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NOTE 5. INVESTMENT IN GALORE CREEK

3 Months Ended

Feb. 29, 2016

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

NOTE 5. INVESTMENT IN GALORE CREEK

The Galore Creek project is owned by the Galore Creek Partnership (GCP) a partnership in which Teck Resources Limited ("Teck") and a wholly owned subsidiary of NOVAGOLD each own a 50% interest. GCP has a board of four directors, with two members selected by Teck and two members selected by the Company. All significant decisions related to GCP require the approval of both Teck and the Company.

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 29,				February 28,
		2016				2015
Balance – beginning of period		$	242,906			$	283,247
Share of losses
Mineral property expenditures			(59	)			(13	)
Care and maintenance expense			(135	)			(113	)
			(194	)			(126	)
Funding			215				176
Foreign currency translation			(3,195	)			(24,052	)
Balance – end of period		$	239,732			$	259,245

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 29, 2016				At November 30, 2015
Current assets: Cash, prepaid expenses and other receivables		$	254			$	497
Non-current assets: Mineral property			215,657				218,532
Current liabilities: Accounts payable and accrued liabilities			(50	)			(365	)
Non-current liabilities: Payables and decommissioning liabilities			(7,068	)			(7,162	)
Net assets		$	208,793			$	211,502

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- References

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- Definition

The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010

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