Electrum Strategic Resources LLC

July 04, 2011 16:18 ET

Electrum Strategic Resources Exercises Warrants of NovaGold Resources and Makes Corresponding Share Donation

NEW YORK, NEW YORK--(Marketwire - July 4, 2011) - Electrum Strategic Resources LLC ("Electrum") announced that it has: (i) privately transferred directly 335,000 common shares (the "Common Shares") of NovaGold Resources Inc. ("NovaGold") to The 92nd Street Y, a charitable organization, and (ii) exercised a like number of Common Share purchase warrants (the "Warrants").

After such transactions, Electrum continues to own 51,916,412 Common Shares, representing approximately 21.78% of the issued and outstanding Common Shares, and owns 36,268,878 Warrants.

The purpose of Electrum effecting the transfer of the Common Shares was to transfer such value to an arm's length charitable organization. Additional information on charitable giving policies relating to Electrum were previously disclosed in a press release issued by Electrum and its affiliates dated April 15, 2011.

The Warrants and Common Shares held by Electrum 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 NovaGold whether in the open market, by privately negotiated agreement or otherwise.

Electrum Strategic Resources LLC is located at 535 Madison Avenue, 11th 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.

Contact Information

  • Michael Williams
    646-365-1600