Novus Gold Corp.
NEX BOARD : NOV.H

Novus Gold Corp.

August 12, 2009 11:08 ET

Novus Gold Discovers Gold-Copper Zone Outlined in Its Dominican Republic Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Novus Gold Corp. (NEX:NOV.H) is pleased to report it has recently completed an exploration program on the Company's La Yagua gold property (9,900 hectares) located in the Dominican Republic ("DR"). The work has led to the discovery of a one kilometer long, north-south trending, gold and copper mineralized structure outlined by gossans.

Grab samples of oxidized material grade up to 13 grams gold per ton, 41 grams silver per ton and more than 50% of the samples graded more than 1% copper (10,000 ppm geochemical). The mineralized zone displays classic VMS (volcanogenic massive sulphide) characteristics: rock alteration consists of quartz-sericite, sericite and chlorite and is stratabound between an andesite footwall and a dacite hanging wall.

The mineralization on the La Yagua property is located on the same stratigraphic interface as the Cerro de Maimon mine (Globestar Mining) located 19 km away that is exploiting a VMS deposit (6Mt of 2.5% Cu, 1.2 g/t Au, 38 g/t Ag and 1.5% Zn). There is potential for 14 kilometers of this favorable interface on the Novus property.

Stream sediment sampling on the La Yagua property indicates numerous gold anomalies along the length of the property. A soil sampling program was undertaken over the property to identify other zones. Numerous old workings (approximately 1m in diameter by 1 to 3 m deep), dug by local miners panning for gold, were sighted next to streams.

Novus Gold also owns the La Paciencia property (8,600 hectares) which is underlain by the same geology as the Pueblo Viejo gold deposit located 10 kilometres to the east. The concessions are approximately one hour northwest of the Dominican Republic's capital city of Santo Domingo.

Mining in the Dominican Republic

The DR is a stable Caribbean country that occupies the eastern two-thirds of the island of Hispaniola with Haiti occupying the remaining one-third. Mining activity has a long history going back to Christopher Columbus in 1492.

In modern times, the DR government extracted 5.5 million ounces of gold from the Pueblo Viejo deposit between 1971 and 1984. Only the oxide faces of this 30 million ounce gold resource were mined leaving the residual sulfide mineralization intact. The deposit is presently owned by Barrick and Goldcorp (60/40). On February 27, 2008, Barrick submitted a feasibility study to the DR government for the development of this gold resource. The study projected a resource of 20.4 million ounces of gold, 117.3 million ounces of silver, 423.6 million pounds of copper and 2,700 million pounds of zinc to be mined over a 25 year mine life.

The mine will create approximately 3,500 jobs and have a capital cost of $2.7 billion. The mine is expected to produce one million ounces of gold per year for the first five years.

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

Novus Gold Corp. is a Canadian-based gold explorer, which has assembled a proven team, with the capabilities to find, finance and develop gold assets which have world class size and grade potential. In a financially uncertain world, gold has come back as the currency which is accepted everywhere. The Canadian Shield in Canada and the Caribbean Platform in the Dominican Republic are two regions that the company has selected to begin acquisitions and work.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information