NovaGold progresses on two deposits.
Position | Mining |
Two undeveloped Alaska gold deposits, wholly owned by NovaGold I Resources Inc. (TSE: NM; OTC: NVGLF), advance closer toward production recently with the signing of an agreement with TNR Resources Ltd. (CDNX: TRR).
Under the terms of the agreement, TNR Resources would earn a 49.9 percent interest in the million-ounce Rock Creek gold deposit by spending $10 million toward exploration and development within the next three years to bring the deposit to production. TNR Resources also would earn up to a 50 percent interest in the million-ounce Shotgun gold deposit by spending $3 million on exploration over the next four years to advance the project toward a production decision.
TNR Resources has a further option to earn an additional 20 percent interest in...
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