$15 million Federal grant to build new road to an Alaska gold mine

The U.S. House approved a $275 billion transportation bill. It includes $11 billion for pet projects of members of the House. The chairman of the Transportation Committee, Alaska Rep. Don Young, made sure that $540 million of those pork barrel projects when to Alaska.

The bill specifically would require that the Federal government provide a $15 million grant to build a new road in frontier areas of Alaska. This road would extend from a tiny village and would only serve the Donlin Creek gold mine.

And I thought Alaskans were a tough, independent bunch that didn't want "gov'ment handouts".

/Sarcasm

I know I've seen it once before, but how much does Alaska get from Washington for every $1 in taxes they send to the coffers?

Red states = takers; Blue states = givers
Yet the Repukes claim to be against government aid?

maybe there'll be a merger or buy-out at a milestone date down the road



NovaGold
3454-1055 Dunsmuir Street
Vancouver, British Columbia
Canada V7X 1K8


The Donlin Creek project is a joint venture between NovaGold (70%) and Placer Dome (30%). In November 2002, NovaGold completed its US$10 million of exploration expenditures at Donlin Creek and received title to a 70% interest in the project. NovaGold had 10 years to complete its earn-in but accomplished it within just 18 months of signing the option agreement on the property. In February 2003, based on NovaGold's successful exploration work on the property, Placer Dome elected to exercise its back-in right and become manager of the Donlin Creek Joint Venture. In order to earn an additional 40% interest in the project Placer Dome must now spend US$32 million toward project development, complete a bankable Feasibility Study, and make a positive decision to construct a mine to produce not less than 600,000 ounces of gold per year on or before November 2007. If Placer Dome is unable to make a positive mine construction decision by November 2007 then they earn no additional interest in the project and management reverts back to NovaGold.

Should Placer Dome make a decision to construct a mine, NovaGold is not required to contribute any additional funding until Placer Dome invests at least US$32 million. At NovaGold's option, Placer Dome would assist NovaGold in arranging financing for NovaGold's share of additional costs. Under the agreement NovaGold will maintain an independent hedging policy.

The results of NovaGold's exploration programs at Donlin Creek were dramatic with the expansion of the deposit to more than 25 million ounces of gold. NovaGold's aggressive exploration efforts identified five new target areas adjacent to the known Acma and Lewis deposits. The deposits remain open with additional upside potential at depth and along strike of the new target areas. NovaGold's detailed 3D structural and geologic model has proved to be a breakthrough in determining the controls to high-grade near surface mineralization that could significantly enhance the early economics of the deposit.

http://www.novagold.net/s/Projects.asp?PropertyInfoID=804

Rick Van Nieuwenhuyse, MSc
Position: Chief Executive Officer and Director

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Mr. Van Nieuwenhuyse is President and CEO of NovaGold Resources and its subsidiary SpectrumGold Inc. Mr. Van Nieuwenhuyse brings with him over 25 years of world-wide experience in the natural resource sector. Prior to establishing NovaGold, Mr. Van Nieuwenhuyse was Vice President of Exploration for Placer Dome Inc. In addition to his international exploration perspective, Mr. Van Nieuwenhuyse, brings years of working experience and knowledge of Alaska and Western Canada to the company. He has managed projects from grassroots discovery through to advanced feasibility studies and production. Mr. Van Nieuwenhuyse holds a Candidature degree in Science from the Universite de Louvain, Belgium, and a Master of Science degree in geology from the University of Arizona.



George Brack
Position: Director

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Mr. George Brack is the President of MacQuarrie North America Ltd. an investment banking firm specializing in mergers and acquisitions as well as other advisory functions for North American resource companies. Prior to joining MacQuarrie, Mr. Brack held the position of Vice President Corporate Development at Placer Dome Inc. Mr. Brack has also held positions with CIBC Wood Gundy, where he was Vice President of the Investment Banking Group. Mr. Brack's career in corporate finance has focused on the worldwide identification, evaluation and execution of strategic mergers and acquisitions.



Gerald J. McConnell,Q.C.
Position: Director

----------------------------------------------------------------------Mr. Gerald J. McConnell has been a director of the Corporation since 1984. Mr. McConnell is also the Chairman, President and Chief Executive Officer of Etruscan Resources Inc., of which he has also been a director since June 1990. Gerald McConnell was called to the Bar in the Province of Nova Scotia in 1971 and became a partner in the law firm of Patterson Palmer Hunt Murphy, Halifax Regional Municipality, Nova Scotia, in 1978.



Cole McFarland
Position: Director

----------------------------------------------------------------------Mr. Cole McFarland is a veteran of the mining industry with over 40 years of experience in the development of mines in the U.S., Canada, Mexico, Russia and the Philippines with extensive experience in Alaska. Mr. McFarland was formerly President and CEO of Placer Dome U.S. Inc. until his retirement from the company in 1995. In that capacity he was responsible for the development of several U.S. mines for the company including the world-class Pipeline-Cortez Mining Complex -- one of Placer Dome's flagship mines. Prior to his appointment as President of Placer Dome U.S., Mr. McFarland held a number of senior executive positions within the Placer Dome Group of companies. Mr. McFarland is currently the principal of McFarland and Associates, an exploration and mining consulting firm, and a director of Bema Gold.



Clynton R. Nauman
Position: Director

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Mr. Clynton R. Nauman was appointed a Director of NovaGold in May 1999. Mr. Nauman is also President and Chief Executive Officer and a Director of Viceroy Resource Corporation, a position he has held since February 1998. Previously Mr. Nauman was the General Manager of Kennecott Minerals from 1993 to 1998. Mr. Nauman has over twenty-five years of diversified experience in the mineral industry ranging from exploration and business development to operations and business management in the precious metals, base metals and coal sectors.



James Philip, C.A.
Position: Director

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Mr. James Philip has been a director of NovaGold since 2003. Mr. Philip joined Morgan & Company in May 1980 and became a partner in June 1981 and managing partner in August 1993. Mr. Philip has over 25 years public of accounting experience, servicing mainly companies listed on Canadian and United States stock exchanges. His clients include a significant number of public companies in the mining resource sector. The services he provides his clients include assisting them with the financial aspects of continuous disclosure reporting requirements in Canada and the United States.

http://www.novagold.net/s/BoardofDirectors.asp


Placer Dome, Inc. Board

G. Bernard Coulombe
Asbestos, Canada

John W. Crow
Toronto, Canada

Graham Farquharson
Toronto, Canada

Robert M. Franklin
Chairman of the
Corporation
Toronto, Canada

David S. Karpin
Melbourne, Australia

Alan R. McFarland
New York, USA

Clifford L. Michel
New York, USA

E.A. Parkinson-Marcoux
Canmore, Canada

Jay K. Taylor
President and Chief
Executive Officer
of the Corporation

Vernon F. Taylor III
New York, USA

William G. Wilson
County Dublin, Ireland

http://www.placerdome.com/company/people/board.html