Novo Completes Acquisition of 100% Interest in Beatons Creek Mining Leases
VANCOUVER, BC / TheNewswire / April 2, 2015 - Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce that it has completed the purchase of a 100% interest in Mining Leases 46/9, 46/10 and 46/11 (the "Tenements") that form the core of the Beatons Creek gold project. In a news release dated March 26, 2015, Novo announced it entered into an agreement with Millennium Minerals Ltd., an Australian Stock Exchange-listed company, by which it would acquire full rights to the Tenements for a purchase price of Australian $3.8 million. Completion of the transaction was subject to consent of the Minister pursuant to the Mining Act 1978 (WA), something that was recently received.
"Now that we have completed this acquisition, we are examining ways to fast-track Beatons Creek toward production," commented Dr. Quinton Hennigh, President and CEO of Novo Resources Corp. "We think this project displays exceptional qualities that will allow it to be developed into a low capex, low opex modest-sized gold mine. With the requirement of taking the project to bankable feasibility now lifted, we can focus on lower cost, quicker approaches to moving it forward."
About Novo Resources Corp.
Novo's focus is to explore and develop gold properties. The company holds a 100% interest in three mining leases covering approximately 9 square kilometers in the core of the Beatons Creek gold project as well as a 70% interest in approximately 1,800 square kilometers of the Pilbara region, Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement that the Beatons Creek project will allow it to be developed into a low capex, low opex modest-sized gold mine. Such statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the ability to undertake and complete the planned exploration activities, the receipt of successful results as exploration proceeds, customary risks of the mineral resource exploration industry, dependency upon third parties, assumptions made by management of Novo, as well as Novo having sufficient cash to fund the planned drilling and other activities.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Copyright (c) 2015 TheNewswire - All rights reserved.
