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Donlin Gold permitting sticks to timetable

 

Last updated 10/11/2015 at Noon



Novagold Resources Inc. Oct. 6 reported that the U.S. Army Corps of Engineers plans to publish the Donlin Gold draft Environmental Impacts Statement for public comment near year's end.

Donlin Gold LLC, the operating company equally owned by subsidiaries of Novagold and Barrick Gold Corp., advanced a number of other major permit applications, including working toward finalizing an air quality permit; completing approaches to water management, treatment, and discharge to facilitate the issuing of water discharge and use permits; reaching an agreement with Calista Corp. and The Kuskokwim Corp., the Alaska Native landowners, on relocating existing trails that cross the project site; advancing the rights-of-way and lease applications for the gas pipeline; and finalizing plans for the Clean Water Act Section 404 permitting process.

Novagold also continues to advance with partner and Teck Resources Ltd. the Galore Creek copper-gold project in northern British Columbia at a measured pace.

"We are satisfied to maintain our interest in Galore Creek at minimal spend and until such time that market conditions become more favorable for valuable polymetallic deposits such as this project," said Novagold President and CEO Greg Lang.

Novagold's third-quarter loss from operations decreased from US$10.8 million in 2014 to US$6.6 million in 2015.

Its share of losses at Donlin Gold decreased by US$2.6 million, as 2015 activities continued to focus on permitting.

At Galore Creek, the company's share of losses was more than offset by a US$600,000 gain on the sale of surplus equipment.

General and administrative expenses were lower due to favorable foreign exchange translation of expenses incurred in Canadian dollars.

With roughly US$130 million in cash and term deposits as of Aug. 31, Novagold believes it has sufficient capital to cover its expenses through to the completion of permitting the Donlin Gold project.

 

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