Market Overview

Newmont Acquires 50 Percent Stake in Galore Creek Project in British Columbia


Mining Corporation
(NYSE:NEM) (Newmont and the Company) today
announced agreements to acquire a 50 percent interest in the Galore
Creek Partnership (GCP) from NOVAGOLD Resources Inc. (NOVAGOLD), and to
form a partnership with Teck Resources Limited (Teck), who owns the
remaining stake. Galore Creek, located in British Columbia, is one of
the largest undeveloped copper-gold projects with resources previously
reported by Teck1 of eight million ounces of gold and nine
billion pounds of copper.

The NOVAGOLD agreement encompasses a staged and contingent investment of
$275 million, with an initial payment of $100 million; a payment of $75
million on the earlier of prefeasibility study completion or three years
from closing; and a payment of $25 million on the earlier of completing
a feasibility study or five years from closing. A final $75 million
payment would be contingent on a final decision to develop the project.

"Galore Creek holds the potential to support decades of profitable
copper and gold production in a favorable mining jurisdiction, in line
with our strategy to create long-term value for our stakeholders," said
Gary Goldberg, President and Chief Executive Officer. "Partnering with
Teck allows us to bring both organizations' considerable technical,
financial and sustainability strengths to bear in evaluating and
refining development plans for Galore Creek, and to build on the strong
relationships Teck has established with the Tahltan First Nation and
British Columbia."

Newmont and Teck will define the scope, budget, and timeline for
prefeasibility studies over the next several months and expect the
prefeasibility studies to be completed over three to four years with an
annual budget of $10 to $15 million (50 percent basis). GCP will be
governed by a Management Committee comprised of leaders from Newmont and
Teck and managed by a GCP study director and team, supported by Newmont
and Teck subject matter experts.

Over the last five years, Newmont has built nine new mines and
expansions on four continents – on or ahead of schedule and at or below
budget. These include Akyem and the Phoenix Copper Leach in 2013, the
Turf Vent Shaft in 2015, Merian and Long Canyon in 2016, the Tanami
Expansion Project in 2017, and Twin Underground and Northwest Exodus in
2018. The Company also completed a value-accretive acquisition of
Cripple Creek and Victor in 2015 and delivered a profitable expansion at
the mine in 2016.

About Newmont

Newmont is a leading gold and copper producer. The Company's operations
are primarily in the United States, Australia, Ghana, Peru and Suriname.
Newmont is the only gold producer listed in the S&P 500 Index and was
named the mining industry leader by the Dow Jones Sustainability World
Index in 2015, 2016 and 2017. The Company is an industry leader in value
creation, supported by its leading technical, environmental, social and
safety performance. Newmont was founded in 1921 and has been publicly
traded since 1925.

Cautionary Statement Regarding Forward-Looking Statements: This
release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, which are intended
to be covered by the safe harbor created by such sections and other
applicable laws. These forward-looking statements are not guarantees of
future performance, given that they involve risks and uncertainties.
Such forward-looking statements may include, without limitation,
statements of expectations regarding the closing and completion of the
proposed transaction, future decisions to develop or advance the
project, improvements to margin, reserves and resource and long-term
value creation, and other statements that are not historical facts.
While such forward-looking statements are expressed in good faith and
believed to have a reasonable basis, they are subject to important risks
and uncertainties. Estimates or expectations of future events or results
are based upon certain assumptions, which may prove to be incorrect.
Such assumptions include, but are not limited to: (i) there being no
significant change to current geotechnical, metallurgical, hydrological
and other physical conditions; (ii) permitting and development being
consistent with current expectations; (iii) certain price assumptions
for gold, copper and oil; (iv) prices for key supplies being
approximately consistent with current expectations; (v) the accuracy of
mineral reserve and mineralized material estimates and technical
reports; and (vi) other assumptions subject to risks, uncertainties and
other factors, which could cause actual results to differ materially.
For a more detailed discussion of such risks applicable to the business,
see the Company's 2017 Annual Report on Form 10-K filed on or about
February 22, 2018, with the Securities and Exchange Commission (SEC),
and available at,
as well as the Company's other SEC filings. Closing of the transaction
also remains subject to the completion of certain conditions. Newmont is
not affirming or adopting any statements or reports attributed Teck or
NOVAGOLD (including prior reserve and resource declaration) in this
release or made by the other party outside of this release. Newmont does
not undertake any obligation to release publicly revisions to any
forward-looking statement, except as may be required under applicable
securities laws, or to comment on expectations of, or statements made by
the other party or third parties in respect of the proposed transaction.
Investors should not assume that any lack of update to a previously
issued forward-looking statement constitutes a reaffirmation of that
statement. Continued reliance on forward-looking statements is at
investors' own risk. See also the cautionary statement to U.S. investors
contained in footnote 1 of this release.

