RioTinto and Anglo American's Galore Creek property in northwest British Columbia for US$20 million on condition of a pre-feasibility study (that evaluates mining options) was completed. SpectrumGold also acquired an 80% interest in the adjacent Copper Canyon property from Eagle Plains Resources. With the Galore Creek and Donlin properties emerging as potentially developable mines, the stock price of NOVAGOLD had risen from $0.20 a share in 2000 to $10 in 2005. Share prices would spike to nearly $18 in July 2006 as Barrick Gold launched US$1.54-billion hostile takeover. At the time, Barrick was the world's largest gold mining company and had previously acquired Placer Dome, taking its 30% interest in the Donlin property. Several months prior Galore Creek's neighbouring owner, Pioneer Metals had filed a lawsuit against NOVAGOLD for a breach of contract and NOVAGOLD responded by seeking to acquire the company. At the same time as that Barrick made its offer to NOVAGOLD shareholders, it also made an offer that trumped NOVAGOLD's offer for Pioneer Metals. NOVAGOLD management and largest shareholders, which at the time was Neuberger Berman and Sprott Assets, resisted the takeover believing the shares to be under-priced. Barrick responded by lowering its ambition to just acquiring controlling interest (requiring only 50% of shares) as NOVAGOLD launched two lawsuits attempting to put off Barrick. Barrick successfully acquired Pioneer Metals and increased its offer to NOVAGOLD shareholders by 10%. By December Barrick was only able to acquire 14.8% of shares. A few months later, in 2007 as Barrick sold off its shares, NOVAGOLD and Teck Resources announced a 50-50 joint venture partnership to develop the Galore Creek mine and its shares peaked at $20. However, their stock price would collapse by the end of the year as an updated cost analysis revised the mine cost up to $5 billion and Teck withdrew support for proceeding at that price. A similar independent cost estimate moved Donlin project from US$2.5 to US$5 billion. Meanwhile, NOVAGOLD had developed the small Rock Creek gold mine near Nome, Alaska but it was forced to shut down shortly after beginning production as it defaulted on a loan and failed to fulfill environmental obligations. NOVAGOLD stock would bottom out under a dollar in late-2008, during the global financial crisis. NOVAGOLD rebuilt by selling a one-third stake in the company to Thomas Kaplan's Electrum Strategic Resources LLC. With this they were able to settle a class-action