The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Novagold Resources Inc. July 8 reported that the permitting process for its 50-percent-owned Donlin Gold project continues to move ahead with the U.S. Army Corps of Engineers planning to issue the draft Environmental Impact Statement for public comment towards the end of 2015.
"Reminiscent of 'The Tortoise and the Hare'," Donlin Gold continues to advance at a steady pace, as originally envisioned.
In less than two-year's time, subject to market conditions, the co-owners will be in a position to make a go-ahead decision on one of the gold industry's most vital projects," Novagold President and CEO Greg Lang commented on the release of the company's second quarter financial results and projects update.
In addition to permitting, Novagold continued to focus on community outreach and work force development in Alaska.
Members of Calista Corp., the Alaska Native regional corporation for the Yukon-Kuskokwim region of western Alaska where Donlin is located, visited Barrick Gold Corp.'s Goldstrike Mine in Nevada.
Novagold said this tour of an operating mine that is similar to the one being proposed for Donlin and operated by a Donlin co-owner provided a firsthand perspective of what is being proposed for the region.
Calista representatives also met with stakeholders, including representatives of the Shoshone Tribe, which furthered the Donlin stakeholders' understanding of the economic benefits, opportunities and challenges that a mining operation offers to local communities and businesses.
Novagold said that technical studies at its 50 percent-owned Galore Creek copper-gold project in northwestern British Columbia are being advanced at a measured pace.
With about US$135 million in cash and term deposits at May 31, Novagold has sufficient capital to cover its share of the anticipated funding for the Donlin Gold and Galore Creek projects, in addition to general and administrative costs through to the completion of permitting the Donlin Gold project.
The company expects to spend roughly US$44.8 million in 2015, which includes the US$15.8 million the company used to repay the principal on the remaining convertibles notes in the second quarter; US$12.6 million for Donlin; US$1.6 million for Galore Creek project; US$1.5 million for joint Donlin Gold studies with Barrick; and $13.3 million for general administrative costs, interest, working capital and other corporate purposes.
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Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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