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A NovaGold drill site. (Handout/Cal Craig)
A NovaGold drill site. (Handout/Cal Craig)

NovaGold cuts third-quarter loss Add to ...

Precious metals developer NovaGold Resources Inc. has reported a third-quarter net loss of $21.5-million or 8 cents per share.

The loss for the three months ended Aug. 31 is less than half the net loss of $52.1-million or 22 cents per share it reported in the same year-earlier quarter.

The company credited the improvement primarily to the recovery of a decommissioning expense of $3.1-million in the 2012 quarter compared with an expense of $20.6-million for the corresponding period in 2011.

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The exploration and development miner, whose flagship asset is its 50 per cent owned Donlin gold project in Alaska, did not report any revenues for the quarter.

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