GeoNovus Minerals Corp.

TSX VENTURE : GNM


GeoNovus Minerals Corp.

December 12, 2012 13:58 ET

GeoNovus Cancels Option on Nyakagwe Project, Tanzania From Redhill Resources; Updates Arizona Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2012) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces that its board has determined to no longer proceed on the letter of intent with Redhill Resources Corp. ("Redhill") to acquire all of Redhill's rights to the Nyakagwe Project in Tanzania (the "Nyakagwe Project").

The Company looks forward to advancing its Silver Bell West property in Arizona, a copper porphyry target situated immediately adjacent to ASARCO's operating Silver Bell mine. Based on mapping this past summer two drill sites have been selected just south of ASARCO's haul road and drilling is expected to commence early in January, 2013 (see PR dated October 17, 2012). The Silver Bell West property is under lease from Bronco Creek Exploration, a wholly-owned subsidiary of Eurasian Minerals Inc. (NYSE MKT:EMXX)(TSX VENTURE:EMX).

GeoNovus and Inmet Mining Corporation (TSX:IMN) have also applied for additional drill permits for the Red Hills project, also located in Arizona, and expect drilling to commence in Q1 of 2013 (see PR dated December 5, 2012).

Eurasian Minerals Inc. (NYSE MKT:EMXX)(TSX VENTURE:EMX) is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and underexplored mineral belts. EMX generates wealth via grassroots prospect generation, strategic acquisition, and royalty growth.

Inmet Mining Corporation (TSX:IMN) is a Canadian-based global mining company that produces copper, and zinc, with operations in Turkey, Finland, and Spain.

GeoNovus Minerals Corporation (TSX VENTURE:GNM) is a junior exploration company actively seeking mineral and energy development opportunities for the benefit of all our stakeholders, with three active porphyry copper exploration projects in Arizona.

ON BEHALF OF THE BOARD

Michael England, President

Neither 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 release.

Contact Information

  • GeoNovus Minerals Corp.
    Michael England
    President
    1-604-683-3995 or Toll Free: 1-888-945-4770
    1-604-683-3988 (FAX)
    www.geonovusminerals.com