NovaGold Reports Drill Results at San Roque Project in Argentina

NovaGold Resources Inc. NG today announced the results of its initial drill program at the San Roque project in the Rio Negro Province of Argentina. The program was designed to test three areas at the San Roque project; the Del Indio zone (now called the Zone 33 Area), a series of IP and resistivity anomalies, and the Zone 51 Area. A second drilling campaign is now being planned. This program will include a 15-line-kilometer IP/Resistivity survey and a 3,500-5,000-meter HQ-size drill program. The drill program is planned for completion before the end of 2011. Joe Piekenbrock, VP Exploration commented, "This early success at San Roque is encouraging, particularly the significant widths of mineralization encountered. Our goal with the second round of drilling is to expand on the potential resource in Zone 33 Area and capitalize on the extensive exploration potential that we recognized in the initial round of drilling." NovaGold signed an option agreement with Marifil Mines Ltd. ("Marifil") on June 22, 2010, which gives NovaGold the right to earn up to a 70% interest in the San Roque Project. The San Roque project comprises eleven claims totaling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA ("MIM") and Marifil has exercised its right to purchase a 100%-interest in these claims for $400,000. The drill program and sampling protocol were managed by NovaGold. The HQ diameter diamond drill holes were sampled using a two-meter sample length and recovery averaged 95%. Three quality control samples (one blank, one standard and one duplicate) were inserted into each batch of 20 samples. The drill core was sawn, with half sent to ASL Chemex Labs in Mendoza, Argentina and Santiago, Chile, where gold was analyzed by fire assay and AAS finish and a four acid ICP-MS method was used to analyze a full suite of elements. Samples were securely transported from the project site to the ALS Chemex laboratory in Mendoza via a private truck hired by ALS.