NovaGold Files Donlin Gold Feasibility Study Technical Report; Reserves Estimated at 33.8M, Up 16% from April 2009 Study

NovaGold Resources NG - All figures are in US dollars except where noted and shown on a 100% Project basis, of which NovaGold and Barrick each hold a 50% interest. NovaGold Resources Inc. has filed a National Instrument 43-101 technical report regarding the second Feasibility Study update ("Study") on its 50%-owned Donlin Gold Project ("Donlin Gold" or the "Project") located in southwestern Alaska. A summary of the technical report was announced on December 5, 2011. The Study was compiled by AMEC Americas Ltd. ("AMEC") for Donlin Gold LLC which is owned equally by wholly-owned subsidiaries of NovaGold and Barrick Gold Corporation ("Barrick"). The technical report has been filed on EDGAR, SEDAR and NovaGold's website. Large and High-Grade Gold Project Located in Geopolitically Stable Alaska Donlin Gold's world-class status is defined by the combination of five characteristics: the exceptional reserve size and production capability, high grades for large-scale open-pit mining, significant exploration upside and location in a favorable jurisdiction. Having been confirmed to rank in the top 1% known global gold deposits in terms of size, Donlin Gold is also the largest development-stage pure-gold asset and boasts the second highest open-pit gold grade among its peer group(1). NovaGold believes there is significant upside potential for reserve growth at Donlin Gold. Of critical importance, during an era of resource nationalism and asset scarcity, Donlin Gold's North American location provides a sound and safe jurisdiction for the operation of a large, long-lived gold mine. Once Donlin Gold Board approval is obtained, NovaGold anticipates moving forward with permitting as the next step towards making this world-class mine a reality. Highlights of the Feasibility Study include: -- Proven and Probable Mineral Reserves estimated at 33.8 million ounces of gold, representing a 16% increase compared to the April 2009 feasibility study -- 27-year mine life assessed on the basis of 53,500 tonne-per-day throughput for a year-round operation, an increase of six years compared to the April 2009 feasibility study -- First full five years: -- 1.46 million ounces of annual gold production -- Cash costs of $409/oz -- Life of mine: -- 1.13 million ounces of annual gold production -- Cash costs of $585/oz