Novus Gold Corp.
TSX VENTURE : NOV.H

Novus Gold Corp.

February 11, 2010 03:05 ET

Historic Drilling Shows 92.02 Metres of 2.35 g/t Au on REN Gold Property

NOVUS GOLD CORP. CORE SAMPLING BEGINS AT REN GOLD PROPERTY

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2010) - Novus Gold Corp. (TSX VENTURE:NOV.H) is pleased to announce the initiation of a follow-up drill core sampling program on its 100% owned REN gold property in the Northwest Territories. Previous drilling on the Main Zone outlined a strike of approximately 330 metres and a depth of approximately 300 metres. The zone is open in both directions along strike and to depth. The prospective horizon extends for more than seven kilometres.

Assessment reports and publically disclosed data regarding previous drilling completed by Texasgulf Inc. (1975, 1980 and 1983) and Cominco Ltd. (1988 and 1989) only include complete assay data for two of the drill holes. Reported surface maps along with metal tags attached to wooden pickets adjacent to drill collars are cross referenced to drill core boxes stored on the property. This provides an opportunity to acquire gold assay data of the Main Zone for possibly 29 drill holes.

Sampling the historic drill core will not only acquire gold assay data of the Main Zone without having to complete a much more costly drill program, it also provides an opportunity to further test the potential of a wide (15 to 30 metre), low-grade (2 to 3 g/t Au) gold resource at the Main Zone. Previous exploration programs considered the gold resource potential of the REN property to be similar to a Lupin-style gold deposit – relatively narrow high-grade gold concentrated along the hinges of folded amphibolite iron formation. Terra Ventures recently completed drill program (see press release dated January 11, 2010) indicates that anomalous concentrations of gold are present across a wider alteration zone that includes metasedimentary turbidites and exhalites that are intercalated with the amphibolite iron formation. Assay data reported for the two available 1975 Texasgulf drill holes further substantiates the potential of the Main Zone to be a wide, low-grade deposit (see table below).

In addition to identifying a significantly wider zone of gold mineralization, Terra Ventures work has also identified important geological and structural characteristics of the REN property that may suggest the Lupin-style gold deposit model used for previous exploration was incomplete. Unlike the Lupin-style deposit, the gold occurrences of the REN property are closely associated with mafic and felsic volcanics that unconformably overly block faulted Archean basement rocks that outcrop within five kilometres of the property. The gold-bearing sedimentary rocks are also intercalated with felsic volcanics and there appears to be at least three gold-bearing horizons within the sedimentary rocks along a strike of more than 7 kilometres. These associations and controls suggest that the gold occurrences of the REN property may also be related to an extensive gold-bearing hydrothermal system related to volcanism and deep crustal faulting of the Archean basement. This geologic model has the potential for larger size gold deposits.

  Drill Hole Grid
UTM E
UTM N Dip From
(m)
To
(m)
Width
(m)
Au g/t
  TEX-75-10*   407691   7252600   -45   45.42   137.44   92.02   2.35
  Including         46.94   81.99   35.05   3.61
  Including**         59.13   60.65   1.52   11.66
               
  TEX-75-07*   407596   7252750   -65   59.74   94.67   34.93   1.19
  Including         65.84   82.48   16.64   1.78
  Including**         65.84   66.75   0.91   7.20

*Results from assessment file #082743, Geoscience Office, Yellowknife, Northwest Territories
**highest gold value a single assay interval reported within each drill hole

Drill holes TEX-75-10 and TEX-75-07 are approximately 180 meters apart. TEX-75-10 intercepted the Main Zone approximately 25 metres south of the recent drill hole intercepts REN-09-01, 02, 03, 04 and 05. TEX-75-07 intercepted the Main Zone approximately 35 metres north of drill hole intercepts REN-09-06, 04, and 08.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

For further information visit the company's website at www.novusgold.com.

On behalf of the board of directors of NOVUS GOLD CORP.

Mike Magrum, President

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

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