NovaGold's (NG) Ambler Project Attracting a Lot of Attention

Looking for ways to raise capital for their two flagship projects, NovaGold (AMEX:NG) has been putting feelers out for some time concerning its Ambler project, which includes copper, zinc, gold and silver.

The company says the project is drawing a lot of attention and they're going through what is presumed to be a variety of offers to see which is the best way to go.

CEO and president Rick Van Nieuwenhuyse said, “With copper over $4 and zinc over a dollar, it certainly has attracted a lot of attention from a lot of different places, some of which we didn't really expect to have to consider.

“It's a good news thing, that we have a lot of interest from a lot of different areas but we'll just do a diligent job of assessing them and deciding which is the best.”

This is part of NovaGold's strategy with its main assets, which include 50% holdings in 2 big development projects – the Donlin Creek gold project in Alaska, which it co-owns with Barrick Gold (NYSE:ABX), and the Galore Creek project in British Columbia, where Teck Resources (NYSE:TCK) is the other partner.

NovaGold is looking to divest of non-core assets which will pay for its portion of the capital costs of bringing the projects online.

NovaGold closed Thursday at $13.85, dropping $0.41, or 2.88 percent.