04/10/2013 05:01 EDT | Updated 06/10/2013 05:12 EDT

Novagold Resources Inc. reports first-quarter loss of $13.8-million

VANCOUVER - Novagold Resources Inc. (TSX:NG) said Wednesday it lost $13.8 million in its latest quarter as it worked to develop its Donlin Gold project in Alaska.

The company said the loss amounted to five cents per share for the quarter ended Feb. 28 compared with a profit of $16.8 million or seven cents per share a year ago when it benefited from a gain on derivatives.

The Donlin Gold project is jointly owned with Barrick Gold Corp (TSX:ABX).

The company said the project has moved to the preliminary draft environmental impact statement after receiving positive and constructive reviews.

In its outlook, the company said it expects a draft environmental impact statement in 2014.

In addition to Donlin Gold, Novagold is developing the Galore Creek project through a 50-50 partnership with Teck Resources Inc. (TSX:TCK.B).