NovaGold Bids to Buy Copper Canyon

Property next to potential Galore mine of interest


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.