VANCOUVER, British Columbia, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that Ngarluma Aboriginal Corporation (“NAC”) has now signed agreements with the applicants for the Comet Well tenements that have allowed heritage surveys to commence. The Comet Well tenements are now expected to be granted to the applicants in due course. Novo will then be entitled to commence exploration work directed at satisfying conditional farm-in rights Novo holds with respect to Comet Well. If those commitments are satisfied and other conditions under the Comet Well agreements are met, including seeking and obtaining consents as required under the Mining Act 1978, Novo will ultimately hold an 80% interest in the Comet Well tenements via two joint ventures. Novo will work diligently to satisfy those conditions; in this regard Novo confirms it has obtained required clearances under the Foreign Acquisitions and Takeovers Act 1975, satisfying one of those conditions.
Novo is also pleased to announce that NAC has commenced a program of heritage surveys at the Karratha Gold Project. Upon receipt of TSX Venture Exchange approval, the Company will issue to NAC 100,000 Novo common shares (the “Consideration Shares”). The Consideration Shares will be subject to a statutory hold period expiring four months from the date of issuance.
“We really appreciate the timely manner in which Ngarluma Aboriginal Corporation has executed agreements regarding Comet Well and initiated heritage survey processes for Novo’s Karratha Gold Project,” commented Mr. Rob Humphryson, the CEO and a Director of Novo Resources Corp. “Once the Comet Well tenements have been granted and our proposed Program of Works has been approved, Novo can commence exploration works at Comet Well directed at meeting its farm-in rights. We look forward to maintaining our positive relationship with Ngarluma and progressing the Karratha Gold Project. We are particularly pleased that Ngarluma will be shareholders in Novo and will participate directly in our success.”
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada.
