NovaGold Resources and Teck Cominco announced on November 26, 2007, that they were suspending construction activities at the Galore Creek copper-gold-silver project in northwestern British Columbia after a review indicated vastly higher capital costs and a much longer construction schedule than originally estimated for the project.

As a result of the decision to suspend construction and to reassess the feasibility study and project economics, all of Galore Creek’s proven and probable reserves have been reclassified as measured and indicated resources at a 0.21% copper-equivalent cutoff.

NovaGold and Teck Cominco had formed a 50:50 partnership to develop the project. A jointly managed entity, Galore Creek Mining Corp., manages all aspects of project development. Prior to the suspension of construction, substantial work was completed at Galore Creek during the 2007 construction season, including clearing 80% of the 135-km road right-of-way, completing 66 km of pioneer road, installing a number of bridges and initiating work on the road access tunnel into the Galore Creek Valley. NovaGold said the project partners will maintain the existing infrastructure to ensure the project can be restarted quickly if a new construction approach can be developed and approved.