NovaGold financial results and projects update

NovaGold Resources Inc. announced its financial and operating results for the three months ended February 29, 2008, along with an update on the Company’s project development activities.

Highlights

- Net earnings of $28 million ($0.27 per share)

- Completed public offering of senior convertible notes for net proceeds of US$90.7 million

- Rock Creek mill commissioning underway, with initial gold pour from gravity circuit

- Annual General Meeting on May 28 at 2:00 pm PST

President’s Message

This continues to be a challenging time to build mines, with strong inflationary pressures and intense industry competition for staff, contractors and equipment. Despite the challenges, we are on target to achieve commercial production in mid-2008. The setback at Galore in late November had a significant impact on shareholder value, which we are determined to rebuild. As we look to 2008, NovaGold has clearly defined strategies that focus on what we do best: advancing opportunities, building partnerships and evaluating how best to maximize the value of our assets. Gold will continue to be our primary focus, and achieving major milestones at our two main gold properties should be significant catalysts to add shareholder value this year.

One of our first priorities is to work with Barrick to advance Donlin Creek through feasibility and permitting. Drilling in 2007 identified high-grade gold mineralization in the East Acma area, which has the potential to improve the average grade of the deposit and increase the net present value of the project. An initial 21,000-meter drill program in the East Acma area is underway and we hope to report preliminary results in mid-2008. We are also incorporating the remaining 20,000 meters of 2007 drilling into the resource model and will update the Donlin Creek resource estimate in the first half of 2008.