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     Beyond the 39-million-ounce resource* already identified, what’s Donlin Gold’s exploration potential?
ACurrent reserves and resources occupy only three kilometers of an eight-kilometer mineralized belt, and a portion of the total land package. There’s extensive exploration potential at Donlin Gold, both along strike and at depth. We believe that Donlin Gold’s mine life, which is currently measured in decades, could be substantially extended with more exploration in the area.
 Clearly the existing resource endowment of nearly 40 million ounces* is more than enough to commence construction when the time is right. Once in operation, the owners will be able to re-commence exploration with the objective of extending the life
of the project beyond 27 years. We believe there are many possibilities to find more gold at Donlin Gold. It’s an added benefit that we and our partners Calista and TKC already have all the requisite mineral and surface rights.
  “We now have a unique project permitted for development in Alaska, one of the most business- friendly jurisdictions in the world, which welcomes socially and environmentally responsible mine development. With its significant size, excellent grade and outstanding exploration potential, we believe that Donlin Gold has the potential to become a pacesetter in the precious metals mining industry for decades to come.”
Gregory A. Lang, President and CEO, NOVAGOLD
* Donlin Gold project estimates as per the second updated feasibility study effective November 18, 2011 and amended January 20, 2012. Represents 100% of measured and indicated resources, of which NOVAGOLD’s share represents 50%. Measured and indicated resources are inclusive of proven and probable reserves. Measured resources total 8M tonnes grading 2.52 g/t Au, and indicated resources total 534M tonnes grading 2.24 g/t Au. Proven reserves total 8M tonnes grading 2.32 g/t Au, and probable reserves total 497M tonnes grading 2.08 g/t Au. See “Cautionary Note Concerning Reserve & Resource Estimates” on page 39.

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