Galore Creek Galore Creek is one of the world’s largest and highest-grade undeveloped porphyry-related copper-gold-silver deposits. The 29,850 hectare (320,800 acre) property is located within the historic Stikine Gold Belt of northwest British Columbia, approximately 70 kilometers (43 miles) west of Highway 37 and 150 kilometers (93 miles) northeast of Stewart, a year-round concentrate shipping port. NovaGold and Teck Resources each hold a 50% interest in the project, with the Galore Creek Mining Corporation (“GCMC”) directing all aspects of project development. Since acquiring Galore Creek in 2003, NovaGold’s exploration team has more than tripled the size of the project’s resource base. With 1,300 million tonnes of high-grade copper-gold-silver porphyry resources and a number of untested targets, there remains considerable potential to increase the resource base at Galore Creek. Project Milestones Maintain and improve project infrastructure and investment Release updated mine plan in early 2010 that includes updated economics using higher copper and gold prices and an optimized project design Project Development Since NovaGold initiated work on the Galore Creek project in 2003, the project has received a high level of support from local communities, First Nation groups and the British Columbia and Alaska Governments. In February 2006, NovaGold entered into a comprehensive Participation Agreement with the Tahltan Nation, ensuring collaboration between both parties for mine planning, mine operation and environmental protection. Following receipt of the Environmental Assessment Certificate in February 2007, the permitting process for Galore Creek progressed smoothly. NovaGold’s Board of Directors approved the start of construction in June 2007 after receiving federal and provincial authorizations, and construction proceeded well through the first season. The construction team completed six camps and other support infrastructure, and made significant progress on the access road, bridges and tunnel. In November 2007, NovaGold and Teck suspended construction activities at Galore Creek during a period of increasing capital costs, and initiated engineering and optimization studies to identify alternative development strategies for the project. Given the continued strength of the copper and gold markets, NovaGold and Teck are considering a more aggressive program for 2010 to advance the project toward a construction decision. The results of the optimization studies have identified a number of modified approaches to the project that show the potential for significant expansion of project throughput, a shorter construction schedule, re-location of the process facilities along the project access road to allow for easier construction and future expansion, and fewer risks associated with construction and operations. During 2008, GCMC worked with the Tahltan Nation and government regulators to develop and implement a program to maintain the road, bridges and related infrastructure to a high standard so that environmental impacts would be minimized. Continued road work during 2008 connected portions of the access road to kilometer 40 to allow surplus equipment to be driven out. Eventual completion of the road to kilometer 90 will improve access to the project and reduce construction costs when the project can be restarted, largely eliminating the need for helicopter support. In early 2009, NovaGold successfully negotiated amendments to the Galore Creek Partnership Agreement. The new agreement confirms that NovaGold and Teck each continue to hold a 50% interest in the project. Under the amended agreement, however, Teck will now fund all Galore Creek costs from November 1, 2008 until Teck has contributed 100% of its buy-in for the project. As a result, NovaGold expects to have no near-term funding obligations for the Galore Creek project. Long-term demand for copper and gold is expected to remain strong and the Galore Creek property contains one of the world’s largest undeveloped copper-gold-silver resources. GCMC will continue to maintain and improve the infrastructure at site until a new construction decision is made. The authorizations to proceed in accordance with the feasibility plan remain in good standing as do the majority of key permits required to continue construction. Some components of the revised plan, such as the mill and tailings location, would require amendment to the permits before construction could start on those elements. With a rebound in copper prices and eventual improvement in world economic conditions, NovaGold’s 50% interest in one of the biggest and most advanced copper projects in North America should bring significant value to NovaGold shareholders.

8.9B lbs Copper Measured & Indicated   7.3M ozs Gold Measured & Indicated   4.0B lbs Copper Inferred   4.9M ozs Gold Inferred   0.5% Average Copper Grade 0.3g/t Average Gold Grade NovaGold's share is 50%