VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 7, 2012) - NovaGold Resources Inc. (TSX:NG)(NYSE Amex:NG) ("NovaGold" or "the Company") today reported that it has completed its previously announced bought deal equity offering of 35 million common shares, at a price of US$9.50 per share for net proceeds of approximately US$318.9 million after deducting underwriter commission and expenses. The syndicate of underwriters, led by RBC Capital Markets and J.P. Morgan Securities LLC, included BMO Capital Markets, Dahlman Rose & Company, National Bank Financial Inc. and TD Securities.

NovaGold intends to use the net proceeds of this offering to fund permitting and continued development at the 50%-owned Donlin Gold project, to fund care and maintenance activities and continued exploration and advanced engineering studies at the 50%-owned Galore Creek project prior to any sale of the Company's interest in the project, to fund the spin-out of NovaCopper which includes continued exploration of its highly prospective Ambler project, to fund the closure activities at Rock Creek Mine including increases to reclamation bonding required to the end of closures and for general corporate purposes and for general working capital.

As previously announced, NovaGold has granted the underwriters an over-allotment option to purchase up to an additional 5,250,000 Common Shares at the same price, exercisable in whole or in part at any time for 30 days following closing of the offering.

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

A copy of the short form base shelf prospectus and the prospectus supplement relating to the offering may be obtained from RBC Capital Markets in Canada, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax: 416-313-6066); or in the United States from RBC Capital Markets Corporation, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 (fax: 212-428-6260); or from J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel. 631-254-1735).