We need the Novagold attitude here in a hurry. I did read in one...

We need the Novagold attitude here in a hurry. I did read in one of the news reports that the Denison bid was as a result of a tender and am interested to know if the OMC directors solicited this bid or not.

Disappointed that OMC directors do not share the vision that shareholders do. They may actually be out of touch with where the market is right now value-wise, as OMC shares have really lagged others in the sector.


NovaGold keeps poison pill after fending off Barrick

2006-12-07 12:39 ET - News Release

Mr. Rick Van Nieuwenhuyse reports

NOVAGOLD READY TO ADVANCE ITS PROJECTS WITH EXPIRY OF BARRICK HOSTILE TAKEOVER BID

NovaGold Resources Inc. can once again focus 100 per cent of its efforts on advancing its projects and generating long-term value for shareholders, following the expiry of the unsolicited $16-(U.S.)-per-share takeover bid by Barrick Gold Corp. Barrick has announced that it will take up the last shares tendered during the final extension of the bid, for a total ownership of 12.7 per cent of NovaGold shares on a fully diluted basis.

NovaGold's board of directors approved a new shareholder rights plan, to take effect Dec. 7, 2006, immediately upon the expiry of Barrick's bid. NovaGold originally adopted a rights plan on May 31, 2006, but waived its application to Barrick's takeover bid on Sept. 25, 2006.

"NovaGold received outstanding support from its shareholders throughout this prolonged takeover attempt," said Rick Van Nieuwenhuyse, president and chief executive officer of NovaGold. "Our shareholders were the white knights in this process, and NovaGold is committed to building this company into a high-quality North American mid-tier gold and copper producer.

"NovaGold has world-class assets and a world-class team of people that will continue to work hard to advance our projects and build shareholder value in 2007 and beyond."

NovaGold would like to thank its shareholders, advisers, employees and contractors for their support throughout this process. NovaGold retained RBC Dominion Securities Inc., a member company of RBC Capital Markets, and Citigroup Global Markets Inc. as financial advisers; Borden Ladner Gervais LLP and Dorsey & Whitney LLP as legal counsel; and Lute and Co., Innisfree M&A Inc. and Joele Frank, Wilkinson Brimmer Katcher for corporate and shareholder communications.

About the shareholder rights plan

With the expiry of Barrick's bid, NovaGold's board of directors has adopted a new shareholder rights plan, on substantially the same terms as the original plan, to ensure the fair treatment of shareholders in connection with future unsolicited takeover bids and other stock acquisitions above 20 per cent that are not offered to all shareholders on the same terms. The new rights plan exempts Barrick to the extent it has taken up shares under its existing takeover bid, which expired last night.

Shareholder approval of the new rights plan will be sought at NovaGold's annual general meeting of shareholders, scheduled for May, 2007. If ratified by shareholders, the new rights plan will have an initial term identical to that of the original plan and will expire at NovaGold's annual general meeting in 2010, unless terminated at an earlier date. The new rights plan is subject to regulatory approval.

A copy of the new rights plan, which prevents the acquisition of 20 per cent or more of NovaGold's outstanding shares, other than in certain permitted circumstances where all shareholders are treated fairly, will be available for review at SEDAR.

We seek Safe Harbor.