VANCOUVER, March 7, 2013 - Novo Resources Corp. (the "Company") (CNSX: NVO; OTCQX: NSRPF) is pleased to report that a National Instrument 43-101 compliant technical report (the "Report") on the Pilbara Palaeoplacer (also referred as Beatons Creek) Project (the "Project") has been completed. The Project is located in the located in the Eastern Pilbara shire of Western Australia. A copy of the Report will be filed under the Company's SEDAR profile at www.sedar.com.
The Report summarizes historic work as well as results from reverse circulation drill programs the Company carried out in 2011 and 2012. Results from the 2012 drill program were highly encouraging (see news release dated February 13, 2013 for a summary), and based upon conclusions drawn from that drill program, the Company is planning further exploration drilling at Beatons Creek in 2013.
The report recommends the following three actions:
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1)Completion of specific gravity measurements for all major rock types.
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2)Completion of a variety of metallurgical tests.
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3)Undertaking a resource estimate and then a preliminary economic assessment following completion of items 1 and 2, respectively.
Specific gravity measurements and metallurgical test work will be undertaken on rock core from the Company's current 8-hole diamond drill program. Completion of specific gravity measurements is expected around the end of March, and metallurgical tests by quarter three of calendar 2013. Upon receipt of specific gravity measurements, a resource estimate will be finalized by Tetra Tech WEI Inc, Perth, Australia with an anticipated completion date in April, 2013. Work on a preliminary economic assessment will be evaluated at that time.
"We are very pleased with the progress of our program at Beatons Creek," commented Dr. Quinton Hennigh, President and CEO of Novo Resources. "Our current diamond core drill program will provide the final data needed to undertake an initial NI 43-101 resource estimation at Beatons Creek. Looking forward, work on metallurgy and other aspects of the project will allow us to get a first glimpse of the potential economics of this large gold system."
Patrick C Huxtable (RPGeo MAIG) of Tetra Tech WEI Inc, Perth, Australia authored the Report. Dr. Quinton Hennigh, the Company's Chief Executive Officer, President and Director and a Qualified Person as defined by National Instrument 43-101, has approved the technical contents of this news release.
The Company also reports that the subscription receipts issued under the private placement described in the Company's news release dated December 21, 2012 were not converted into the underlying units by the deadline for the satisfaction of the required conditions. Accordingly, the subscription proceeds have been returned to the subscriber.
About Beatons Creek
The Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa. Shallow gold reefs were first identified and mined in this area beginning in the late 1800's. Novo Resources current drill program is the first modern, systematic exploration on the property.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore natural resource properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected]
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
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.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to carrying out the recommendations set out in the Report regarding the Project. 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 complete the drilling program as currently contemplated, the receipt of successful results as drilling proceeds, customary risks of the mineral resource exploration industry as well as Novo Resources having sufficient cash to fund the planned drilling and other activities.