NovaGold Resources Inc. (AMEX:NG) announced it has named Gerry McConnell as the new chairman of the board.
Chief executive officer and president Rick Van Nieuwenhuyse remains in his position, and continues on as a member of the board, which includes the feisty and interesting Marc Faber.
Van Nieuwenhuyse said on the appointment of McConnell, "I am pleased that Gerry has accepted this appointment as Chairman of the Board. Gerry's legal background and extensive knowledge of the mining business and our projects makes him the ideal candidate to manage the Board activities that help guide the company. NovaGold's Board of Directors and employees are committed to adding value for shareholders as we advance our world-class portfolio of projects."
NovaGold's assets are all based in North America, and include the Donlin Creek project in Alaska and the Galore project in British Columbia.
Barrick Gold (NYSE:ABX) is a partner in Donlin Creek, while Teck Resources (NYSE:TCK) is a partner in Galore.
Showing posts with label Rick Van Nieuwenhuyse. Show all posts
Showing posts with label Rick Van Nieuwenhuyse. Show all posts
Wednesday, September 1, 2010
Monday, August 30, 2010
NovaGold (AMEX:NG) Expanding Financing Search
After having a cash infusion of $175 million from combined investments from Paulson & Co. Inc. and Quantum Partners Ltd., it put NovaGold (AMEX:NG) (TSE:NG) in the enviable position of having a two-year cushion to work with.
But aren't resting on that by any means, as estimates for their part in the development of Galore Creek copper-silver-gold mine, which they're partnering with Teck Resources (NYSE:TCK), and on Donlin Creek, which they're partnering with Barrick Gold Corp. (NYSE:ABX), comes in at about $4 billion.
When you consider the estimated revenue for NovaGold is $2 million this year, it's incredible to look at the numbers being thrown at them.
This isn't of about where they are, but where they're going to be, and once the feasibility studies are completed, we'll have a better look. But the large amount of resources at just these two mines are staggering, and will generate a flow of revenue for years.
For example, at Galore Creek, there is an indicated resource of close to 9 billion pounds of copper and 7.3 million ounces of gold. By the time these mines begin operating, assuming they do, it will be at a time when demand will continue to be high; for sure for copper, with gold being less certain depending on when production begins.
At earliest production at Galore isn't expected to launch until 2016, and most of the time they won't meet those dates, so it could be assumed to be even later than that.
NovaGold also has significant projects in Argentina, with their San Roque project, and in Alaska with the Ambler project, which may contain one of the largest copper-zinc deposits in the world.
They have a bright future, but it will be an expensive one to develop, and that's why NovaGold Chief Executive Officer Rick Van Nieuwenhuyse has been reaching out to Asia to woo investors in the company.
In exchange for investment, NovaGold is offering a piece of the metal production, which is a huge attractant to the Asian region who will be building out infrastructure for years.
Even in this recession, metal will be in demand, and is expected to surge again whenever a real recovery begins. Now it's a race to get the needed financing to supply the hungry markets.
With the demand out there, a significant number of interested parties should emerge, and NovaGold does have some time to find the best partners.
But aren't resting on that by any means, as estimates for their part in the development of Galore Creek copper-silver-gold mine, which they're partnering with Teck Resources (NYSE:TCK), and on Donlin Creek, which they're partnering with Barrick Gold Corp. (NYSE:ABX), comes in at about $4 billion.
When you consider the estimated revenue for NovaGold is $2 million this year, it's incredible to look at the numbers being thrown at them.
This isn't of about where they are, but where they're going to be, and once the feasibility studies are completed, we'll have a better look. But the large amount of resources at just these two mines are staggering, and will generate a flow of revenue for years.
For example, at Galore Creek, there is an indicated resource of close to 9 billion pounds of copper and 7.3 million ounces of gold. By the time these mines begin operating, assuming they do, it will be at a time when demand will continue to be high; for sure for copper, with gold being less certain depending on when production begins.
At earliest production at Galore isn't expected to launch until 2016, and most of the time they won't meet those dates, so it could be assumed to be even later than that.
NovaGold also has significant projects in Argentina, with their San Roque project, and in Alaska with the Ambler project, which may contain one of the largest copper-zinc deposits in the world.
They have a bright future, but it will be an expensive one to develop, and that's why NovaGold Chief Executive Officer Rick Van Nieuwenhuyse has been reaching out to Asia to woo investors in the company.
In exchange for investment, NovaGold is offering a piece of the metal production, which is a huge attractant to the Asian region who will be building out infrastructure for years.
Even in this recession, metal will be in demand, and is expected to surge again whenever a real recovery begins. Now it's a race to get the needed financing to supply the hungry markets.
With the demand out there, a significant number of interested parties should emerge, and NovaGold does have some time to find the best partners.
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