Novo Undertakes Transformative Acquisition to Fast-Track Planned Pilbara Conglomerate Gold Production
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VANCOUVER, British Columbia, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”
(TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has today signed an arm’s length agreement to acquire all of the outstanding shares of privately held Millennium Minerals Limited (“Millennium” from IMC Resources Gold Holdings Pte Ltd, Heritas Capital Management (Australia) Pty Ltd, and IMC Resources Ltd (collectively, “IMC” (the “Acquisition”. Millennium’s assets are located approximately 10 km south of Novo’s 100% controlled Beatons Creek conglomerate gold project (the “Beatons Creek Project” in the Nullagine region, Shire of East Pilbara, Western Australia (see Figure 1 below) and include the requisite processing infrastructure to accelerate Novo’s planned transition to a producing gold company1.
This acquisition has probably brought gold production forward 2-3 years. Novo plans to in the Pilbara for decades. Hopefully this is a positive for any Novo/ESS JV timelines.
