VANCOUVER, 25, 2016 -
Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce that through its Australian subsidiary, Beatons Creek Gold Pty Ltd, it has entered into an agreement (the "Agreement") to purchase the Talga Talga, Warrawoona, and Mosquito Creek projects (each a "Talga Project" and, collectively, the "Talga Projects") from
Talga Resources Ltd. ("Talga"), an Australian Stock Exchange listed company.
The Company entered into an option agreement with Talga for the right to explore the Talga Projects in August 2015 (please see the Company's news release dated August 12, 2015). The Company paid AUD $50,000 to Talga for an initial option period of 4 months. The Company also paid an additional AUD $200,000 to Talga in order to extend the option period to August 11, 2017, and thereby extend its right to purchase any of the Talga Projects for AUD $250,000 per Talga Project. However, the Company has offered, and Talga has agreed to accept, 765,115 common shares of Novo (the "Consideration Shares") for all three Talga Projects in lieu of cash payments. The Consideration Shares will be subject to a statutory hold period expiring four months from the date of issuance.
Completion of the sale is conditional on TSX Venture Exchange approval and obtaining Ministerial approval as may be required.
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 Beatons Creek gold project, a 70% interest in properties surrounding Beatons Creek and Marble Bar, a 100% interest in the Blue Spec gold-antimony project, and options covering approximately 400 square km over the Mosquito Creek Basin, all 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
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) 2016 TheNewswire - All rights reserved.
