(BSNS WIRE) NovaGold Resources Inc. and SpectrumGold Inc.: SpectrumGold to Begin Trading on
oronto Stock Exchange October 27th
Business Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--NRI.TO--
NovaGold Resources Inc. and SpectrumGold Inc.:
NovaGold Resources Inc. (TSX:NRI) is pleased to announce that its
subsidiary SpectrumGold will begin trading on the Toronto Stock
Exchange on Monday, October 27, 2003 under the symbol SGX. Shares of
the company will also trade on the U.S. Over-the-Counter Market under
the symbol SPGDF. At listing there will be 20,883,500 common shares
issued and outstanding.
SpectrumGold holds 100% interests in two advanced stage properties
including the Galore Creek gold-silver-copper project and five early
stage properties all in Western Canada. At the Galore Creek project
SpectrumGold has just completed its initial 10,000 foot drill program
using two core drills. Assay results are pending and will be reported
after they are finalized later this fall. A major drill campaign is
anticipated for the 2004 field season in anticipation of completing a
pre-feasibility study and to test new priority targets.
SpectrumGold also recently completed a 10,000 foot drill program
at the McQuesten gold project located in the Keno Hill Mining District
outside of Mayo, Yukon to earn a 70% interest in the property from
Eagle Plains Resources (TSX-V: EPL). Also in the Yukon, SpectrumGold
has completed its major geologic compilation effort at the Brewery
Creek property and anticipates undertaking a drill program in 2004 to
evaluate the potential for a major sulfide gold target along the 15
kilometer mineralized trend.
Financial Results and Conference Call Scheduled for Thursday,
October 30th
NovaGold will release its third quarter financial results and hold
a conference call and webcast on Thursday, October 30th, 2003 at 4:30
PM Eastern Time (1:30 PM Pacific). NovaGold will discuss its financial
results for the period and give an update on the company's activities
including SpectrumGold. To participate in the conference call, please
dial 416-695-5259 or toll free 1-800-769-8320. Live audio of the
conference call will be simultaneously broadcast via NovaGold's
website. The call will also be available for replay until November
30th, 2003 by calling 416-695-5275 or 1-866-518-1010 and will be
archived on the NovaGold website at www.novagold.net.
About SpectrumGold
SpectrumGold (TSX: SGX) is a new precious metals exploration
company focused in Western Canada. The company is a 56% owned
subsidiary of NovaGold Resources Inc. (TSX: NRI). SpectrumGold will
have C$4.5 million in cash upon its listing on the Toronto Stock
Exchange.
About NovaGold
NovaGold is a precious metals company focused on creation of value
through the exploration and development of high quality mineral
properties in North America. NovaGold is now advancing four separate
million-plus-ounce gold deposits in Alaska and Western Canada toward
production including two of the largest undeveloped gold deposits in
North America, the 25 million ounce Donlin Creek Project in
partnership with Placer Dome and the 5 million ounce Galore Creek
Project. NovaGold has 52.5 million shares outstanding, is well
financed with no long-term debt, and one of the largest unhedged gold
resource bases of any development stage gold company. Other
information is available online at: www.novagold.net.
INDUSTRY KEYWORD: MINING/METALS CONFERENCE CALLS ADVISORY
SOURCE: NovaGold Resources Inc.
CONTACT INFORMATION:
NovaGold Resources Inc. and SpectrumGold Inc.
Greg Johnson, 604-669-6227 or
Toll Free: 866-669-6227
Email: Greg.Johnson@NovaGold.net
or
Don MacDonald, CA, 604-669-6227 or
Toll Free: 866-669-6227
Email: Don.MacDonald@NovaGold.net
Website: www.novagold.net
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