Novagold to sell Galore Creek stake

TORONTO — Novagold Resources Inc. is working with two banks to sell its 50- per- cent stake in the Galore Creek project in B. C. “Novagold and our bankers at Royal Bank of Canada and J. P. Morgan have begun the process of engaging with potential suitors for our portion of the project,” Chief Executive Offi cer Greg Lang said Wednesday in a statement. Teck Resources Ltd., Canada’s biggest diversifi ed mining company, owns the other half of Galore Creek, a copper and gold project in northwestern B. C. Teck said on Nov. 16 it has a 90- day right of fi rst refusal in its partnership agreement with Novagold on the property, which Novagold says would be the largest copper mine in Canada. Marcia Smith, a Teck spokeswoman, wasn’t immediately able to comment when contacted today by phone.