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Note 4 - Investment in Donlin Gold
6 Months Ended
May 31, 2017
Donlin Gold [Member]  
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
NOTE
4
– INVESTMENT IN DONLIN GOLD
 
The Donlin Gold project is owned and operated by Donlin Gold LLC, a limited liability company in which wholly owned subsidiaries of Barrick and NOVAGOLD each own a
50%
interest. Donlin Gold LLC has a board of
four
directors, with
two
directors selected by Barrick and
two
directors selected by the Company. All significant decisions related to Donlin Gold LLC require the approval of at least a majority of the Donlin Gold LLC board members.
 
Changes in the Company’s
50%
investment in Donlin Gold LLC are summarized as follows:
 
    Three months ended May 31,   Six months ended May 31,
    2017   2016   2017   2016
Balance – beginning of period   $
1,279
    $
903
    $
951
    $
1,058
 
Share of losses:                                
Mineral property expenditures    
(2,525
)    
(2,466
)    
(4,584
)    
(4,430
)
Depreciation    
(22
)    
(36
)    
(45
)    
(75
)
     
(2,547
)    
(2,502
)    
(4,629
)    
(4,505
)
Funding    
2,568
     
2,886
     
4,978
     
4,734
 
Balance – end of period   $
1,300
    $
1,287
    $
1,300
    $
1,287
 
 
The following amounts represent the Company’s
50%
share of the assets and liabilities of Donlin Gold LLC. Donlin Gold LLC has capitalized as Mineral property the initial contribution of the Donlin Gold property with a carrying value of
$64,000
resulting in a higher carrying value of the Mineral property than the Company.
 
    At
May 31,
2017
 
At
November 30,
2016
Current assets: Cash, prepaid expenses and other receivables   $
2,086
    $
1,540
 
Non-current assets: Property and equipment    
59
     
101
 
Non-current assets: Mineral property    
32,692
     
32,692
 
Current liabilities: Accounts payable and accrued liabilities    
(845
)    
(690
)
Non-current liabilities: Reclamation obligation    
(692
)    
(692
)
Net assets   $
33,300
    $
32,951