Tuesday, 25th January 2005 (3369 views)

NovaGold Resources has announced that it is hoping to move from being an explorer to gold mine operator.

The Vancouver-based firm hopes to make changes in around 12 months and already has a number of projects currently on the go.

If current projects go to plan, a $50 million gold mine could start production by this time next year, meaning production could rise to 100,000 ounces per year by summer 2006.

NovaGold has described the move as "exciting but scary".

 

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