BC’s Novo Enters Option to Buy Interest in Australian Project
Vancouver-headquartered Novo Resources Corp. and one of its Australian subsidiaries have entered into an option agreement with an arm's-length party to acquire that party’s interest in certain tenements in the Karratha region of Western Australia. The project includes seven prospecting licences and five exploration licences, along with other licence applications. An option fee payment of 500,000 Novo common shares will be made upon receipt of TSX Venture Exchange approval, with an option to buy the project outright for a further 2.5 million Novo common shares. Novo’s focus is the exploration and development of gold projects in the Pilbara region of Western Australia. It also controls a 100-per-cent interest in a two square kilometre gold-silver project in Nevada.