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Note 5 - Investment in Galore Creek
 12 Months Ended
Nov. 30, 2017
Galore Creek [Member]  
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
NOTE
5
– INVESTMENT IN GALORE CREEK
 
The Galore Creek project is owned by Galore Creek Partnership (GCP), a partnership in which Teck and a wholly-owned subsidiary of NOVAGOLD each own a
50%
interest. GCP has a management committee comprised of
four
representatives, with
two
representatives selected by Teck and
two
representatives appointed by the Company. All significant decisions related to GCP require the approval of at least a majority of the GCP management committee representatives.
 
GCP prepares its financial statements under International Financial Reporting Standards, as issued by the IASB and presents its financial statements in Canadian dollars. In accounting for its investment in GCP, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars.
 
Changes in the Company’s investment in GCP are summarized as follows:
 
    Years ended November 30,
    2017   2016   2015
Balance – beginning of period   $
241,404
     $
242,906
     $
283,247
  
Share of losses                        
Mineral property expenditures    
(48
 )    
(169
 )    
(147
 )
Care and maintenance expense    
(1,628
 )    
(980
 )    
(884
 )
Gain on sale of equipment    
—
      
—
      
639
  
     
(1,676
 )    
(1,149
 )    
(392
 )
Funding    
1,600
      
1,020
      
508
  
Exploration tax credit    
—
      
—
      
107
  
Foreign currency translation    
10,133
      
(1,373
 )    
(40,564
 )
Balance – end of period   $
251,461
     $
241,404
     $
242,906
  
 
The following amounts represent the Company’s
50%
share of the assets and liabilities of GCP presented in U.S. dollars and in accordance with U.S. GAAP. As a result of recording the Company’s investment at fair value in
June 2011,
the carrying value of the Company’s
50%
interest in GCP is higher than
50%
of the book value of GCP. Therefore, the Company’s investment does
not
equal
50%
of the net assets recorded by GCP:
 
    At November 30,
    2017   2016
Current assets: Cash, prepaid expenses and other receivables   $
197
     $
170
  
Non-current assets: Mineral property    
226,561
      
217,295
  
Current liabilities: Accounts payable and accrued liabilities    
(237
 )    
(112
 )
Non-current liabilities: Reclamation obligation    
(7,645
 )    
(7,260
 )
Net assets   $
218,876
     $
210,093