SpectrumGold Reports Financials and Conference Call.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 30, 2003

SpectrumGold Inc. (TSX:SGX):

Financial Report

SpectrumGold Inc. (TSX:SGX) provides the following brief summary of its first reported financial period to August 31, 2003. The complete August

The Company has cash and cash equivalents of over $4 million at October 29th, 2003. For the five months ended August 31 2003, SpectrumGold had a net loss of $83,000 (or $0.01 per share). During the period the largest expenses at $52,000 related to the legal fees for the organization of the Company, and acquisition of its initial assets namely the properties in the Yukon and British Columbia acquired from NovaGold Resources Inc. (NovaGold) and Quest Capital Inc. (formerly Viceroy Resources Inc.). An additional $23,000 was expended on the initiation of, governmental relations primarily contemplating activities at the Brewery Creek project in the Yukon and the Galore Creek project in British Columbia. The $90,000 of total expenses during the period were offset by $7,000 of interest income.

Conference Call Scheduled for Today Thursday, October 30th

SpectrumGold, and its parent company NovaGold Resources Inc. (TSX: NRI), will hold a joint conference call and webcast on Thursday, October 30th, 2003 at 4:30 PM Eastern Time (1:30 PM Pacific). NovaGold and SpectrumGold will discuss their financial results for the period and give an update on their activities. To participate in the conference call, please dial 416-695-5259 or toll free 1-800-769-8320. Live audio of the conference call will be simultaneously broadcast via NovaGold's website www.novagold.net.

The call will also be available for replay until November 30th, 2003 by calling 416-695-5275 or 1-866-518-1010 and will be archived on the NovaGold website.

About SpectrumGold

SpectrumGold, a 56%-owned subsidiary of NovaGold Resources Inc., was recently listed on the Toronto Stock Exchange on October 27, 2003 trading under the symbol SGX. SpectrumGold has 20.9 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.