GoldMinerPulse Report on NovaGold Resources Inc.: (NI) 43-101 Metal Valuation Report

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NovaGold Resources Inc. (NG)

Company Web Site: www.novagold.com

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-08. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.

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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02

Project/Deposit CC MVpSh  PP%  MI%  I% GoldSilverCopperLeadZinc
    Galore CreekCA$97.28076%24%4.70 M oz    82.73 M oz    2.69 M t              
    Donlin CreekUS$85.2975%15%10%19.62 M oz                        
    AmblerUS$49.87063%37%708.23 K oz    50.86 M oz    1.12 M t    253.86 K t    1.61 M t    
    Copper CanyonCA$18.1900100%1.72 M oz    22.73 M oz    346.08 K t              
    Nome GoldUS$7.98086%14%1.84 M oz                        
    Rock CreekUS$2.8150%46%3%646.17 K oz                        
    Big HurrahUS$1.2167%28%6%277.34 K oz                        
 
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / MetalGoldSilverCopperLeadZinc
    Metal Totals29.51 M oz    156.32 M oz    4.16 M t    253.86 K t    1.61 M t    
    Metal Prices in US$ (from 2010-09-02)$1,251.30 per oz    $19.69 per oz    $3.46130 per lb    $0.96240 per lb    $0.94810 per lb    
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below)		$128.24    $10.69    $110.13    $1.87    $11.70    
    Percentage of Total Metal Value48.83%    4.07%    41.93%    0.71%    4.45%    
    PP% | MI% | I%51% | 31% | 18%    0 | 60% | 40%    0 | 66% | 34%    0 | 62% | 38%    0 | 63% | 37%    
 
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)   US$262.63
    Average Ore Value per Tonne   US$64.21
    Metal Value Leverage (MVL)    35.75
    Market Capitalization as % of Metal Value   2.8%
    Recent Stock Price   C$7.74   (TSX/TSXV close on 2010-09-02.)
  Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count   287.92 M    ( Fully diluted share count taken from NovaGold Resources, Share Capitalization web page viewed March 2010 plus the additional shares in the March 8, 2010 News Release NovaGold Announces Additional US$75 Million Financing and the additioanl shares in the March 9, 2010 News Release NovaGold Announces Completion of US$100 Million Financing )
    PP% | MI% | I%   25% | 48% | 27%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade   0.779 g/t
    Market Capitalization
    per oz of Gold In Ground		   $71.69   US$  |   75.52   C$
    Gold Eq Oz Estimate   60.43 M oz   ( 29.51 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent		   $35.01   US$  |   36.88   C$
 
See terms for more about GoldMinerPulse metrics.

GoldMinerPulse Coverage Status:

  • GoldMinerPulse coverage of NovaGold Resources Inc. is complete pending a final internal review.

Ambler    -  ^top^

(NI) 43-101 Report:

Title: NovaGold Resources Inc. NI 43-101 Technical Report on Resources Ambler Project Arctic Deposit, Alaska
Date: 2008-02-12 (120 pages)

Updates: NovaGold Completes Ambler Purchase January 11, 2010.

Project Location: Alaska, USA

Map View: View the Ambler project on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$1.95    449.40 K oz     0.830 g/t     16.84 M t    
   Silver$2.21    32.29 M oz     59.630 g/t     16.84 M t    
   Copper$18.48    697.22 K t       41,400.000 g/t     16.84 M t    
   Lead$1.17    158.31 K t       9,400.000 g/t     16.84 M t    
   Zinc$7.37    1.02 M t       60,300.000 g/t     16.84 M t    
Estimate notes: See Table 15.1.8.1: Arctic Deposit Resources at $100GMV Cut-off on p. 59 of 120 in the NI 43-101 dated February 2008.
$100 GMV cut-off.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$1.12    258.82 K oz     0.674 g/t     11.94 M t    
   Silver$1.27    18.57 M oz     48.370 g/t     11.94 M t    
   Copper$11.27    425.21 K t       35,600.000 g/t     11.94 M t    
   Lead$0.70    95.55 K t       8,000.000 g/t     11.94 M t    
   Zinc$4.33    596.01 K t       49,900.000 g/t     11.94 M t    
Estimate notes: See notes for Indicated.
cutOffNotes

Big Hurrah    -  ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ROCK CREEK AND BIG HURRAH PROJECT
Date: 2008-02-21 (155 pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: Alaska, USA

Map View: View the Big Hurrah project on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Probable
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.80    184.88 K oz     4.820 g/t     1.19 M t    
Estimate notes: See TABLE 19.20 SUMMARY OF RESERVE AND RESOURCE ESTIMATES on p. 66 of 155 in the NI 43-101 dated February 2008.
Cut-off Grade 0.60g/t Au
   •Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.33    76.43 K oz     2.680 g/t     887.00 K t    
Estimate notes: See Probable notes.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.07    16.04 K oz     2.970 g/t     168.00 K t    
Estimate notes: See Probable notes.

