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Bering Straits Native Corporation Announces Acquisition of Alaska Gold Company, LLC

November 2, 2012 - BSNC is pleased to announce that it purchased the Alaska Gold Company, LLC from NovaGold Resources Inc., a Canadian precious metals company. The purchase was effective November 1, 2012.
 

The purchase culminated negotiations between BSNC and NovaGold, which initially focused on the reclamation of the Rock Creek Mine, and subsequently expanded to include the purchase of AGC and its substantial assets in the Nome area. The BSNC Board of Directors unanimously approved the purchase of AGC on October 12, 2012, the day before BSNC’s Annual Shareholders meeting.  
 

The purchase announcement was made at the Annual Meeting by BSNC President and CEO Gail Schubert, who stated, “Management and the Board believe that purchasing AGC and its properties and assets in the Nome area will provide a good foundation for additional diversification of BSNC’s operations, particularly within the Bering Strait region. We are evaluating whether gold mining operations can be restarted at the mine site because of the economic development and employment opportunities that mining would create for our region.”
 

The assets of AGC include the Rock Creek Mine facility, all patented mining claims in the Rock Creek and Big Hurrah project areas, certain real estate within the city limits of Nome, and gravel and sand resources in and around Nome. The Rock Creek Mine facility was constructed by AGC beginning in 2006. Recently, NovaGold successfully concluded Phase I of the reclamation plan, including settling all environmental issues at the mine site with the Alaska Department of Environmental Conservation. BSNC is currently working with an outside engineering firm to evaluate future mining potential at Rock Creek and Big Hurrah. 

About Bering Straits Native Corporation
Bering Straits Native Corporation (BSNC) was formed in 1972 as the regional Alaska Native Corporation for 6,333 original shareholders under authority of the Alaska Native Claims Settlement Act. The Bering Straits region encompasses the majority of Alaska's Seward Peninsula and the coastal lands of eastern Norton Sound. BSNC owns and manages nearly two million acres of subsurface estate of land selected by 17 village corporations in the region. This region is one of the most culturally diverse areas in the state with three Native languages spoken: Siberian Yup'ik, Central Yup'ik and Inupiaq.

BSNC is headquartered in Nome, Alaska. Regional operations include real estate management and development, tourism, construction, mining services and sales of rock and aggregate. BSNC also has offices in Anchorage, which oversee the company's government contract work under the SBA's 8(a), HubZone and small business programs. Anchorage operations also include construction and various support services for commercial clients and shareholder services.

 

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