by Newcrest Mining Ltd. . Burton said indications are that it'll produce 800,000 ounces a year. Construction has already started.
4)
-Barrick Gold Corp.'s Pascua Lama deposit in Chile, with an estimated resource of 23.9 million ounces and indicated production of 800,000 ounces a year. Its estimated capital cost is expensive at $1.2 billion, Burton noted.
5)
-Donlin Creek in Alaska, owned by Placer Dome Inc. and NovaGold Resources Inc. . It's likely to be producing at 1.1 million ounces a year or more, Burton said.
6)
-Cerro Casale in Chile, owned by Placer Dome and Bema Gold Corp. , a project that was shelved years ago. It has forecast production of 900,000 ounces a year but high capital costs of $1.5 billion, Burton said.
7)
-Boddington expansion project in Western Australia, owned by Newmont Mining Corp. , AngloGold Ltd. and Newcrest Mining. It's run by a committee of the three owners, "which probably explains why they haven't been able to reach a production decision for over a year now," Burton said. It has a resource of 20 million ounces and forecast production of more than 500,000 ounces a year, he said.
8)
-Turquoise Hill (or Oyu Tolgoi) in Mongolia, owned by Ivanhoe Mines Ltd. . "It's very low-grade, but has huge copper resources," Burton said, adding that the project's size is growing daily.
9)
-Burnstone property in South Africa, which was recently purchased by Great Basin Gold Ltd. of Vancouver. Indicated resources in one area of the property would indicate modest production of 144,000 ounces a year but Burton suggested that figure is likely to increase.
10)
And squeezing into 10th place on Burton's list is Placer Dome's Pueblo Viejo project in the Dominican Republic, with an estimated 16.8 million ounces of resources and expected production of 530,000 ounces a year.

Burton noted that many of these deposits were found in the 1970s. Target North & Sun and Telfer were the most recent ones, found in 1998.

With gold at $350 an ounce, they are virtually all likely to show enough of a return to warrant a green light from their owners, he said. "Perhaps the only one with some doubt is Cerro Casale," Burton said.

Together, the 10 deposits' resources total 286 million ounces, "which is quite an inventory," Burton said.

He spoke at the Prospectors & Developers Association of Canada convention, which ended Wednesday.

[energyi] 17/3/2003 14:43

Nova Gold: Stock (NRI) ... compare with HUI:


Short Term Chart: t.NRI


Long Term Chart: t.NRI

= = = = =

Highest No. Undeveloped Ounces in North America!
(and number 4 in the world)

Worlds Largest Gold Development Projects

#. Deposit Name. Ownership.... Location... Grade Gold.. Poss.
.. ............. ............. ............ gm/t Mn Oz. Year
.1 Sun.......... Anglovaal.... South Africa. 5.9. 58.2
.2 Sukhoi Log... Russian Govt. Russia....... 2.6. 33.3
.3 Argonaut..... DurbanRoodep. South Africa. 8.9. 26.3. 2007
.4 Donlin Creek. NovaG/Placer. Alaska, USA.. 3.5. 23.1
.5 Cerro Casale. Placer/Bema.. Chile........ 0.7. 23.0
.6 Pueblo Viejo. Placer Dome.. DominicanRep. 3.2. 21.6
.7 Telfer....... Newvcrest.... Australia.... 1.3. 17.7
.8 Pascua Lama.. Berrick Gold. Chile........ 2.0. 16.9
.9 Minas Conga.. Buenaventura. Peru......... 0.8. 16.3
10 Nezdaninskoye Celtic Res... Russia....... 5.3. 14.7
11 Rosia Montana Gabriel Res.. Romania...... 1.2. 12.7

= = = = =

Future Potential Annual Production
-- Mn's of Oz. : Using $325/oz. Gold Price --
Property---- Oz.s Annual Share Prod.Decision
Donlin Creek 16.1 300- 400,000
Rock Creek... 1.1 100- 150,000 abt. 1 year
Nome Gold.... 2.3. 50- 100,000 1-2 years
Shotgun...... 1.0. --- ....... ---
TOTAL....... 20.5 450- 650,000

= = = = =
Donlin Creek Ownership
- NovaGold. 70%
- PlacerDome 30%
Calista (Native Corp) has a 5-15% participating back-in right

To earn additional 40%, Placer must:
- Commit to build mine at >600,000 year by Nov.2007
- Spend next $30mn on Development
- Complete banking feasibility study
- Assist NovaGold with Mine Financing

Capital Cost: scoping study est. $600mn for 15mn. oz Mine,
roughly $40 per ounce

- - - -
Capital Structure
Shares (millions)
Issued & Outstanding : 42 mn.
Fully Dilluted...... : 50 mn.
shareholders:
Institutional inv... : 35%
Management/Dir...... : 12%

Market Cap.......... US$100 mn.= 42 x c$3.3= 138.6/ 1.53= us$90.5mn
Cash held........... US$ 13 mn.
Funds Warrants/Opts. US$ 19 mn.


= = = = =
LINKS
NovaGold Press Releases: