NovaGold Bids to Buy Copper Canyon

Property next to potential Galore mine of interest

12/20/2010

NovaGold is making an offer to try to consolidate its ownership of some property next to the potential Galore Creek mine near Iskut.

The company says it's making a takeover offer worth 34.1 million dollars for the junior exploration company, Copper Canyon Resources.

Copper Canyon has a 40% interest in a property adjacent to the Galore project.

A subsidiary of NovaGold already owns the other 60%. 

NovaGold and its partner Teck Resources have been working on a plan to revive the Galore gold, copper and silver mine since construction was halted three years ago.

NovaGold has said it expects significant news on the project in 2011.