NovaGold (NG) Hits New All-Time High as Preps Underway for One of World's Largest Gold Mines

We recently published 10 Stocks Stealing The Spotlight Today. NovaGold Resources Inc. (NYSEAmerican:NG) is one of the top performers on Wednesday.

NovaGold extended its winning streak to a fifth consecutive day on Wednesday to hit a new all-time high as investors cheered the start of work for one of the largest open-pit gold mines in the world.

In intra-day trading, NovaGold Resources Inc. (NYSEAmerican:NG) soared to its highest 52-week price of $10.15 before paring gains to end the day just up by 15 percent at $10.12 apiece following the release of its third-quarter business and earnings update.

According to the company, work is now underway for the Donlin Gold mine project in Alaska, having already requested feasibility study proposals from top-tier engineering firms qualified for the project, while also building its workforce. It said it expects to award the contract before the end of the year and begin construction next year, with the development expected to take 18 to 24 months.

Meanwhile, NovaGold Resources Inc. (NYSEAmerican:NG) also announced that it widened its net loss in the third quarter of the year by 46 percent to $15.6 million from $10.7 million in the same period last year, as loss from operations jumped by 73 percent to $13.7 million from $7.9 million year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.