April 12 NovaGold Resources Inc
said on Thursday it still expects to conclude a sale of its 50
percent stake in the Galore Creek copper project in British
Columbia this year as it moves to focus exclusively on the
massive Donlin gold project in Alaska.
The Vancouver, British Columbia-based miner, said last
November it would move to sell its stake in Galore Creek, which
it owns jointly with Canadian miner Teck Resources Ltd
Its developers say Galore Creek could one day become
Canada's biggest copper mine. NovaGold plans to use the proceeds
of the sale to fund its share of the costs of Donlin, which is a
joint venture with the world's top gold miner, Barrick Gold Corp
The $6.7 billion Donlin project is expected to produce an
average of more than 1 million ounces of gold annually over its
27-year mine life.
Last month, NovaGold shareholders approved the spinout of
its Ambler copper project into a new company NovaCopper, which
is expected to begin trading in Toronto and New York on, or
about, April 30.