Novo Completes Acquisition of Blue Spec Au-Sb Project from Northwest Resources Limited
VANCOUVER, BC / TheNewswire / October 5, 2015 - Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce that, further to its news release of August 17, 2015, it has completed the purchase from Northwest Resources Limited ("Northwest") of the Blue Spec Au-Sb Project ("Blue Spec Project") that is situated approximately 20 kilometres due east of Novo's Beatons Creek Project near the town of Nullagine, Western Australia. Novo paid Northwest, an Australian Stock Exchange-listed company, cash of AU$350,000 and 485,394 common shares of Novo (the "Consideration Shares"). Completion of the transaction was subject to Northwest shareholder approval, Australian Foreign Investment Review Board approval, TSX Venture Exchange approval, and obtaining other third party consents and Ministerial approval, all of which have been received.
The Consideration Shares are subject to a statutory hold period expiring February 2, 2016.
"We are pleased to complete this transaction," commented Dr. Quinton Hennigh, President, CEO and director of Novo Resources. "The addition of the high-grade Blue Spec Project to our land position near Beatons Creek provides us with future upside in this emerging gold field. Over the coming months, we plan to undertake exploration activities to identify near-surface targets along the Blue Spec shear crossing the property. We think there is good potential for finding additional near-surface high-grade shoots similar to those already identified."
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100% interest in the core of the Beatons Creek project and a 70% interest in approximately 1,800 square kilometers surrounding Beatons Creek and at nearby Marble Bar in 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 there is good potential for finding additional near-surface high grade shoots on the Blue Spec Project similar to those already identified. These 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Copyright (c) 2015 TheNewswire - All rights reserved.