NovaGold financing (May 16, 1988)

NovaGold Resources of Halifax has signed an agreement with M.E.Q. (1988) Mineral Exploration and Co. Ltd. Partnership, providing for the purchase by the latter of $2,510,000 of flow-through NovaGold common shares. The agreement is subject to regulatory approval and the financing is dependent upon the partnership successfully completing its public offering.

NovaGold intends to use the funds on its Fifteen Mile Stream and Newton Mills properties, and on the Goldenville property held by NovaGold subsidiary, Northumberland Mines. NovaGold owns 91% of Northumberland.