Northwest Transmission Line (NTL)

NLG received the press release from Nova Gold Resources Inc., on Monday (November 26) morning announcing the suspension of the Galore Creek copper-gold project construction activities due to raising capital costs and a longer construction schedule than was anticipated. This, combined with reduced operating margins as a result of the stronger Canadian dollar, would make the project uneconomic at current consensus long-term metal prices.

On the heels of the announcement NLG received notice from BC Hydro that as a consequence of the Nova Gold announcement, the community consultations that were being scheduled to begin next week on the NTL are now postponed until further notice. BC Hydro is reviewing its work on the NTL as a consequence of the Nova Gold announcement. BC Hydro indicates that a letter to the President will be forthcoming shortly.

On Wednesday we also received notice from BC Transmission Corporation that the Request for Qualifications (RFQ) for the NTL is also suspended until further notice. They do indicate however, that BCTC is not canceling this opportunity but is requesting that all plan holders stop work on their preparation of a response.

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