Developing Donlin Creek means barging equipment up the Kuskokwim River, navigable only six months of the year.

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He had NovaGold purchase a stake in the massive but remote Donlin Creek gold deposit in southwest Alaska.

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The question investors should be asking themselves is whether or not the Donlin Creek mine will ever actually get built.

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Economic assessments are expected for Donlin in 2007 and Galore this fall.

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They were lured to NovaGold mostly by Donlin Creek, a massive gold deposit in southwest Alaska that boasts some 30 million ounces of gold.

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Over the summer Barrick announced a tougher stance on capital expenditure, and deferred indefinitely its major Cerro Casale project in Chile and Donlin Creek in Alaska.

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He paid very little for Donlin and then got a good deal for another remote deposit, Galore Creek, and its 14 million ounces of gold and 12 billion pounds of copper in northwestern British Columbia.

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Rick van Nieuwenhuyse, a onetime exploration executive at Placer Dome, told me four years ago that by 2012 his NovaGold Resources would be pulling 700, 000 ounces of gold out of the ground, mostly from Donlin Creek and Galore Creek.

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NovaGold has tried to estimate for years how much it might cost to build a mine at Donlin, which requires barging equipment up the Kuskokwim River, navigable only six months of the year, in the face of extreme weather and environmentalists.

FORBES: The Cost Of Mining Gold In Alaska Keeps Going Up