April 13, 2011 / 2:01 PM / in 7 years

UPDATE 1-NovaGold posts wider Q1 loss on impairment charge

* Q1 loss/shr C$0.22 vs loss/shr C$0.10 last year

* Says co to pay about C$20.5 mln for Donlin Creek project in 2011 (Adds details)

April 13 (Reuters) - NovaGold Resources Inc posted its ninth quarterly loss in a row, which was wider than last year, hurt mainly by an impairment charge.

For the December-February quarter, loss was C$67.4 million ($70 million), or 22 Canadian cents a share, compared with a loss of C$19.4 million, or 10 Canadian cents a share.

The company recorded a non-cash asset impairment charge of C$52.7 million in the quarter.

The company said for Donlin Creek project, co-owned by Barrick Gold in Alaska, they have set a 2011 budget of about $41.0 million, half of which is Novagold’s share.

The 2011 work program will focus on completing the feasibility revision to incorporate the natural gas pipeline, and preparing permit applications for the project, it said in a statement.

Shares of NovaGold were up about half a percent at C$12.38 on Wednesday on the Toronto Stock Exchange.

$1 = 0.963 Canadian Dollars Reporting by Aftab Ahmed in Bangalore; Editing by Prem Udayabhanu

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