NovaGold Resources Inc. (NG.TO,NG) announced that it has entered into an agreement to purchase a 100% interest in the Ambler property in northern Alaska, which hosts the high-grade copper-zinc-gold-silver Arctic deposit.
Under the Purchase Agreement between NovaGold and its wholly-owned subsidiary, Alaska Gold Company and Kennecott Exploration Company and Kennecott Arctic Company, NovaGold has agreed to pay Kennecott a total purchase price of US$29 million for the Ambler property.
The total purchase price will be paid as; US$5 million by the issuance of NovaGold shares and two installments of US$12 million each, due 12 months and 24 months, respectively, after the effective date of the transaction.
Kennecott will retain a 1% net smelter return royalty that can be purchased at any time for a one-time payment of US$10 million.
The Purchase Agreement terminates the exploration agreement between NovaGold and Kennecott dated March 22, 2004, as amended, under which NovaGold had the ability to earn a 51% interest in the Ambler property.
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