Tender of NovaGold Shares Still Unsupportable and Premature

We offered our opinion that Barrick Gold Corporation’s (NYSE: ABX) tender offer of US$14.50 per share for NovaGold Resources Inc. (AMEX, TSX: NG) was unsupportable in our Special Report dated August 10, 2006. Now that NG has received a bankable-Feasibility Study on its Galore Creek project and initiated construction of its Rock Creek project in Nome, we find the revised tender offer of US$16.00 per share to be even more unsupportable. See full report.