Electrum Strategic Resources Acquires Common Shares of NovaGold in Offering

NEW YORK, NEW YORK--(Marketwire - Feb. 15, 2012) - Electrum Strategic Resources LLC ("Electrum") announces that it has acquired 1,315,789 common shares (the "Common Shares") of NovaGold Resources Inc. ("NovaGold"). The Common Shares acquired were part of a "bought deal" financing completed by NovaGold on February 7, 2012 (the "Offering").

After such acquisition Electrum owns 53,232,201 Common Shares representing approximately 19.15% of the issued and outstanding Common Shares (assuming no exercise of the overallotment option). Electrum also owns 32,737,278 transferable common share purchase warrants (the "Warrants") which, if exercised, would result in the Offeror owning approximately 27.66% of the issued and outstanding Common Shares (assuming no exercise of the overallotment option).

The Warrants and Common Shares referred to above continue to be held for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.

Electrum Strategic Resources LLC is located at 535 Madison Avenue, 11^th Floor, New York, NY 10022. A copy of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on NovaGold's profile at www.SEDAR.com.