VANCOUVER – NovaGold Resources Inc. (TSX:NG) reported a much smaller third-quarter loss on Thursday, saying the improvement was mainly due to a non-cash asset impairment charge of $ 116.2 million the company suffered in the comparable 2010 period.
Vancouver-based NovaGold said its net loss in the three months ended Aug. 31 was $ 56.5 million or 24 cents per share. That compared with a net loss of $ 147.6 million 66 cents per share in its 2010 third quarter.
The exploration and development company did not report any revenues for the period.
NovaGold is a precious metals company engaged in the exploration and development of mineral properties located principally in Alaska and British Columbia.
On the Toronto Stock Exchange, NovaGold shares were up eight cents at $ 7.59 in morning trading Thursday.
Local news from metronews.ca/vancouver
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