News today.Novo Completes Acquisition of Blue Spec Au-Sb Project from Northwest Resources Limited.
VANCOUVER, BC / TheNewswire / October 5, 2015 – Novo Resources Corp. (TSX-V:NVO; OTCQX: NSRPF) (“Novo” or the “Company”) is pleased to announce that, further to its news release of August 17, 2015, it has completed the purchase from Northwest Resources Limited (“Northwest”) of the Blue Spec Au-Sb Project (“Blue Spec Project”) that is situated approximately 20 kilometres due east of Novo’s Beatons Creek Project near the town of Nullagine, Western Australia. Novo paid Northwest, an Australian Stock Exchange-listed company, cash of AU$350,000 and 485,394 common shares of Novo (the “Consideration Shares”). Completion of the transaction was subject to Northwest shareholder approval, Australian Foreign Investment Review Board approval, TSX Venture Exchange approval, and obtaining other third party consents and Ministerial approval, all of which have been received.
The Consideration Shares are subject to a statutory hold period expiring February 2, 2016.
“We are pleased to complete this transaction,” commented Dr. Quinton Hennigh, President, CEO and director of Novo Resources. “The addition of the high-grade Blue Spec Project to our land position near Beatons Creek provides us with future upside in this emerging gold field. Over the coming months, we plan to undertake exploration activities to identify near-surface targets along the Blue Spec shear crossing the property. We think there is good potential for finding additional near-surface high-grade shoots similar to those already identified.”
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