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Note 4 - Investment in Donlin Gold
3 Months Ended
Feb. 28, 2018
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 investment in Donlin Gold LLC are summarized as follows:
 
    Three months ended  
    February 28,
2018
  February 28,
2017
 
Balance – beginning of period   $
1,100
    $
951
   
Share of losses                  
Mineral property expenditures    
(1,835
)    
(2,059
)  
Depreciation    
(6
)    
(23
)  
     
(1,841
)    
(2,082
)  
Funding    
1,734
     
2,410
   
Balance – end of period   $
993
    $
1,279
   
 
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
February 28,
2018
  At
November 30,
2017
 
Current assets: Cash, prepaid expenses and other receivables   $
1,689
    $
2,075
   
Non-current assets: Property and equipment    
17
     
23
   
Non-current assets: Mineral property    
32,692
     
32,692
   
Current liabilities: Accounts payable and accrued liabilities    
(713
)    
(998
)  
Non-current liabilities: Reclamation obligation    
(692
)    
(692
)  
Net assets   $
32,993
    $
33,100