HomeMy WebLinkAboutDonlin Creek news 2002Gold will not be required to contribute any
additional funding up to the $30 million and
at NovaGold's decision Placer Dome will help
NovaGold arrange financing for NovaGold's
share of the contruction costs.
The Donlin Creek Joint Venture will
develop plans that address the project's road
”This is great news for the project,
for the Calista and Kuskokwim Native
Corportations,and for the State of
Alaska.”?rick van Niewenhuyse
President /CEO of NovaGold
needs as a part of the "Pre-Feasibility”study
that is currently underway.All of the
-conditions must be met within 5 years of
November 13,2002 for Placer Dome to earn
their incremental interest.This includes
completing a Feasibility Study,spending the
Placer Dome will address the project's needs for infrastructure
$30 mil towards project development,and
making a decision to construct a mine that
produces not less than 600,000 ounces of
gold per year.
Rick Van Nieuwenhuyse,President
and CEO of NovaGold Resources Inc.says
"This is great news for the project,for the
Calista and Kuskokwim Native
Corporations,and for the State of
Alaska...We are very pleased that Placer has
shown their support for the project...”.
NovaGold completed its 70%earn-in in just
16 months.This was an accelerated
timeframe for their exploration program they
had in agreement with Placer Dome.
The Donlin Creek Project could
potentially produce over 1 million ounces
of gold a year.This would entail a 20,000 to
30,000 tonne per day operation.
page 3