VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/03/13 -- NOVAGOLD RESOURCES INC. (TSX: NG)(NYSE MKT: NG) today announced the results of the votes on matters considered at its Annual General and Special Meeting of Shareholders held on May 29, 2013. At the meeting, 80.48% of the outstanding shares of the Company were represented and voted. The following directors, as identified in NOVAGOLD's Management Information Circular, were elected:
Shares SharesDirector Voted For Percentage Withheld PercentageSharon E. Dowdall 190,333,129 96.31 7,285,132 3.69Dr. Marc Faber 178,757,668 90.46 18,860,593 9.54Dr. Thomas S. Kaplan 188,345,015 95.31 9,273,246 4.69Gregory A. Lang 190,368,576 96.33 7,249,685 3.67Gillyeard J. Leathley 186,940,209 94.60 10,678,052 5.40Igor Levental 188,356,274 95.31 9,261,987 4.69Kalidas V. Madhavpeddi 187,773,072 95.02 9,845,189 4.98Gerald J. McConnell 178,031,006 90.09 19,587,255 9.91Clynton R. Nauman 195,655,528 99.01 1,962,733 0.99Rick Van Nieuwenhusye 183,510,821 92.86 14,107,440 7.14Anthony P. Walsh 187,619,163 94.94 9,999,098 5.06
NOVAGOLD also announced that the Shareholders overwhelmingly approved the Escrowed Shares Release Resolution (196,239,337 or 99.31% For and 1,356,517 or 0.69% Against) and the Continuance Resolution (196,722,336 or 99.55% For and 895,926 or 0.45% Against). As a result of the approval of the Escrowed Shares Release Resolution and the execution of the Amending Agreement dated May 30, 2013, the remaining 44,554 Common Shares of the Company held in escrow may be released upon compliance with the provisions of National Policy 46-201 - Escrow For Initial Public Offerings, which provides that the Company must issue a news release at least 60 days before the first release of escrow securities under the Amending Agreement. Accordingly, the remaining Escrowed Shares will be released to Gerald McConnell and Angus MacIsaac, the registered holders of the Escrowed Shares, on August 5, 2013. Finally, NOVAGOLD announced that the Shareholders have overwhelmingly approved the appointment of the auditors and authorized the directors to fix their remuneration.
NOVAGOLD is a well-financed precious metals company engaged in the exploration and development of mineral properties in North America. Its flagship asset is the 50%-owned Donlin Gold project in Alaska, one of the safest jurisdictions in the world. With a total of approximately 34 million ounces(1) of gold in the Proven and Probable reserve categories (505 million tonnes at an average grade of approximately 2.1 grams per tonne), Donlin Gold is regarded to be one of the largest, and most prospective known gold deposits in the world. According to the updated Feasibility Study (as defined below), once in production, Donlin Gold should average approximately 1.5 million ounces of gold per year for the first five years, followed by decades of more than one million ounces of gold per year on a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint which currently covers only three kilometers of an approximately eight-kilometer strike length of the property. Permitting is underway for the Donlin Gold project, a clearly defined process expected to take approximately 3 years. NOVAGOLD also owns 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According to the 2011 Pre-Feasibility Study, Galore Creek is expected to be the largest copper mine in Canada, a tier-one jurisdiction, when it is put into production. NOVAGOLD is currently evaluating opportunities to sell all or a portion of its interest in Galore Creek and would apply the proceeds toward the development of Donlin Gold. NOVAGOLD has a strong track record of forging collaborative partnerships, both with local communities and with major mining companies.