News: DEG Novo Resources Says De Grey Granted Right To Earn 50% Interest In Egina JV By Spending Up...

June 21 (Reuters) - De Grey Mining Ltd (DEG) :

• NOVO RESOURCES - DE GREY GRANTED RIGHT TO EARN 50% INTEREST IN EGINA JV BY SPENDING UP TO A$25 MILLION ON EXPLORATION WITHIN FOUR YEARS
• NOVO RESOURCES - DE GREY WILL SEPARATELY MAKE CORNERSTONE PRIVATE PLACEMENT INVESTMENT OF A$10 MILLION INTO NOVO AT A PRICE OF C$0.255 PER COMMON SHARE
• NOVO RESOURCES CORP - DE GREY WILL BECOME NOVO'S LARGEST SINGLE SHAREHOLDER WITH AN APPROXIMATE 11.6% POST-FINANCING UNDILUTED INTEREST IN NOVO
• NOVO RESOURCES - WILL NOW PARTNER WITH DE GREY TO CONTINUE EXPLORATION EFFORTS AT BECHER
• NOVO RESOURCES - HAS COMMENCED A PROCESS TO SEEK A DUAL LISTING ON AUSTRALIAN SECURITIES EXCHANGE THROUGH AN IPO
• NOVO RESOURCES CORP - WILL COMMENCE A STRATEGIC REVIEW OF NULLAGINE GOLD PROJECT
• NOVO RESOURCES - DE GREY WILL MANAGE ALL EXPLORATION UNDER EARN-IN AND BECOME MANAGER OF EGINA JV ONCE ESTABLISHED
• NOVO RESOURCES CORP - TRANSACTION WITH DE GREY WILL RESULT IN NOVO HAVING AN UNAUDITED CONSOLIDATED CASH POSITION OF APPROXIMATELY C$29.8 MILLION