Saturday, September 24, 2011

NovaGold reports capitalization costs for Donlin Creek

Exploring Donlin Creek in 1988. Dan Hausel mapping on a
ridge overlooking Snow Gulch in the background.
The Donlin Creek gold deposit in southwestern Alaska is considered to be one of the largest, undeveloped, gold deposits on earth and contains as much gold as the Homestake mine. And it is likely to be larger with continued exploration of the deposit and future mining. The gold resource is more than 40 million ounces. To develop this property, it is estimated that capitalization will be as much as $7 billion in that the property is in the middle of nowhere in the Kuskokwim Mountains in southwestern Alaska.

NovaGold reported proven and probable mineral reserves of 33.6 million ounces, measured and indicated mineral resources of 4.3 million ounces and inferred resources of 4.4 million ounces.