1 Sourced from "Galore Creek Project, British Columbia, NI
43-101 Technical Report on Pre-Feasibility Study,", effective date of 27
July 2011, available on SEDAR. The report was prepared for Galore Creek
Mining Corporation, NOVAGOLD Resources Inc and Teck Resources Limited.
Newmont was not involved with the preparation of such technical report
or previously reported estimates. Accordingly, Newmont assumes no
responsibility for such report or estimates. The total resource number
sited above is inclusive of Reserves, Measured resource, and Indicated
resource categories (on a 100% basis), but does not include Inferred
resources. Such report estimated, Galore Creek Gold Reserves at 5.45
million ounces (528 million tonnes at 0.32 grams per tonne), Measured
resources of 0.5 million ounces (40 million tonnes at 0.39 grams per
tonne), Indicated resources of 2.04 million ounces (247 million tonnes
at 0.26 grams per tonne) and Inferred resources of 2.70 million ounces
(347 million tonnes at 0.24 grams per tonne); with Galore Creek Copper
Reserves at 6.8 billion pounds (528 million tonnes at 0.59%), Measured
resources of 0.22 billion pounds (40 million tonnes at 0.25%), Indicated
resources of 1.85 billion pounds (247 million tonnes at 0.34%) and
Inferred resources of 3.23 billion pounds (347 million tonnes at 0.42%).
The Technical Report provides additional information on assumed prices,
costs and revenue cutoffs. Some numbers may not match to previous
disclosures due to rounding. Cautionary Note to U.S. Investors: Teck and
NOVAGOLD report reserve and resource in accordance with Canadian
requirements, including NI 43-101, whereas Newmont reports reserves in
accordance with U.S. SEC Industry Guide 7. The above indicates Teck and
NOVAGOLD's prior estimates of Galore Creek mineralization and uses the
terms "Measured resources,", "Indicated resources" and "Inferred
resources." We advise U.S. investors that while these terms are
recognized and required by Canadian regulations, these terms are not
defined terms under the SEC's Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed with
the SEC. U.S. Investors are cautioned not to assume that any part or all
of mineral deposits in the "Measured resources" and "Indicated
resources" categories will ever be converted into SEC Industry Guide 7
reserves. Additionally, "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred resources may not
form the basis of a feasibility study or prefeasibility studies, except
in rare cases. Accordingly, U.S. Investors are cautioned not to assume
that any part or all of an Inferred resource exists or is economically
or legally minable. Newmont does not undertake to update such estimates
in the future, except as may be required under applicable securities
laws. Newmont will not declare reserves under Industry Guide 7 until an
updated feasibility study is completed, but Newmont does expect to
declare mineralized material subject to review under Newmont's standards
in connection with our 2018 year-end declaration of Reserves and
Mineralized Material (to be reported on the 2018 Form 10-K, expected to
be filed in February 2019). Investors are cautioned that Newmont's
standards may differ from those of other companies and as such investors
should not to place undue reliance upon estimates previously published
by third-parties.

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