NOVAGOLD Issues Notification of Put Option to Holders of its Convertible Debt

NOVAGOLD RESOURCES INC.

today notified holders ("Holders") of its outstanding 5.5% Convertible Notes due May 1, 2015 (the "Notes") that they have the option to require NOVAGOLD to purchase for cash all or a portion of their Notes held on May 1, 2013 (the "Put Option"). The Put Option can be exercised commencing today and expiring at 5:00 pm, Eastern Time, on May 1, 2013. NOVAGOLD will purchase of all of the Notes surrendered at a price equal to 100% of the principal amount. With approximately US$300 million in cash and cash equivalents at February 28, 2013, NOVAGOLD has a strong balance sheet and more than sufficient cash resources to repay the entire amount of US$95 million of the Notes outstanding as well as fund the advancement of its flagship Donlin Gold Project in Alaska through the permitting process. As required by the rules of the Securities and Exchange Commission (the SEC), NOVAGOLD will file a Tender Offer Statement (the "Statement") with the SEC. The Statement will include a notice to Holders (the "Issuer Put Right Notice") specifying the terms and conditions of the Put Option and the procedures for its exercise. The Holders are strongly encouraged to read the Issuer Put Right Notice and other relevant documents filed with the SEC before making a decision relating to the exercise of the Put Option. Materials filed with the SEC will be available electronically without charge at the SEC's website, www.sec.gov. Holders may withdraw any Notes previously surrendered for purchase at any time prior to 5:00 pm, Eastern Time, on May 1, 2013. Notes that are not surrendered pursuant to the Put Option will remain outstanding in accordance with the terms of the Notes and the indenture. NOVAGOLD will pay accrued and unpaid interest on the Notes through April 30, 2013 to holders of record on April 15, 2013 regardless of whether the Put Option is exercised or not. As a result, there will be no accrued and unpaid interest on the Notes on May 1, 2013. Neither NOVAGOLD nor its Board of Directors or staff is making any recommendation as to whether any Holder should or should not exercise the Put Option. BNY Mellon (formerly known as The Bank of New York) is acting as paying agent for the Put Option. Copies of the Issuer Put Right Notice and additional information relating to the Put Option may be obtained from BNY Mellon by calling (212) 815-4869.