NovaGold Announces Additional US$75 Million Financing

March 8, 2010 - Vancouver, British Columbia - NovaGold Resources Inc. (NYSE-AMEX: NG, TSX: NG) today announced that it is proposing to issue 13,636,364 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$75,000,002 (the "Soros Offering”) to Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC. This is in addition to the US$100 million financing announced by the Company on March 4, 2010 (the "Paulson Offering”). The gross proceeds to be raised under the two financings total US$175 million.

The Company intends to use the net proceeds from these financings to fund general exploration and development on the Company's advanced properties including Donlin Creek, Galore Creek and Rock Creek, its early-stage Ambler property, and for general corporate purposes, including funding potential future acquisitions.

"We are very pleased to have internationally recognized investors like Soros Fund Management and Paulson & Co. increase their positions in NovaGold and become two of our largest shareholders,” said Rick Van Nieuwenhuyse, President & CEO of NovaGold. "These groups have been following NovaGold for some time, recognizing both the near and long-term strategic value of our world-class gold and copper-gold assets. With the US$175 million raised in these financings, we have fulfilled our current equity objectives and are exceptionally well positioned to advance and maximize the value of our projects for the benefit of all NovaGold shareholders.”

The Soros Offering, which is non-brokered, is being made under a prospectus supplement (the "Supplement”) to the Company's base shelf prospectus dated December 30, 2009 (the "Shelf Prospectus”). The Soros Offering is expected to close on or about March 11, 2010, and is subject to certain conditions, including the approval of the Toronto Stock Exchange and the NYSE Amex LLC. The Paulson Offering is expected to close on or about March 9, 2010. Paulson & Co. Inc. have acknowledged the Soros Offering. The Company has filed the Shelf Prospectus with certain Canadian securities regulatory authorities and a registration statement with the United States Securities and Exchange Commission (the "SEC”), which has been declared effective. The Company will file the Supplement, which contains additional information about the Soros Offering, with the British Columbia Securities Commission and the SEC. Copies of the final Supplement and accompanying Shelf Prospectus relating to the Soros Offering may be obtained from the Company by calling Investor Relations at 1-866-669-6227. An electronic copy of the Shelf Prospectus is also available on SEDAR at www.sedar.com and on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or province in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or province.

About NovaGold

NovaGold is a growth-focused precious metals company engaged in the exploration and development of mineral properties in North America. The Company has a portfolio of mineral properties located in Alaska, USA, and British Columbia, Canada. The Company's largest projects are being advanced with major mining companies. The Donlin Creek project is held by a limited liability company owned equally by NovaGold and Barrick Gold U.S. Inc. The Galore Creek project is held by a partnership owned equally by NovaGold and Teck Resources Limited. NovaGold owns a 100% interest in the Rock Creek, Big Hurrah and Nome Gold deposits in Nome, Alaska and in the Ambler deposit in northern Alaska. NovaGold has one of the largest reserve/resource bases of any junior or mid-tier level producing gold company, and trades on the TSX and NYSE-AMEX under the symbol NG. More information is available by emailing [email protected].

Contacts

Don MacDonald
Senior Vice President & Chief Financial Officer

Greg Johnson
Vice President, Strategic Development

Rhylin Bailie
Manager, Corporate & Investor Relations