Ms. Melanie Hennessey reports

NOVAGOLD ANNOUNCES CLOSING OF UPSIZED BOUGHT DEAL FOR GROSS PROCEEDS OF US$310 MILLION

Novagold Resources Inc. has closed its previously announced upsized bought deal private placement of 31.02 million common shares of the company at a price of $10 (U.S.) per common share for gross proceeds of approximately $310-million (U.S.), which comprised the partial exercise of the overallotment option and included two cornerstone investors.

BMO Capital Markets, RBC Capital Markets and Scotiabank acted as underwriters and bookrunners and received an aggregate cash fee equal to 5 per cent of the gross proceeds.

The company intends to use the net proceeds of the offering for expenditures associated with activities at the Donlin gold project, settlement of the company's prepayment option on the promissory note with Barrick Mining Corp. and general corporate purposes.

The common shares were offered: (i) in each of the provinces of Canada, pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (ii) in the United States and elsewhere, pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, and the applicable securities laws of any state of the United States; and (iii) in jurisdictions outside of Canada and the United States pursuant to prospectus, registration and other exemptions under applicable securities laws. The common shares are subject to a minimum six-month hold period from the closing of the offering under applicable securities laws.

About Novagold Resources Inc.

Novagold is a well-financed precious metals company focused on the development of the Donlin gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the measured and indicated mineral resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne in the measured and indicated mineral resource categories on a 100-per-cent basis), inclusive of proven and probable mineral reserves, the Donlin gold project is regarded to be one of the largest, highest-grade and most prospective known open-pit gold deposits in the world. The Donlin gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100-per-cent basis once in production.

We seek Safe Harbor.