2006-07-24

ARNHOLD AND S. BLEICHROEDER ADVISERS ANNOUNCES 9.5% INTEREST IN PIONEER METALS CORPORATION

   Accounts and funds managed by Arnhold and S. Bleichroeder Advisers LLC currently hold 5.7 million (approximately 9.5 per cent of the outstanding) common shares of Pioneer Metals Corp., all of which shares were acquired since June 19, the date on which NovaGold Resources Inc. made its bid for all of the issued and outstanding common shares of Pioneer Metals. On July 24, Barrick Gold Corp. announced in Stockwatch that it reached an agreement with Pioneer Metals to acquire all of its issued and outstanding common shares.