Novo Resources Signs Tribute Agreement on Alluvial Gold Production at its Beatons Creek Gold Project, Western Australia
(via Thenewswire.ca)
VANCOUVER, December 21, 2011 - Novo Resources Corp. (the
“Company“) (CNSX: NVO) is pleased to announce that its
wholly owned subsidiary, Beatons Creek Gold Pty Ltd., and its joint
venture partner, Millennium Minerals Ltd., have entered into a Tribute
Agreement with Gravity Gold Pty Ltd. (“Gravity Gold“) by
which Gravity Gold is entitled to produce gold from alluvial deposits
at the Beatons Creek property in Western Australia. Gravity Gold will
pay a 10% production royalty to the Company on all gold production.
The Tribute Agreement has a maximum term of three years.
Alluvial gold mineralization derived from weathering of underlying
gold-bearing conglomerates occurs throughout an area of approximately
2 square km at Beatons Creek. These deposits have been the subject of
periodic mining dating back to the late nineteenth century. The
tonnage and grade of alluvial deposits is unknown at this time. Novo
Resources is focused on exploring for the bedrock source of this
alluvial gold mineralization, and any activities conducted by Gravity
Gold during mining of alluvial deposits will not interfere with Novo's
exploration efforts.
“We are happy to see Gravity Gold mine the alluvial deposits at
Beatons Creek,“ states Dr. Quinton Hennigh, President and CEO of
Novo Resources. “Any royalties derived from this production will
be used to offset the costs of our exploration at Beatons Creek. We
also anticipate data gathered by the alluvial operation will help us
further evaluate the bedrock source of gold mineralization.“
Dr. Quinton Hennigh, a Qualified Person as defined by National
Instrument 43-101, has approved the technical contents of this news
release.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore natural resource
properties. The Company presently has an option to earn a 70% interest
in an exploration property situated in Western Australia, namely the
Beatons Creek Tenements. For more information, please contact Leo
Karabelas at (416) 543-3120 or e-mail leo@frontlineir.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh“
Quinton Hennigh
CEO and President
Forward-Looking Information
This news release contains forward-looking information (within the
meaning of Canadian securities legislation) about the Company and its
future plans. Forward-looking information relates to future events or
future performance and reflects management's expectations or beliefs
regarding future events rather than historical facts, and in this news
release include but are not limited to the statement (the
“forward-looking statements“) that Gravity Gold will pay a
10% production royalty to the Company on all gold production.
Forward-looking statements are subject to various risks, uncertainties
and other factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or implied
by forward-looking statements. These risks, uncertainties and other
factors include, without limitation, the ability of Gravity Gold to
produce gold from alluvial deposits at the Beatons Creek property.
The Canadian National Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content of
this news release.
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