NG: TSX / NG: NYSE-MKT

Chairman: Thomas Kaplan

President and CEO: Gregory Lang

Senior Vice President and COO: Gil Leathley

Rick Van Nieuwenhuyse, founder of Novagold Resources Inc., handed the company's top executive office over to Greg Lang, who assumed the role of president and CEO in early January.

This shift in leadership marks the final stages of NovaGold's transition from a premier Alaska and Northwest Canada exploration company to a mine developer focused on advancing its 50 percent interest in the 40-million-ounce Donlin Gold project.

On Aug. 7, Donlin Gold LLC - owned 50-50 by subsidiaries of NovaGold and Barrick - submitted permit applications for development of the 40-million-ounce gold deposit in Southwest Alaska.

It is expected to take about four years to gain the 100 or so permits needed to develop Donlin and, if the partners decide to move ahead with development, construction will take about as long.

NovaGold's 15 years of exploration success has not completely come to a close.

Both NovaGold and Barrick have indicated that they have only scratched the surface when it comes to the exploration potential at Donlin Gold.

Van Nieuwenhuyse believes the eight-kilometer (five miles) mineralized trend at Donlin could more than double the amount of gold found there.

Although, with reserves sufficient enough to produce 1.1 million ounces of gold per year for 27 years, there is no pressing urgency to investigate this upside potential.

NovaGold did contribute to a substantial drill program at the Galore Creek copper-gold project in northwestern British Columbia.

Galore Creek Mining Co., a partnership held equally by NovaGold and Teck Resources Ltd., budgeted C$35.4 million for 20,000 meters of exploration drilling, 5,000 meters of geotechnical drilling, engineering studies and maintenance at Galore Creek in 2012.

According to a prefeasibility study completed in 2011, Galore Creek has proven and probable mineral reserves of 528 million metric tons averaging 0.6 percent copper, 0.32 grams per metric ton gold and 6.02 g/t silver.

The PFS foresees Galore Creek producing 6.2 billion pounds of copper, 4 million ounces of gold and 65.8 million ounces of silver over an 18-year mine life - making it the largest copper mine in Canada.

The PFS includes an enhanced plan that envisions adding some 200 million metric tons to these reserves by upgrading resources and expanding the pit to encompass the adjacent Bountiful zone.

This work began with an 18-hole program carried out in 2011, 15 of which cut significant intercepts.

Highlights include: GC11-0824 cut 185 meters grading 1.29 percent copper, 0.51 g/t gold and 9.5 g/t silver; GC11-0835 intersected 108 meters grading 1.25 percent copper, 0.81g/t gold and 10 g/t silver; GC11-0833 intersected 162 meters grading 1.09 percent copper, 0.54 g/t gold and 8.1 g/t silver; and GC11-0831 intersected 176 meters grading 0.90 percent copper, 0.42 g/t gold and 7.7 g/t silver.

Twelve holes, including those highlighted, ended in mineralization.

NovaGold is currently negotiating with a yet-to-be-named buyer for the sale of all or part of its 50 percent stake in Galore Creek.

Cash and short-term deposits: C$324.8 million (May 31, 2012)

Working capital: C$289.3 million (May 31, 2012)

Market capitalization: C$1.7 billion (Sept. 21, 2012)

P.O. Box 24 • Suite 2300 - 200 Granville St.

Vancouver, B.C. Canada V6C 1S4

Tel: 604-669-6227 • Fax: 604-669-6272