NovaGold is under attack from the big financial organizations and this is as you would expect. I refer to a Mineweb report that reads in part:
Citigroup this week downgraded NovaGold Resources shares from buy to hold, more than halved the target price from US$23 to $10 share, and advised the Vancouver junior company be put up for sale following what analysts called the “making of a mining disaster.” Citigroup metals analysts John Hill and Graham Wark declared, “The magnitude of underestimation is shocking to us, even in an industry rife with over-runs, casts a cloud over the equally-challenging yet earlier stage Donlin Creek (AK) gold project. The basic nature of the shortfalls also embarrasses the engineering history of Teck. We would expect pressure for strategic change. Management credibility is an issue, in our view. After the fumble at Galore Creek, we believe that a sale of the company is the best possible outcome.”
These photos show a considerable increase in the movement and slope instability of the conrner that first gave warning of problems via cracking. Not that there is any legal obligation on the company to tell us what is happening–they have already announced mine abandonment. But you would have though that the Costa Rican authorities would like to know what is happening?
