Novagold’s spinoff of copper assets results in $67.6-million net profit for 2012

VANCOUVER – Novagold Resources Inc. (TSX:NG) says the spinoff of its copper assets last year and other factors resulted in in a $67.6 million net profit for the 2012 financial year, or about nine cents per share. The Vancouver-based company, which is in the development phase and not producing sales revenue, had $253 million in cash and equivalents when the year ended Nov. 30. That included $316.4 million from an equity financing in February 2012, partially offset by $88.4 million used in operating activities and $40.4 million used to fund the spinout of NovaCopper.