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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: russwinter who wrote (1089)5/25/2001 1:46:44 PM
From: baystock  Read Replies (2) of 4051
 
Novagold is another company that did a recent deal with Placer. The market appears to like this deal better, going by the share performance:

NovaGold Acquires Option On 13 Million Ounce Donlin Creek Deposit, Alaska
San Jose, California
NovaGold Resources Inc. (NRI:TSE; NVGLF:OTC) announced today that it has signed a Letter Agreement with Placer Dome U.S. Inc. (Placer Dome) to acquire a 70% interest in the 13 million ounce Donlin Creek Gold Deposit located in southwestern Alaska on part of Calista Corporation's 6.5 million acres of private patented land. The final agreement shall be subject to approval by the landowner, Calista Corporation. Donlin Creek is one of the largest undeveloped gold resources in the world with a Measured and Indicated Resource estimated to be 6.9 million ounces of gold grading 3.06 g/t Au and an additional Inferred Resource of 6.0 million ounces of gold grading 2.83 g/t Au at a 1.5 g/t Au cut-off grade (see Table 1). This resource remains open both at depth and along strike with potential to define a resource of over 13 million ounces through higher density drilling which would elevate the current Inferred Resources to the higher Measured and Indicated Categories. Using a higher cut-off grade of 3.5 g/t the Measured and Indicated Resource is estimated to be 3.1 million ounces of gold grading 5.20 g/t with an additional Inferred Resource of 2.4 million ounces grading 4.96 g/t Au (see footnote 1).
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