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MORE GOLD RESOURCES THAN ANY OTHER JUNIOR GOLD MINING COMPANY

Business Summary

NovaGold Resources Inc. is a precious metals company focused on the creation of value through the exploration and development of high-quality mineral assets in North America.

NovaGold is now advancing five separate million-plus-ounce gold deposits in Alaska and western Canada toward production.

With the recent acquisition of control of SpectrumGold Inc. (TSX:SGX), NovaGold now controls 25 million ounces of gold in five projects, including two of the largest undeveloped gold deposits in North America, Donlin Creek (25 Moz) and Galore Creek (5 Moz). NovaGold's net share of gold NovaGold Resources Inc. is a precious metals company focused on the creation of value through the exploration and development of high-quality mineral assets in North America. NovaGold is now advancing five separate million-plus-ounce gold deposits in Alaska and western Canada toward production. With the recent acquisition of control of SpectrumGold Inc. (TSX:SGX), NovaGold now controls 25 million ounces of gold in five projects, including two of the largest undeveloped gold deposits in North America, Donlin Creek (25 Moz) and Galore Creek (5 Moz). NovaGold's net share of gold resources after all earn-ins is 14.4 million ounces of unhedged gold or 1/3 ounce of gold per share. Since 1998, NovaGold has seen tremendous exploration success - averaging a discovery cost of $ 2 per ounce of gold resource. NovaGold has established itself as a rapidly growing exploration- focused gold company with the leadership, vision, and financial strength required to swiftly progress into a quality mid-tier gold producer. NovaGold will continue to add significant shareholder value as it advances four separate multi-million ounce gold deposits to production decisions over the next several years at Donlin Creek, Rock Creek, Galore Creek and Nome Gold - a step that should enable the company to achieve an annual gold production level of 500,000 to 700,000 ounces per year.

Since 1998, NovaGold has seen tremendous exploration success - averaging a discovery cost of $ 2 per ounce of gold resource. NovaGold has established itself as a rapidly growing exploration- focused gold company with the leadership, vision, and financial strength required to swiftly progress into a quality mid-tier gold producer. NovaGold will continue to add significant shareholder value as it advances four separate multi-million ounce gold deposits to production decisions over the next several years at Donlin Creek, Rock Creek, Galore Creek and Nome Gold - a step that should enable the company to achieve an annual gold production level of 500,000 to 700,000 ounces per year.

NovaGold has no debt and is one of the largest, unhedged gold resource bases of any exploration stage gold company.

The company is well financed and consistently generates cash flow from its Nome, Alaska operations contributing toward its exploration and development initiatives. The company anticipates continued exceptional growth in the future through its strategy of briskly advancing its development stage rojects up the value curve to production.

Recent News:

NovaGold Hosts Successful Galore Creek Community Meetings

NovaGold Resources Inc. has been pleased to report strong interest and broad support from local community meetings held during the past few weeks to discuss development plans for the Galore Creek gold-silver-copper project in north-western British Columbia. Nearly 350 people attended the open-house meetings held in 7 communities near the project including Dease Lake, Iskut, Telegraph Creek, Terrace, Smithers, and the port city of Stewart, British Columbia, as well as Wrangell, Alaska.

The meetings were attended by First Nation representatives, local and provincial political leaders, interested community members, and company representatives responsible for environmental, engineering and Tahltan relations. Each meeting included a presentation and open question/comment period led by Doug Brown, NovaGold's Vice President responsible for the project. The presentations outlined the potential scope and economic benefits of the project, the type of work currently underway, and the company's development objectives.

Also attending the meetings were representatives from the British Columbia Environmental Assessment Office and the Rescan Tahltan Environmental Consults (RTEC) to answer questions related to the environmental studies, and the BC permitting process.

At each meeting, NovaGold representatives outlined the two alternative site access options being considered and requested public comments to assist in the selection process. Other topics reviewed included a summary of the environmental studies underway, mitigation of environmental impacts, safe mine closure strategies, employment opportunities, and synergies with other developments proposed in the region. An overview of this season's exploration success and the recently completed independent engineering study was also provided.

NovaGold President and CEO, Rick Van Nieuwenhuyse stated, "We believe that it is critical to involve local communities early in the process of mine design and planning in order to assure a successful project that considers the goals, interests and concerns of those communities. Using this approach, the company will be able to create a better project that is consistent with local values. At NovaGold, we place a high priority on addressing the environmental and social aspects of a project in addition to making the project a financial success. We are very pleased with the level of interest and support that we have received for the Galore Creek project in the northwestern BC region."

Fundamental Considerations

With 17.1 million net ounces of measured, indicated and inferred gold resources, NovaGold's part is $100 in gold per outstanding fully-diluted share.

For this reason, in addition to the projected production growth, we still see the potential for a significant appreciation in the share price.

Technical Considerations

"Although the up-trend of the gold price is well established, the gold price has entered a consolidation phase. Nevertheless, prices of $ 450 or more are likely during the remainder of the year.", we wrote on June 23. At the time of writing, it becomes more and more likely that we shall see $ 450 or more within the coming weeks.

"The present consolidation phase sets the stage for the next upward movements which will likely occur once the gold price starts firming again," we wrote on April 28. Shortly after, the stock price spiked down to a price below $ 5, offering a rare and likely not recurring opportunity to step in at a bargain price.

The stock price having risen 80% since that "rare und likely not recurring opportunity", one may feel inclined to wait for the next buying opportunity. NovaGold is nevertheless still fundamentally excellent value considering that they have the potential to add significantly to their resources and are steadily moving forward towards production.

Our recommendation: Buy for the long term!

Peter Zihlmann


www.pzim.com
investment@pzim.com
forex@pzim.com

November 19, 2004

Disclosure: The author has not been paid to write this article, nor has he received any other inducement to do so. The author is a shareholder in the company and will benefit from any increase in the company's share price. Disclaimer: The author's objective in writing this article is to invoke an interest on the part of potential investors in this stock to the point where they are encouraged to conduct their own further diligent research. Neither the information, nor the opinions expressed should be construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the advice of a qualified investment advisor before entering into any transactions in the stock.