How Much Is NovaGold Worth?

I was invited to NovaGold Resources' (NG) <!---->
corporate presentation which was given by CEO Rick Van
Nieuwenhuyse (their CFO RJ Don MacDonald was also present) on May 13 in New York City. I have
owned NG
for a long time, starting Feb 2005 and added to my position in May
2006. Obviously for anyone who follows its stock price, my first
investment is only about break even and my second investment is around 40%
under water.

NG, which reached as high
as $20 in Nov 2007, used to be a darling in the junior mining sector. The higher it goes, unfortunately the faster it has
been falling, and it is now around $7-8 per share. This case reflects the typical
high risk associated with junior mining investment. It is a high risk
and high reward business. The question however still remains: how much
is NovaGold worth?