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NOTE 4. INVESTMENTS IN DONLIN GOLD
 3 Months Ended
Feb. 29, 2016
Schedule of Investments [Abstract]  
NOTE 4. INVESTMENTS 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 Gold Corporation ("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 both Barrick and the Company.

 

Changes in the Company's 50% investment in Donlin Gold LLC are summarized as follows:

             
    Three months ended  
    February 29,     February 28,  
    2016     2015  
Balance – beginning of period   $ 1,058     $ 1,618  
Share of losses                
Mineral property expenditures     (1,964 )     (2,453 )
Depreciation     (39 )     (43 )
      (2,003 )     (2,496 )
Funding     1,848       2,352  
Balance – end of period   $ 903     $ 1,474  

 

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 29,

2016

    

At

November 30,

2015

  
Current assets: Cash, prepaid expenses and other receivables   $ 1,488     $ 1,762  
Non-current assets: Property and equipment     532       232  
Non-current assets: Mineral property     32,692       32,692  
Current liabilities: Accounts payable and accrued liabilities     (1,117 )     (936 )
Non-current liabilities: Reclamation obligation     (692 )     (692 )
Net assets   $ 32,903     $ 33,058