SpectrumGold Outlines Plans for Projects in 2004.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 12, 2004

SpectrumGold Inc. (TSX:SGX) held its first Annual General Meeting on February 11th in Vancouver, B.C. and the company is pleased to announce the election of Rick Van Nieuwenhuyse, David Black, Michael Halvorson,

RJ (Don) MacDonald, Clynton Nauman, and Ronald Netolitzky as directors of the company. In addition the shareholders approved a new stock option plan for the company and authorized potential future private placements. A summary presentation on SpectrumGold's exploration projects was given at the meeting and a copy of the presentation is available on the company's website at www.spectrumgold.net.

On the Galore Creek Project, SpectrumGold is currently working closely with Hatch Engineering to complete an updated geologic model and resource estimate in March 2004 and a Preliminary Economic Assessment Study (Scoping Study) by the end of calendar Q2 2004. The scoping study will evaluate in detail the access and infrastructure needs for the project as well as look at the best approaches to mining, processing and transportation of the concentrate product. The study will also estimate the capital and operating costs and manpower needs for the project as currently envisioned by SpectrumGold.

With completion of the Scoping Study, SpectrumGold anticipates initiating a minimum 20,000 metre (60,000 foot) drill program at Galore Creek during the summer to delineate higher grade mineralized zones within the currently defined resource, as well as to complete step-out drilling to possibly expand the known extent of mineralization. The Company also anticipates exploring several high priority exploration targets outside of the main resource area including at the adjacent Copper Canyon property. The Company anticipates expending a minimum of $5 million at Galore Creek in 2004 with the objective to complete a Pre-Feasibility Study in early 2005.

As part of the on-going studies, SpectrumGold has met with many of the important stakeholders on the project including representatives from the Tahltan First Nation, local governments and the provincial government. The project is receiving strong interest and support from each of these groups in recognition of the potential significant economic benefits of the project. The Company has also retained Rescan Environmental to initiate an environmental baseline monitoring program that will be used in the Environmental Assessment Process for the project.

SpectrumGold will also look to complete an initial exploration program at the Brewery Creek property in the Yukon. Several targets have been identified along the 15 kilometer mineralized trend and the Company anticipates undertaking a drill program in 2004 to evaluate the potential for a major sulfide gold target. The Company also has several other early stage properties with drill ready targets in the Yukon that may either be joint ventured with other companies or directly advanced.

About SpectrumGold

SpectrumGold, a 56%-owned subsidiary of NovaGold Resources Inc., is listed on the Toronto Stock Exchange under the symbol SGX. SpectrumGold also trades on the US OTC under symbol SPGDF. SpectrumGold has 25.5 million shares outstanding and holds options for 100% interests in two advanced stage properties including the 5 million ounce Galore Creek gold-silver-copper project and five early stage properties all in Western Canada. More information is available online at: www.spectrumgold.net.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world gold markets, equity markets, costs and supply of materials relevant to the mining industry and the Company's projects, change in government and changes to regulations affecting the mining industry. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.