July 13, 2011 / 1:59 PM / 7 years ago

UPDATE 1-NovaGold Resources posts narrower Q2 loss

* Q2 loss/shr C$0.03 vs loss/shr C$0.07 yr ago

* Says expands drill program on properties (Follows alerts)

July 13 (Reuters) - Novagold Resources posted a narrower quarterly loss due to a gain on the sale of some gold properties and the Canadian precious metals miner said it is ramping up its drilling program to fast-track its projects into production.

Novagold’s second-quarter net loss was C$10.6 million ($10.9 million), or 3 Canadian cents per share, compared with a net loss of C$16.8 million, or 7 Canadian cents per share, a year ago.

The company recorded a gain of C$16.1 million ($16.7 million) in the second quarter on the sale of alluvial gold properties. Alluvial gold is found under streams in the form of dust or nuggets.

The miner said a pre-feasibility study at its Galore Creek project was on track to be released later this month. It has a 50 percent joint venture with Teck Resources TCKb.TO for the project, which is located in British Columbia.

Shares of the company were up 2 percent at C$9.85 in Wednesday morning trading on the Toronto Stock Exchange. They touched a high of C$9.94 earlier in the session. ($1 = 0.965 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore)

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