NOVAGOLD Announces Election of Directors and Voting Results from
Annual Shareholder Meeting
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 11, 2014) -
NOVAGOLD RESOURCES INC. (TSX:NG)(NYSEMKT:NG) today announced the
detailed voting results on matters considered at its Annual and
Special Meeting of Shareholders held on June 5, 2014 (the
"Meeting"). A total of 256,344,599 or 80.79% of the Company's
issued and outstanding shares were represented and voted at the
Meeting. The following nominees, as listed in NOVAGOLD's Management
Information Circular, were re-elected as directors of the
Company:
Director |
Shares Voted For |
Percentage of Shares Voted For |
Shares Withheld |
Percentage of Shares Voted to Withhold |
Sharon Dowdall |
184,451,829 |
99.38 |
1,151,774 |
0.62 |
Dr.
Marc Faber |
184,272,679 |
99.28 |
1,330,924 |
0.72 |
Dr.
Thomas Kaplan |
183,155,168 |
98.68 |
2,448,435 |
1.32 |
Gregory Lang |
184,088,298 |
99.18 |
1,515,305 |
0.82 |
Gillyeard Leathley |
178,920,626 |
96.40 |
6,682,977 |
3.60 |
Igor
Levental |
184,251,487 |
99.27 |
1,352,116 |
0.73 |
Kalidas Madhavpeddi |
184,273,254 |
99.28 |
1,330,349 |
0.72 |
Gerald McConnell |
174,088,413 |
93.80 |
11,515,189 |
6.20 |
Clynton Nauman |
184,310,003 |
99.30 |
1,293,600 |
0.70 |
Rick
Van Nieuwenhuyse |
170,452,779 |
91.84 |
15,150,823 |
8.16 |
Anthony Walsh |
180,226,510 |
97.10 |
5,377,093 |
2.90 |
NOVAGOLD also announced that the Shareholders approved the
amendment and restatement of the Company's following equity
compensation plans: the Stock Award Plan (170,223,272 or 91.72% For
and 15,357,380 or 8.28% Against), the Performance Share Unit Plan
(172,330,686 or 92.86% For and 13,252,170 or 7.14% Against), and
the Deferred Share Unit Plan (181,054,749 or 97.57% For and
4,512,919 or 2.43% Against). In addition, the majority of
Shareholders were in favor of the Executive Compensation Resolution
(177,200,537 or 95.49% For and 8,363,732 or 4.51% Against).
Shareholders also indicated their preference for holding an annual
Non-Binding Vote on Executive Compensation (180,025,067 or 97.00%
favored an annual vote, 699,951 or 0.38% favored a biennial vote,
and 3,890,124 or 2.10% voted for a triennial vote). Finally,
NOVAGOLD is pleased to announce that the Shareholders have
overwhelmingly approved the appointment of PricewaterhouseCoopers
LLP, Chartered Accountants, as auditors.
Following the Meeting, the NOVAGOLD Board approved committee
assignments, which remain the same, except that Anthony P. Walsh
replaces Gerald J. McConnell as a member of the Compensation
Committee.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company engaged in
the exploration and development of mineral properties in North
America. Its flagship asset is the 50%-owned Donlin Gold project in
Alaska, one of the safest jurisdictions in the world. With
approximately 39,000,000 ounces of gold in the measured and
indicated resource categories (541 million tonnes at an average
grade of approximately 2.2 grams per tonne), Donlin Gold is
regarded to be one of the largest, highest grade, and most
prospective known gold deposits in the world. According to the
Updated Feasibility Study (as defined below), once in production,
Donlin Gold should average approximately 1,500,000 ounces of gold
per year for the first five full years, followed by decades of more
than one million ounces per year on a 100% basis. The Donlin Gold
project has substantial exploration potential beyond the designed
footprint which currently covers only three kilometers of an
approximately eight-kilometer long gold-bearing trend. Current
activities at Donlin Gold are focused on permitting, community
outreach and workforce development in preparation for the
construction and operation of this top tier asset. The Donlin Gold
project commenced permitting in 2012, a clearly defined process
expected to take approximately 4 years. NOVAGOLD also owns 50% of
the Galore Creek copper-gold-silver project located in northern
British Columbia. According to the 2011 Pre-Feasibility Study, once
in production, Galore Creek is expected to be the largest copper
mine in Canada, a tier-one jurisdiction. NOVAGOLD is currently
evaluating opportunities to sell all or a portion of its interest
in Galore Creek and would apply the proceeds toward the development
of Donlin Gold. NOVAGOLD is well positioned to stay the course and
take Donlin Gold through permitting.
