(via Thenewswire.ca)
VANCOUVER, December 21, 2011 - Novo Resources Corp. (the "Company") (CNSX: NVO) is pleased to announce that its wholly owned subsidiary, Beatons Creek Gold Pty Ltd., and its joint venture partner, Millennium Minerals Ltd., have entered into a Tribute Agreement with Gravity Gold Pty Ltd. ("Gravity Gold") by which Gravity Gold is entitled to produce gold from alluvial deposits at the Beatons Creek property in Western Australia. Gravity Gold will pay a 10% production royalty to the Company on all gold production. The Tribute Agreement has a maximum term of three years.
Alluvial gold mineralization derived from weathering of underlying gold-bearing conglomerates occurs throughout an area of approximately 2 square km at Beatons Creek. These deposits have been the subject of periodic mining dating back to the late nineteenth century. The tonnage and grade of alluvial deposits is unknown at this time. Novo Resources is focused on exploring for the bedrock source of this alluvial gold mineralization, and any activities conducted by Gravity Gold during mining of alluvial deposits will not interfere with Novo's exploration efforts.
"We are happy to see Gravity Gold mine the alluvial deposits at Beatons Creek," states Dr. Quinton Hennigh, President and CEO of Novo Resources. "Any royalties derived from this production will be used to offset the costs of our exploration at Beatons Creek. We also anticipate data gathered by the alluvial operation will help us further evaluate the bedrock source of gold mineralization."
Dr. Quinton Hennigh, a Qualified Person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore natural resource properties. The Company presently has an option to earn a 70% interest in an exploration property situated in Western Australia, namely the Beatons Creek Tenements. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@frontlineir.com
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
Forward-Looking Information
This news release contains forward-looking information (within the meaning of Canadian securities legislation) about the Company and its future plans. Forward-looking information relates to future events or future performance and reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release include but are not limited to the statement (the "forward-looking statements") that Gravity Gold will pay a 10% production royalty to the Company on all gold production. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, the ability of Gravity Gold to produce gold from alluvial deposits at the Beatons Creek property.
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.
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