Galore Creek Does Deal

By 250 News

NovaGold Resources Inc. and Teck Cominco Limited have become partners  to develop the Galore Creek mine, 150 km northwest of Stewart.

The $2billion dollar (US) project will see Teck Cominco  contributing up  to $478 million US towards construction to  bring it up to speed with what NovaGold has already contributed to the development of the project.  After that,  each company will be responsible for  expenses on a 50-50 basis.

Galore Creek is expected to produce 432 million pounds of copper, 341,000 ounces of gold and 4million ounces of silver annually for the first 5 years of production.  The reserves are  strong enough to keep the mine alive for 25 years.

The project is expected to create 1000 construction jobs, and  500 full-time jobs during operation.

The open pit mine is  expected to be operational in `mid 2012.

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