Scientific and Technical Information
Scientific and technical information contained herein with
respect to Donlin Gold is derived from the "Donlin Creek Gold
Project Alaska, USA NI 43-101 Technical Report on Second Updated
Feasibility Study" compiled by AMEC. Kirk Hanson, P.E., Technical
Director, Open Pit Mining, North America, (AMEC, Reno), Gordon
Seibel, R.M. SME, Principal Geologist, (AMEC, Reno), Tony Lipiec,
P.Eng. Manager Process Engineering (AMEC, Vancouver) are the
Qualified Persons responsible for the preparation of the
independent technical report, each of whom are independent
"qualified persons" as defined by NI 43-101.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included herein including,
without limitation, the timing of permitting and potential
development of Donlin Gold, statements relating to NOVAGOLD's
future operating and financial performance, outlook, and the
potential sale of all or part of NOVAGOLD's interest in Galore
Creek are forward-looking statements. Forward-looking statements
are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. These forward-looking statements may
include statements regarding perceived merit of properties;
exploration results and budgets; mineral reserves and resource
estimates; work programs; capital expenditures; timelines;
strategic plans; completion of transactions; market prices for
precious and base metals; intended use of proceeds; or other
statements that are not statements of fact. Forward-looking
statements involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from NOVAGOLD's expectations
include the uncertainties involving the need for additional
financing to explore and develop properties and availability of
financing in the debt and capital markets; uncertainties involved
in the interpretation of drilling results and geological tests and
the estimation of reserves and resources; the need for continued
cooperation with Barrick Gold Corporation and Teck Resources
Limited for the continued exploration and development of the Donlin
Gold and Galore Creek properties; the need for cooperation of
government agencies and native groups in the development and
operation of properties; the need to obtain permits and
governmental approvals; risks of construction and mining projects
such as accidents, equipment breakdowns, bad weather,
non-compliance with environmental and permit requirements,
unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases, which could include
significant increases in estimated capital and operating costs;
fluctuations in metal prices and currency exchange rates; and other
risk and uncertainties disclosed in NOVAGOLD's Annual Report filed
on Form 10-K for the year-ended November 30, 2013 with the United
States Securities and Exchange Commission and in other NOVAGOLD
reports and documents filed with applicable securities regulatory
authorities from time to time. NOVAGOLD's forward-looking
statements reflect the beliefs, opinions and projections on the
date the statements are made. NOVAGOLD assumes no obligation to
update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as
required by law.
Cautionary Note to United States Investors
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all resource and reserve estimates included in
this press release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and the Canadian Institute of Mining, Metallurgy, and
Petroleum Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Canadian standards, including NI
43-101, differ significantly from the requirements of the United
States Securities and Exchange Commission ("SEC"), and resource and
reserve information contained herein may not be comparable to
similar information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, the term
"resource" does not equate to the term "reserves". Under U.S.
standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by U.S. standards in documents filed with the SEC.
Investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into
reserves. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources" may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to assume
that all or any part of an "inferred mineral resource" exists or is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in-place tonnage and grade without reference to unit measures.
The requirements of NI 43-101 for identification of "reserves" are
also not the same as those of the SEC, and reserves reported by
NOVAGOLD in compliance with NI 43-101 may not qualify as "reserves"
under SEC standards. Accordingly, information concerning mineral
deposits set forth herein may not be comparable with information
made public by companies that report in accordance with U.S.
standards.
NOVAGOLD Resources Inc.Melanie HennesseyVice President,
Corporate Communications604-669-6227 or 1-866-669-6227NOVAGOLD
Resources Inc.Erin O'TooleAnalyst, Investor Relations604-669-6227
or 1-866-669-6227
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