Tuesday, April 13, 2010

NovaGold Resources (TSE:NG) Lost $18.7 Million in First Quarter

NovaGold Quarterly Report

First quarter results for NovaGold Resources (TSE:NG), while nothing to brag about, did improve over the same quarter last year, as they improved losses from $28.5 million last year to $18.7 million losses this year.

The $28.5 million equaled 20 cents a share, while this year losses were 10 cent a diluted share.

Revenue for the quarter came in at only $30,000 for the quarter, far behind the $300,000 in 2009. Most of that was the result of a major decrease in sales of land in the Alaska market.

NovaGold targets mineral properties in Alaska and British Columbia, Canada for exploration and development.

The future of NovaGold is in its joint-venture with Barrick Gold (TSE:ABX) at the Donlin Creek project, which will produce an estimated 1 million ounces of gold on an annual basis for the next 20 years.

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