Lundin says buy NovaGold

2008-12-02 23:05 ET - In the News

Brien Lundin, in the November, 2008, edition of the Gold Newsletter, says buy NovaGold Resources Inc., recently $2.45. Mr. Lundin said buy NovaGold six times between May, 2001, and December, 2007, at prices ranging from 64 cents to $15.97. Assuming a $1,000 investment for each of the six buys, the $6,000 investment is now worth $5,198. The newsletter editor says chief executive officer Rick Van Nieuwenhuyse has not lost confidence in NovaGold's strategic plan. Mr. Lundin also says Mr. Van Nieuwenhuyse is more resolute than ever that he is on the right track. The company is ramping up to produce 100,000 ounces of metal yearly from its Rock Creek gold mine in Alaska. Rock Creek is a conventional open-pit mining operation that is run year-round. The gold producer has also "delivered excellent results in support of company plans to produce a feasibility study and start permitting in early 2009." Drill highlights include 130 metres of 3.58 g/t gold. As for Galore Creek, the goldbug says he will wait until the end of the year to see how the company plans to develop the project. The stock market guru still believes NovaGold is a a company worth buying for the long term.