Nova Uranium Corporation
TSX VENTURE : NUC
October 02, 2009 09:00 ET
Nova Uranium Receives $1,370,000 With Zero Dilution
Funds will be used for working capital and for exploration of recently acquired Gold Coin Gold property in Arizona; further acquisitions targeted
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2009) - Nova Uranium (TSX VENTURE:NUC) is pleased to announce it has received a capital injection of $1.37 million. These funds were forwarded by the Quebec government and constitute a refund under that province's mineral exploration incentive tax credit system through which certain eligible exploration funds expended in Quebec are partially refundable.
Nova has received this refund, in cash, and can use the funds for general working capital and for exploration work on the newly acquired Gold Coin gold project in Arizona and on any future projects acquired.
Michael Moore, Nova President and CEO, states, "This $1.37 million dollar injection puts Nova in an excellent position. The capital will allow Nova to carry out substantial exploration on the Gold Coin gold project and on other mineral properties, with zero dilution to current shareholders."
Nova Uranium has no debt and a strong cash position and is therefore well positioned to carry out significant exploration and project evaluations. Nova's new board and management team has a mandate to seek out and acquire new mineral projects of merit. The closing of the Gold Coin acquisition is indicative of this active strategy. To reflect the company's plan to broaden its mineral property portfolio across a variety of project types, the Board has proposed a name change from Nova Uranium to Secova Metals for the consideration of shareholders at the upcoming annual general meeting in November.
Nova will soon start up Phase 1 exploration at the newly acquired Gold Coin property in Arizona, USA where recent Nova assays from historical trenches included 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 (see Nova News Release NR 2009-08 dated September 22, 2009).
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.