Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update

TICKERS: NVO; NSRPF

Firm to Acquire 100% of Two Gold Properties in Western Australia
News Update

Share on Stocktwits

Source:

In doing so, Novo Resources will consolidate its regional land holdings there and dissolve the joint venture.

Novo Resources Corp. (NVO:TSX.V; NSRPF:OTCQX) announced in a news release it will acquire a 100% interest in exploration licenses E47/1745 (Purdy's Reward) and E47/3443 (47K) in Western Australia from Artemis Resources, thereby eliminating the last Novo-Artemis joint ventures.

"Novo now has the flexibility to advance the Purdy's Reward and 47K projects at its discretion," the release noted.

For both licenses, Novo will issue an aggregate of 2 million common shares and pay AU$1 million in cash, which will be distributed to Artemis and its joint venture partners. Novo also will grant a 1% net smelter returns royalty on the 47K project to one of Artemis' partners in that venture.

With the acquisitions, Novo consolidates its mineral property holdings in the Karratha region. Also, the Canadian company may advance its Karratha gold project "in tandem with its Pilbara conglomerate gold strategy," Novo Chairman and President Dr. Quinton Hennigh said in the release.

[NLINSERT]

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.





Want to read more about Gold investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe