NovaGold Announces First Quarter 2012 Results: On Track to Becoming a Well-Financed, Donlin-Focused, Pure Gold Company

NovaGold Resources NG today announced the results for the first quarter ended February 29, 2012 along with an update on the Company's announced reorganization, which includes the 99%-approved spin-out of NovaCopper as a new publicly-traded company. The Company also gave an update on the advancement of its flagship 50%-owned Donlin Gold project in Alaska. Details of the Company's financial results are described in the consolidated financial statements and Management's Discussion and Analysis which, together with further details on each of the Company's projects, including resource estimates, will be available on the Company's website at www.novagold.net, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All amounts are in Canadian dollars unless otherwise stated and are shown on a 100% project basis, although NovaGold holds a 50% interest in Donlin Gold and Galore Creek. First Quarter Principal Highlights -- Completed positive Donlin Gold Feasibility Study reconfirming that Donlin Gold is arguably the most important gold development project in the world -- Appointed Greg Lang as NovaGold's new President and Chief Executive Officer: Mr. Lang, who previously held the position of President of Barrick Gold North America, is a seasoned industry leader with excellent knowledge of the Donlin Gold project and a strong track record of permitting and building mines on time and on budget -- Secured US$318M in net equity financing, thereby increasing NovaGold's cash and cash equivalent position to approximately $343M and providing the Company with sufficient capital to take Donlin Gold through permitting -- Achieved more than 99% shareholder approval for the spin-out of NovaCopper, which owns the district-scale Ambler Project in Alaska, one of the world's most prospective and richest copper-dominant polymetallic exploration targets in the world; Rick Van Nieuwenhuyse, whose team unlocked the geological value of Donlin Gold, has been appointed President and CEO of NovaCopper President's Message The first quarter of 2012 was among the most transformative in NovaGold's 15-year history. In November 2011, the Company's Management team and Board of Directors recognized the need, and devised a strategic plan, for NovaGold to unlock the value of its world-class suite of mining development and exploration assets which we felt were not fairly recognized in the market. The plan also encompassed engaging and redeploying the right management talent to advance these projects up the value chain and to secure sufficient financing to underpin our strategic plan. I am delighted to report that, in the first quarter of our 2012 fiscal year, we made important progress across the entire arc of our activities in support of our plan to unlock the extraordinary value of NovaGold's assets.