Nova Uranium Corporation
TSX VENTURE : NUC

Nova Uranium Corporation

October 07, 2009 09:00 ET

Nova Announces Exploration has Started at Gold Coin Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2009) - Nova Uranium Corporation (TSX VENTURE:NUC) -

  • Gold Coin's first ever modern and large scale exploration program
  • Property is located in a large historic mining district within mining friendly Arizona, USA
  • Work starting is a follow up to recently announced 13.7m of 3.12 g/t gold including 6.10m of 4.65 g/t gold and 18.3m of 1.85 g/t gold including 4.57m of 5.61 g/t gold

Nova Uranium ("Nova") is pleased to announce that work has started on the company's Gold Coin Gold Project located southeast of Tucson, Arizona.

During the due diligence period leading up to the acquisition of this gold property, Nova personnel collected and assayed continuous rock chip samples from two historical trenches. Gold assay results included 13.7m of 3.12 g/t gold including 6.10m of 4.65 g/t gold and 18.29m of 1.85 g/t gold including 4.57m of 5.61 g/t gold (see Nova News Release dated September 22, 2009). Importantly, in the case of Trench #1, sampling starts and ends in mineralization.

Nova's initial ground work at Gold Coin will take place over an intense 30 day period during which the company will perform ground based magnetic and VLF-EM geophysical surveying, detailed soil sampling, and geological mapping. After the completion of these explorations and receipt of all analytical and geophysical data, Nova will prioritize target areas for diamond drill testing.

Nova is well funded to proceed with this work, having just received a capital injection of $1,370,000 with no dilution, via a Province of Quebec government exploration tax refund relating to past exploration work done in that province. Nova has no debt and a strong balance sheet.

Nova's new Board of Directors and management team have a mandate to actively seek out and acquire multiple high quality mineral properties. The acquisition of the Gold Coin project is indicative of this strategy. Gold Coin is located in the Turquoise Mining District, located within a broad north-south mineral trend extending more than 100km from southeast Arizona, USA into Sonora, Mexico. The area includes two other well known historical gold-copper-silver mining districts: Warren (Bisbee) and Tombstone.

Mr. Michael Moore, PGeo is the qualified person who has reviewed the technical information contained in this news release on behalf of the Company.

Further information is available on the company's website www.Novauranium.com.

ON BEHALF OF THE BOARD

Michael Moore, President and CEO

Forward-Looking Statements: This Nova Uranium News Release may contain certain "forward-looking" statements and information relating to Nova which are based on the beliefs of Nova management, as well as assumptions made by and information currently available to Nova management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release."

Contact Information

  • Nova Uranium Corporation
    Michael Moore
    President and CEO
    604 687-7178 or Toll Free: 1-800-398-5645
    www.Novauranium.com