Business
Novo Resources Signs Binding Terms Sheet to Acquire a 70% Interest in the Creasy Group's Additional Pilbara Gold Projects
(via Thenewswire.ca) VANCOUVER , BC / TNW-ACCESSWIRE / March 4, 2014 / Novo Resourc...
About this update from Novo Resources Corp.
[{"type":"text","content":"Novo Resources Signs Binding Terms Sheet to Acquire a 70% Interest in the Creasy Group's Additional Pilbara Gold Projects(via Thenewswire.ca)\n\n \nVANCOUVER, BC / TNW-ACCESSWIRE / March 4, 2014 / Novo Resources Corp. (\"Novo\") (CSE: NVO; OTCQX: NSRPF) is pleased to report that it has signed a binding terms sheet with Mark Gareth Creasy and entities controlled by him (collectively, the \"Creasy Group\") pursuant to which Novo will acquire a 70% interest in 103 separate tenements and tenement applications located in the Pilbara region of Western Australia and related mining information (collectively, the \"Pilbara Assets\"), and will also acquire the shares of Conglomerate Gold Exploration Pty Limited not currently owned by Novo (the \"Creasy CGE Shares\"). The parties will now begin work on the definitive agreements that will replace the binding terms sheet. Except for the acquisition of a portion of the Creasy CGE Shares, completion of the transactions is subject to a number of conditions, including but not limited to the completion of due diligence investigations to Novo's satisfaction and the receipt of all necessary regulatory approvals or consents. \n\n\n \nTenements and tenement applications included in this binding terms sheet cover approximately 18,000 square kilometers of Archean Fortesque Formation rocks and other rock formations considered prospective for conglomeratic gold mineralization. The geology of these new tenements and tenement applications is similar to that of the Beatons Creek and Marble Bar projects where Novo has discovered multiple gold-bearing conglomerate occurrences. In addition to conglomeratic gold potential, some of these newly acquired tenements are also considered prospective for lode gold and alkaline intrusive-related gold mineralization. Novo will enter into new joint venture agreements with the Creasy Group covering the Pilbara Assets. Novo will be the manager of all the joint ventures. Creasy Group will retain a free carried 30% interest in those exploration joint ventures on substantially the same terms as the existing joint ventures between Novo and Creasy Group.\n\n\n \nConglomerate Gold Exploration Pty Limited, through its wholly-owned subsidiary, Nullagine Gold Pty Ltd, has exploration joint ventures with the Creasy Group by which Nullagine Gold Pty Ltd is earning a 70% interest in mu...