VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) - NovaGold Resources Inc. (TSX:NG)(NYSE Amex:NG)(NYSE MKT:NG) ("NovaGold" or "the Company") is pleased to announce that it has signed a Purchase and Sale Agreement (the "Agreement") to transfer the Rock Creek property ("Rock Creek" or "the Project") in Nome, Alaska to Bering Straits Native Corporation ("BSNC"). The Rock Creek transfer further simplifies NovaGold's asset structure to focus on advancing its 50%-owned Donlin Gold project ("Donlin Gold" or the "Project") toward permitting. NovaGold is committed to working with the new leadership at Barrick Gold Corporation ("Barrick") and all key stakeholders to advance Donlin Gold up the value chain. Donlin Gold is owned equally by a wholly-owned subsidiary of NovaGold and a wholly-owned subsidiary of Barrick.

"This transaction is another important step toward turning NovaGold into an exclusively Donlin Gold-focused company," said Gregory A. Lang, NovaGold's President and Chief Executive Officer. "There is a scarcity of uniquely large, high-quality and long-life gold assets in the world today. Donlin Gold is one of only seven gold assets producing or slated to produce in excess of a million gold ounces per year and would be only the third in the premier jurisdiction of North America, offering a unique advantage to its owners. With the divestiture of Rock Creek, we can now concentrate our efforts on permitting and developing Donlin Gold, one of the world's largest and highest-grade known gold projects, to the highest standards of efficiency and environmental stewardship."

"The Agreement was signed in the spirit of transitioning Rock Creek to BSNC who own substantial mineral rights in the region and participated in the development and approval of the closure and reclamation plans," added Mr. Lang.

"BSNC is well positioned to utilize its existing infrastructure to support the Nome operations and explore future opportunities in the region," said Gail Schubert, President of BSNC. "We will evaluate all environmentally sound options to maximize the value of Rock Creek for BSNC and secure significant economic benefits for the region."

NovaGold is proud of the reclamation and closure work being carried out by its team to achieve full compliance of the environmental standards prescribed by the State of Alaska. NovaGold agreed to transfer the Project to BSNC, with completion expected over the next six months, subject to certain closing conditions set forth in the Agreement. The Company anticipates that the previously released 2012 closure expenditures will be reduced by approximately US$14 million, which is the amount that was retained in the reclamation bond for final closure activities.