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

NovaGold Resources Inc. (NG)

Company Web Site: www.novagold.com
(NI) 43-101 reports from projects located in: USA (US)  |  Canada (CA)
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 2010-03-10.
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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-10
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Galore Creek CA $91.81 0 76% 24% 4.70 M oz     82.73 M oz     2.69 M t
    Donlin Creek US $75.46 75% 15% 10% 19.62 M oz
    Ambler US $49.53 0 63% 37% 708.23 K oz     50.86 M oz     1.12 M t     253.86 K t     1.61 M t
    Copper Canyon CA $16.81 0 0 100% 1.72 M oz     22.73 M oz     346.08 K t
    Nome Gold US $7.06 0 86% 14% 1.84 M oz
    Rock Creek US $2.48 50% 46% 3% 646.17 K oz
    Big Hurrah US $1.07 67% 28% 6% 277.34 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 29.51 M oz     156.32 M oz     4.16 M t     253.86 K t     1.61 M t
    Metal Prices in US$ (from 2010-03-10) $1,107.10 per oz     $16.99 per oz     $3.34750 per lb     $1.02040 per lb     $1.05740 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $113.46     $9.22     $106.51     $1.98     $13.05
    Percentage of Total Metal Value 46.46%     3.78%     43.61%     0.81%     5.34%
    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-Mar-10
    Metal Value per Share (MVpSh)    US$244.22
    Average Ore Value per Tonne    US$59.71
    Metal Value Leverage (MVL)    35.44
    Market Capitalization as % of Metal Value    2.8%
    Recent Stock Price    C$7.07   (TSX/TSXV close on 2010-03-10.)
Conversion rate used: 1 Cnd$ = 0.974756 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%    24% | 49% | 27%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.779 g/t
    Market Capitalization
    per oz of Gold In Ground    $67.24   US$  |   68.99   C$
    Gold Eq Oz Estimate    63.51 M oz   ( 29.51 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $31.24   US$  |   32.05   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of NovaGold Resources Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Galore Creek	CA	$91.81	0	76%	24%	4.70 M oz	82.73 M oz	2.69 M t
Donlin Creek	US	$75.46	75%	15%	10%	19.62 M oz
Ambler	US	$49.53	0	63%	37%	708.23 K oz	50.86 M oz	1.12 M t	253.86 K t	1.61 M t
Copper Canyon	CA	$16.81	0	0	100%	1.72 M oz	22.73 M oz	346.08 K t
Nome Gold	US	$7.06	0	86%	14%	1.84 M oz
Rock Creek	US	$2.48	50%	46%	3%	646.17 K oz
Big Hurrah	US	$1.07	67%	28%	6%	277.34 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	29.51 M oz	156.32 M oz	4.16 M t	253.86 K t	1.61 M t
Metal Prices in US$ (from 2010-03-10)	$1,107.10 per oz	$16.99 per oz	$3.34750 per lb	$1.02040 per lb	$1.05740 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$113.46	$9.22	$106.51	$1.98	$13.05
Percentage of Total Metal Value	46.46%	3.78%	43.61%	0.81%	5.34%
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-Mar-10
Metal Value per Share (MVpSh)	US$244.22
Average Ore Value per Tonne	US$59.71
Metal Value Leverage (MVL)	35.44
Market Capitalization as % of Metal Value	2.8%
Recent Stock Price	C$7.07 (TSX/TSXV close on 2010-03-10.) Conversion rate used: 1 Cnd$ = 0.974756 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%	24% \| 49% \| 27%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.779 g/t
Market Capitalization per oz of Gold In Ground	$67.24 US$ \| 68.99 C$
Gold Eq Oz Estimate	63.51 M oz ( 29.51 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$31.24 US$ \| 32.05 C$

See terms for more about GoldMinerPulse metrics.

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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $1.73    449.40 K oz     0.830 g/t     16.84 M t
   Silver $1.91    32.29 M oz     59.630 g/t     16.84 M t
   Copper $17.87    697.22 K t       41,400.000 g/t     16.84 M t
   Lead $1.24    158.31 K t       9,400.000 g/t     16.84 M t
   Zinc $8.22    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.73	449.40 K oz	0.830 g/t	16.84 M t
Silver	$1.91	32.29 M oz	59.630 g/t	16.84 M t
Copper	$17.87	697.22 K t	41,400.000 g/t	16.84 M t
Lead	$1.24	158.31 K t	9,400.000 g/t	16.84 M t
Zinc	$8.22	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $1.00    258.82 K oz     0.674 g/t     11.94 M t
   Silver $1.10    18.57 M oz     48.370 g/t     11.94 M t
   Copper $10.90    425.21 K t       35,600.000 g/t     11.94 M t
   Lead $0.75    95.55 K t       8,000.000 g/t     11.94 M t
   Zinc $4.83    596.01 K t       49,900.000 g/t     11.94 M t
Estimate notes: See notes for Indicated.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.00	258.82 K oz	0.674 g/t	11.94 M t
Silver	$1.10	18.57 M oz	48.370 g/t	11.94 M t
Copper	$10.90	425.21 K t	35,600.000 g/t	11.94 M t
Lead	$0.75	95.55 K t	8,000.000 g/t	11.94 M t
Zinc	$4.83	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.71 184.88 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.71	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.29 76.43 K oz 2.680 g/t 887.00 K t
Estimate notes: See Probable notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.29	76.43 K oz	2.680 g/t	887.00 K t
Estimate notes: See Probable notes.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.06 16.04 K oz 2.970 g/t 168.00 K t
Estimate notes: See Probable notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.06	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $6.60    1.72 M oz     0.540 g/t     164.80 M t
   Silver $1.34    22.73 M oz     7.150 g/t     164.80 M t
   Copper $8.87    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.60	1.72 M oz	0.540 g/t	164.80 M t
Silver	$1.34	22.73 M oz	7.150 g/t	164.80 M t
Copper	$8.87	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $56.23 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$56.23	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $11.52 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.52	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $7.71 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.71	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $14.08    3.66 M oz     0.290 g/t     785.70 M t
   Silver $3.63    61.51 M oz     4.870 g/t     785.70 M t
   Copper $52.36    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$14.08	3.66 M oz	0.290 g/t	785.70 M t
Silver	$3.63	61.51 M oz	4.870 g/t	785.70 M t
Copper	$52.36	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $3.98    1.04 M oz     0.180 g/t     357.70 M t
   Silver $1.25    21.22 M oz     3.690 g/t     357.70 M t
   Copper $16.50    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.98	1.04 M oz	0.180 g/t	357.70 M t
Silver	$1.25	21.22 M oz	3.690 g/t	357.70 M t
Copper	$16.50	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $6.04 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.04	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.02 265.63 K oz 0.270 g/t 30.60 M t
Estimate notes: See Measured + Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.02	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.25 325.59 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.25	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.15 299.55 K oz 1.210 g/t 7.70 M t
Estimate notes: See Probable notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.15	299.55 K oz	1.210 g/t	7.70 M t
Estimate notes: See Probable notes.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.08 21.03 K oz 1.090 g/t 600.00 K t
Estimate notes: See Probable notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.08	21.03 K oz	1.090 g/t	600.00 K t
Estimate notes: See Probable notes.


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