| | PRESS RELEASE NovaGold Makes Offer for Pioneer Metals Corporation (Site not responding. Last check: 2007-11-04) |
 | | Rick Van Nieuwenhuyse, CEO of NovaGold, stated, "The acquisition of Pioneer is part of NovaGold's long-term strategy to consolidate and develop the Galore Creek district in northwestern British Columbia. |
 | | This all cash offer provides Pioneer's shareholders with immediate value and liquidity for their investment at a significant premium to the prevailing market price." Pioneer owns the Grace property which is under option to NovaGold and is the subject of on-going litigation. |
 | | The offer will be subject to certain conditions, including receipt of all necessary regulatory approvals, absence of adverse changes and acceptance of the offer by Pioneer's shareholders who tender a sufficient number of common shares so that NovaGold will hold not less than 66 2/3% of the outstanding common shares on a fully diluted basis. |
| www.marketwire.com /mw/release_html_b1?release_id=136912 (812 words) |