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Note 5 - Investment in Galore Creek
3 Months Ended
Feb. 28, 2018
Galore Creek [Member]  
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
NOTE
5
– INVESTMENT IN GALORE CREEK
 
The Galore Creek project is owned by the Galore Creek Partnership (GCP), a partnership in which Teck and a wholly owned subsidiary of NOVAGOLD each own a
50%
interest. GCP has a management committee comprised of
four
representatives, with
two
representatives selected by Teck and
two
representatives appointed by the Company. All significant decisions related to GCP require the approval of at least a majority of the GCP management committee representatives.
 
GCP prepares its financial statements under International Financial Reporting Standards, as issued by the IASB, and presents its financial statements in Canadian dollars. In accounting for its investment in GCP, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars.
 
Changes in the Company’s investment in GCP are summarized as follows:
 
    Three months ended  
    February 28,
2018
  February 28,
2017
 
Balance – beginning of period   $
251,461
    $
241,404
   
Share of losses                  
Mineral property expenditures    
(1
)    
(11
)  
Care and maintenance expense    
(252
)    
(139
)  
     
(253
)    
(150
)  
Funding    
643
     
230
   
Foreign currency translation    
1,544
     
2,690
   
Balance – end of period   $
253,395
    $
244,174
   
 
The following amounts represent the Company’s
50%
share of the assets and liabilities of GCP presented in U.S. dollars and in accordance with US GAAP. As a result of recording the Company’s investment at fair value in
June 2011,
the carrying value of the Company’s
50%
interest is higher than
50%
of the book value of GCP. Therefore, the Company’s investment does
not
equal
50%
of the net assets recorded by GCP:
 
    At
February 28,
2018
  At
November 30,
2017
 
Current assets: Cash, prepaid expenses and other receivables   $
450
    $
197
   
Non-current assets: Mineral property    
227,958
     
226,561
   
Current liabilities: Accounts payable and accrued liabilities    
(109
)    
(237
)  
Non-current liabilities: Reclamation obligation    
(7,692
)    
(7,645
)  
Net assets   $
220,607
    $
218,876