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From: ms.smartest.person12/28/2005 1:51:36 AM
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Alexco Resource Corp ... combination of parts of SpectrumGold Inc & United Keno Hill Mines Limited and UKH Minerals Limited (collectively known as UKHM)

NovaGold and Viceroy To Create New Canadian Exploration Company
May 1st, 2003, Vancouver
NovaGold Resources Inc. (TSX: NRI) and Viceroy Resource Corporation (TSX: VOY) have agreed to jointly form a new exploration company to be called - SpectrumGold Inc. The new company will hold all of NovaGold’s Yukon exploration properties and mineral assets of Viceroy located in the Yukon and British Columbia. The new company will focus on exploration in the Western Canadian Cordillera.

NovaGold and Viceroy will each own 50% of the new exploration company at its formation. NovaGold intends to initially retain its 50% of the shares in the new company, while Viceroy intends to retain 19% of the issued shares with the balance of its shares to be received by its current shareholders as part of the Plan of Arrangement previously reported March 4, 2003. It is a condition of the agreement between NovaGold and Viceroy that an application be made to list the shares of SpectrumGold on a senior stock exchange following the completion of the Plan of Arrangement. There is no certainty that the shares of SpectrumGold will become listed. SpectrumGold will be managed by the NovaGold Management Team. The Board of Directors of the new company will consist of up to 7 members comprised of nominees from both NovaGold
and Viceroy.

NovaGold will continue to focus on development of its Alaska projects and will contribute its four Tintina Gold Belt properties in the Yukon to the new venture: Klondike, McQuesten, Harlan and Sprogge. Viceroy will contribute the gold resources and exploration rights to the Brewery Creek Gold Mine in the Yukon and other mineral assets located in British Columbia. SpectrumGold will be initially funded with $1 million in cash with $500,000 contributed from each of the founding companies. It is anticipated that SpectrumGold will seek additional financing and will acquire additional exploration assets in Western Canada.
Website: www.novagold.net
Website: www.viceroyresource.com
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