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Wednesday, December 19, 2007

Market snubs NovaGold news

Rick Van Nieuwenhuyse just can't catch a break. Even when his company, NovaGold Resources Inc. unveils good news, the market pummels the share price.

NovaGold released long-awaited drill results from its Donlin Creek gold project in Alaska yesterday that should allow the junior miner to more than double the deposit's measured and indicated mineral resource estimates to roughly 30 million ounces of gold.

Investors didn't seem to care. NovaGold shares fell to their lowest level in more than three years, losing almost 13 per cent of their value.

"This is a tough market. It is a tough market," Mr. Van Nieuwenhuyse, NovaGold's president and chief executive officer, said in an interview.

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