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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") (C...
About this update from Novo Resources Corp.
[{"type":"text","content":"\nNovo Resources Signs Tribute Agreement on Alluvial Gold Production at its Beatons Creek Gold Project, Western Australia\n\n(via Thenewswire.ca)\n\n \nVANCOUVER, December 21, 2011 - Novo Resources Corp. (the\n\"Company\") (CNSX: NVO) is pleased to announce that its\nwholly owned subsidiary, Beatons Creek Gold Pty Ltd., and its joint\nventure partner, Millennium Minerals Ltd., have entered into a Tribute\nAgreement with Gravity Gold Pty Ltd. (\"Gravity Gold\") by\nwhich Gravity Gold is entitled to produce gold from alluvial deposits\nat the Beatons Creek property in Western Australia. Gravity Gold will\npay a 10% production royalty to the Company on all gold production. \nThe Tribute Agreement has a maximum term of three years.\n\n\n \nAlluvial gold mineralization derived from weathering of underlying\ngold-bearing conglomerates occurs throughout an area of approximately\n2 square km at Beatons Creek. These deposits have been the subject of\nperiodic mining dating back to the late nineteenth century. The\ntonnage and grade of alluvial deposits is unknown at this time. Novo\nResources is focused on exploring for the bedrock source of this\nalluvial gold mineralization, and any activities conducted by Gravity\nGold during mining of alluvial deposits will not interfere with Novo's\nexploration efforts.\n\n\n \n\"We are happy to see Gravity Gold mine the alluvial deposits at\nBeatons Creek,\" states Dr. Quinton Hennigh, President and CEO of\nNovo Resources. \"Any royalties derived from this production will\nbe used to offset the costs of our exploration at Beatons Creek. We\nalso anticipate data gathered by the alluvial operation will help us\nfurther evaluate the bedrock source of gold mineralization.\"\n\n\n \nDr. Quinton Hennigh, a Qualified Person as defined by National\nInstrument 43-101, has approved the technical contents of this news\nrelease.\n\n\n \nAbout Novo Resources Corp.\n\n\n \nNovo's focus is to evaluate, acquire and explore natural resource\nproperties. The Company presently has an option to earn a 70% interest\nin an exploration property situated in Western Australia, namely the\nBeatons Creek Tenements. For more information, please contact Leo\nKarabelas at (416) 543-3120 or e-mail [email protected]\n\n\n \nOn Behalf of the Board of Directors,\n\n\n \nNovo Resources Corp.\n\n\n \n\"Quinton Hennigh\"\n\n\n \nQui...