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BRIEF-Novagold To Sell Its 50% Stake In Galore Creek To Newmont For Up To $275 Mln

Published 2018-07-26, 06:56 a/m
© Reuters.  BRIEF-Novagold To Sell Its 50% Stake In Galore Creek To Newmont For Up To $275 Mln
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July 26 (Reuters) - NovaGold Resources Inc NG.TO :

* PRESS RELEASE - NOVAGOLD ENTERS AGREEMENT TO SELL ITS 50% STAKE IN GALORE CREEK TO NEWMONT FOR UP TO $275 MILLION

* NOVAGOLD RESOURCES INC - UNDER TERMS OF AGREEMENT, NOVAGOLD WILL RECEIVE TOTAL CONSIDERATION OF UP TO $275 MILLION

* NOVAGOLD RESOURCES - AS PART OF TRANSACTION, NEWMONT WILL ALSO ACQUIRE COMPANY'S 40% INTEREST IN ADJACENT COPPER CANYON MINERAL PROPERTY

* NOVAGOLD RESOURCES INC - REMAINING 60% OF COPPER CANYON PROPERTY IS OWNED BY GCP

* NOVAGOLD RESOURCES INC - EXPECTS TO RECORD AN AFTER-TAX LOSS OF APPROXIMATELY $92 MILLION ON COMPLETION OF SALE

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