Recently subscribing for $500,000 worth of common shares of NovaGold Resources (TSE) was MVP Capital (TSE), a resource sector investment company based in Toronto. Purchase of the shares is subject to regulatory approval.
NovaGold President Gerald McConnell said his company, based in Halifax, N.S., is engaged in discussions with others, including institutional investors, for funds by way of private placement, to finance development of the Steeple Rock property in New Mexico.
Recent drilling results at the project have indicated significant gold- silver values, McConnell said.
Earlier this summer, MVP made an offer to acquire a minimum 90% interest in Camindex Mines (TSE), a partner in the Valdez Creek placer gold project in Alaska.
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