NOVAGOLD Completes Divestiture of Rock Creek Project in

NOVAGOLD Completes Divestiture of Rock Creek Project in Alaska 
-- Important Milestone Achieved Towards Simplifying NOVAGOLD's
Structure 
-- Exclusive Focus is on Advancement of Flagship Donlin Gold Project
up the Value Chain 
-- NOVAGOLD to Receive US$12.6 Million 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/01/12 -- NOVAGOLD
RESOURCES INC. (TSX:NG)(NYSE MKT:NG) ("NOVAGOLD" or "the Company") is
pleased to announce that it has completed the transfer of Alaska Gold
Company LLC ("AGC"), including the Rock Creek property ("Rock Creek")
in and around Nome, Alaska, to Bering Straits Native Corporation
("BSNC") for $6.265 million. NOVAGOLD also announced that the State
of Alaska accepted completion of the initial phase of the Rock Creek
closure plan and released $6.8 million of the $20.3 million financial
assurance bond associated with Rock Creek. The balance of the
financial assurance has been transferred to BSNC which has assumed
full responsibility and liability for the remainder of the
reclamation activities requested by regulatory authorities at Rock
Creek. Under the terms of the agreement, the Company has been fully
indemnified by BSNC with respect to Rock Creek and all other AGC
properties.  
"This transaction represents a major step toward further streamlining
the Company's financial and management resources to focus on its
flagship Donlin Gold project," said Gregory A. Lang, NOVAGOLD's
President and Chief Executive Officer. "I am proud of the reclamation
and closure work carried out by our team at Rock Creek to achieve
full compliance with the environmental standards prescribed by the
State of Alaska." 
About NOVAGOLD 
NOVAGOLD is a well-financed precious metals company engaged in the
exploration and development of mineral properties in North America.
The Company's flagship asset is its 50%-owned Donlin Gold project in
Alaska, one of the safest jurisdictions in the world. With
approximately 39 million ounces of gold in the Measured and Indicated
resource categories (541 million tonnes at an average grade of
approximately 2.2 grams per tonne), Donlin Gold is regarded to be one
of the largest, and most prospective known gold deposits in the
world. According to the Updated Feasibility Study, once in
production, Donlin Gold should average approxima
tely 1.5 million
ounces of gold per year for the first five years, followed by decades
of more than one million ounces per year. The Donlin Gold project has
substantial exploration potential beyond the designed footprint which
currently covers only three kilometers of an approximately
eight-kilometer strike length of the property. Permitting is underway
for the Donlin Gold project, a clearly defined process expected to
take 3-4 years. NOVAGOLD also owns 50% of the Galore Creek
copper-gold-silver project located in northern British Columbia.
According to the 2011 Pre-Feasibility Study, Galore Creek is expected
to be the largest copper mine in Canada, a tier-one jurisdiction,
when it is put into production. NOVAGOLD is currently evaluating
opportunities to sell all or a portion of its interest in Galore
Creek and would apply the proceeds toward the development of Donlin
Gold. NOVAGOLD has a strong track record of forging collaborative
partnerships, both with local communities and with major mining
companies. 
Please note: As part of the rebranding, the company has converted its
primary domain to .com from .net, therefore, our website can now be
accessed at www.NOVAGOLD.com and all email formats within NOVAGOLD
are now firstname.lastname@NOVAGOLD.com. Please update your contacts
accordingly. 
Scientific and Technical Information 
Scientific and technical information contained herein with respect to
the Donlin Gold project is derived from the "Donlin Creek Gold
Project Alaska, USA NI 43-101 Technical Report on Second Updated
Feasibility Study" compiled by AMEC. Kirk Hanson, P.E., Technical
Director, Open Pit Mining, North America, (AMEC, Reno), Gordon
Seibel, R.M. SME, Principal Geologist, (AMEC, Reno), Tony Lipiec,
P.Eng. Manager Process Engineering (AMEC, Vancouver) are the
Qualified Persons responsible for the preparation of the independent
technical report, each of whom are independent "qualified persons" as
defined by NI 43-101. 
Cautionary Note Regarding Forward-Looking Statements 
This press release includes certain "forward-looking information" and
"forward-looking statements" (collectively "forward-looking
statements") within the meaning of applicable securities legislation,
including the United States Private Securities Litigation Reform Act
of 1995. All statements, other than statements of historical fact,
included herein including, without limitation, the timing of
permitting and potential development of Donlin Gold, statements
relating to NOVAGOLD's future operating and financial performance,
outlook, and the potential sale of all or part of NOVAGOLD's interest
in Galore Creek are forward-looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements that
events, conditions, or results "will", "may", "could", or "should"
occur or be achieved. These forward-looking statements may include
statements regarding perceived merit of properties; exploration
results and budgets; mineral reserves and resource estimates; work
programs; capital expenditures; timelines; strategic plans;
completion of transactions; market prices for precious and base
metals; intended use of proceeds; or other statements that are not
statements of fact. Forward-looking statements involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements. 
Important factors that could cause actual results to differ
materially from NOVAGOLD's expectations include the uncertainties
involving the need for additional financing to explore and develop
properties and availability of financing in the debt and capital
markets; uncertainties involved in the interpretation of drilling
results and geological tests and the estimation of reserves and
resources; the need for continued cooperation with Barrick Gold
Corporation and Teck Resources Limited for the continued exploration
and development of the Donlin Gold and Galore Creek properties; the
need for cooperation of government agencies and native groups in the
development and operation of properties; the need to obtain permits
and governmental approvals; risks of construction and mining projects
such as accidents, equipment breakdowns, bad weather, non-compliance
with environmental and permit requirements, unanticipated variation
in geological structures, ore grades or recovery rates; unexpected
cost increases, which could include significant increases in
estimated capital and operating costs; fluctuations in metal prices
and currency exchange rates; and other risk and uncertainties
disclosed in NOVAGOLD's Annual Information Form for the year-ended
November 30, 2011, filed with the Canadian securities regulatory
authorities, and NOVAGOLD's annual report on Form 40-F filed with the
United States Securities and Exchange Commission and in other
NOVAGOLD reports and documents filed with applicable securities
regulatory authorities from time to time. NOVAGOLD's forward-looking
statements reflect the beliefs, opinions and projections on the date
the statements a
re made. NOVAGOLD assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by law.
Contacts:
NOVAGOLD RESOURCES INC.
Melanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227 
NOVAGOLD RESOURCES INC.
Erin O'Toole
Analyst, Investor Relations
604-669-6227 or 1-866-669-6227
www.novagold.com