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Message: Lawsuit Filed Against NovaGold and Certain of Its Officers
| August 8, 2008 |
| Lawsuit Filed Against NovaGold and Certain of Its Officers |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - NovaGold Resources Inc. (TSX:NG)(AMEX: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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