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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.

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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