VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/02/08 -- NovaGold Resources Inc. (TSX: NG)(AMEX: NG) today announced that on October 1, 2008 investors exercised an aggregate of 2,311,350 warrants to purchase approximately $16.2 million in NovaGold shares at C$7.00 per common share. The proceeds from these warrants which expired on October 1, 2008 will be used by NovaGold for general corporate purposes.

Don MacDonald, Senior Vice President and CFO of NovaGold, said, "The exercise of the majority of the warrants strengthens our balance sheet and demonstrates the continuing support of our investors in these volatile market times."

About NovaGold

NovaGold is a precious metals company focused on exploration, development and mining, with mineral properties in Alaska and Western Canada. Gold production has started at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold has a 50/50 partnership on the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (NYSE, TSX: ABX). The Company also has a 50/50 partnership on the Galore Creek copper-gold-silver project in British Columbia with Teck (NYSE, TSX: TCK). NovaGold has one of the largest resource bases of any junior or mid-tier level producing gold company. NovaGold trades on the TSX and AMEX under the symbol NG. More information is available online at www.novagold.net or by e-mail at info@novagold.net.

The common shares issued upon exercise of these warrants have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state, and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995.