Copper Canyon    -  ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: British Columbia, Canada

Most Optimistic Resource Estimates (MORE):

   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$7.46    1.72 M oz     0.540 g/t     164.80 M t    
   Silver$1.55    22.73 M oz     7.150 g/t     164.80 M t    
   Copper$9.17    346.08 K t       3,500.000 g/t     164.80 M t    
Estimate notes: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.
Resource quantities adjusted for ownership percentage of 60.0%.
0.35 %CuEQ cutoff

Donlin Creek    -  ^top^

(NI) 43-101 Report:

Title: Nova Gold Resources Inc. Donlin Creek Gold Project, Alaska, USA NI 43-101 Technical Report
Date: 2009-04-01 (222 pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: Alaska, USA

Map View: View project the Donlin Creek gold project on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Proven + Probable
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$63.55    14.62 M oz     2.370 g/t     383.80 M t    
Estimate notes: See Table 1-2: Proven and Probable Mineral Reserve Statement, Effective Date 31 December 2008, Kirk Hanson, P.E. on p. 36 of 222 in the NI 43-101 dated April 2009.
Resource quantities adjusted for ownership percentage of 50.0%.
   •Measured + Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$13.02    3.00 M oz     1.970 g/t     94.60 M t    
Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 50.0%.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$8.72    2.01 M oz     2.290 g/t     54.50 M t    
Estimate notes: See Proven + Probable notes.
Resource quantities adjusted for ownership percentage of 50.0%.

Galore Creek    -  ^top^

(NI) 43-101 Report:

Title: Galore Creek Property NI 43-101 Technical Report British Columbia – Canada
Date: 2008-01-25 (440 pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: British Columbia, Canada

Map View: View the Galore Creek property on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Measured + Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$15.92    3.66 M oz     0.290 g/t     785.70 M t    
   Silver$4.21    61.51 M oz     4.870 g/t     785.70 M t    
   Copper$54.14    2.04 M t       5,200.000 g/t     785.70 M t    
Estimate notes: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.
Resource quantities adjusted for ownership percentage of 50.0%.
0.21 %CuEQ cutoff
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$4.50    1.04 M oz     0.180 g/t     357.70 M t    
   Silver$1.45    21.22 M oz     3.690 g/t     357.70 M t    
   Copper$17.06    643.86 K t       3,600.000 g/t     357.70 M t    
Estimate notes: See Measured + Indicated.
Resource quantities adjusted for ownership percentage of 50.0%.
0.21 %CuEQ cutoff

Nome Gold    -  ^top^

(NI) 43-101 Report:

Title: cutAndPasteExactTitleOfTheReportHere
Date: (0 pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: Alaska, USA

Most Optimistic Resource Estimates (MORE):

   •Measured + Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$6.83    1.57 M oz     0.300 g/t     162.90 M t    
Estimate notes: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.
0.20 g/m3 Au cutoff
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$1.15    265.63 K oz     0.270 g/t     30.60 M t    
Estimate notes: See Measured + Indicated note.

Rock Creek    -  ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ROCK CREEK AND BIG HURRAH PROJECT
Date: 2008-02-21 (155 pages)

Updates: NovaGold Resources Inc. Reserves and Resources dated as of December 22, 2009.

Project Location: Alaska, USA

Map View: View the Rock Creek project on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Probable
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$1.42    325.59 K oz     1.300 g/t     7.79 M t    
Estimate notes: See TABLE 19.20 SUMMARY OF RESERVE AND RESOURCE ESTIMATES on p. 66 of 155 in the NI 43-101 dated February 2008.
Cut-off Grade 0.60g/t Au
   •Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$1.30    299.55 K oz     1.210 g/t     7.70 M t    
Estimate notes: See Probable notes.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.09    21.03 K oz     1.090 g/t     600.00 K t    
Estimate notes: See Probable notes.

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