NovaGold Completes $229M Public Offering

On April 24, 2007, NovaGold Resources Inc., a company engaged in the exploration and development of mineral properties in Alaska and Western Canada, completed a public offering of 12.5 million common shares in Canada and the United States at a price of $18.33 per share for gross proceeds of approximately $229 million. The public offering was made pursuant to a prospectus supplement to NovaGold's short-form base shelf prospectus dated April 16, 2007 filed in both Canada and the United States under the multijurisdictional disclosure system. NovaGold's common shares are listed for trading on the Toronto Stock Exchange and on the American Stock Exchange.

The offering was underwritten by a syndicate led by Citigroup Global Markets Inc. and RBC Dominion Securities Inc., and included Scotia Capital Inc., Cormark Securities Inc. and MGI Securities Inc..

NovaGold intends to use the net proceeds of the offering of approximately $219 million to fund further exploration at, and initial construction of, NovaGold's Galore Creek Project, to fund general exploration and development of NovaGold's other mineral properties and for general corporate purposes.

NovaGold was represented in Canada by Blake, Cassels & Graydon LLP with a team that included Peter Kalbfleisch, Bob Wooder, Dori Assaly, Trisha Robertson and Elizabeth Dylke. Dorsey & Whitney LLP acted as United States counsel to NovaGold with a team comprised of Christopher Barry, Kimberley Anderson and Shona Smith.

The underwriters were represented in Canada by McCarthy T├ętrault LLP with a team that included Richard Balfour, Michael Urbani and Sena Byun and in the United States by Skadden, Arps, Slate, Meagher & Flom LLP, with a team consisting of Riccardo Leofanti, Eric Spindel and Michele Discepola.


Peter C. Kalbfleisch Michael G. Urbani Elizabeth K. Dylke Trisha L. Robertson Dori Assaly C. Sena Byun Richard J. Balfour Bob J. Wooder