Novadx Ventures Corp.
TSX VENTURE : NDX

Novadx Ventures Corp.

March 10, 2011 16:30 ET

Novadx Provides Update on Ikerd Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Novadx Ventures Corp. (TSX VENTURE:NDX), President & CEO, Neil MacDonald, reports:

Novadx Ventures Corp. ("Novadx" or the "Company") announced today that its wholly-owned subsidiary, MCoal Corporation, ("MCoal") has advanced a bridge loan (the "Bridge Loan") of US $1,500,000 to Ikerd Mining LLC, Ikerd Terminal, LLC and Ikerd Transportation, LLC (collectively, the "Ikerd Group"). Funds are to be utilized for the Ikerd Group's operations prior to completion of MCoal's proposed acquisition of the Flatwoods Mine, which is located in Kentucky, and related transportation and coal processing assets from the Ikerd Group, as previously announced on July 6, 2010 and November 26, 2010. The Bridge Loan, which Matures on April 30, 2011 (the "Maturity Date") is secured against all of the property of the Ikerd Group. After the Maturity date, interest will accrue on overdue amounts owing under the Bridge Loan at a rate of 12% per annum.

The Bridge Loan has been advanced to assist Ikerd Group in completing development of a new open pit and haul road at the Flatwoods coal mine prior to completion of the proposed acquisition. It is anticipated that the principle amount of the Bridge Loan will be repaid at closing of the acquisition.

Novadx also announced that Rowena Everett has resigned as the Company's Vice President, Operations and Administration. Neil MacDonald, CEO, commented, "On behalf of the Board, I would like to take the opportunity to thank Ms. Everett for her service to the Company over the past several years. We wish her well in her future endeavours."

About Novadx: Novadx Ventures Corp. is a Vancouver based mining investment company. Novadx's primary focus is to invest its capital to acquire and develop companies with active or near production high quality coal reserves in the US Appalachia coal region. Novadx intends to continue to grow the value of its coal investments through expanding production and reserves amongst its existing investments and by investing in additional acquisitions. Novadx is actively evaluating a number of high quality coal acquisition opportunities. For more information please visit www.novadx.com.

About MCoal: MCoal Corporation is a wholly-owned subsidiary of Novadx Ventures Corp. which operates the Rosa coal mine in Blount County, Alabama and is developing the Rex No.1 coal mine in Campbell County, Tennessee.

ON BEHALF OF THE BOARD

Neil MacDonald, President and CEO and Director

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.

This release contains "forward-looking information" that is based on Novadx's expectations, intentions, plans, beliefs, estimates and projections as of the dates as of which those statements were made. This forward-looking information may include, among other things, statements with respect to future production at the Company's operating mines and other operations. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should", "scheduled", "will", "plan", "would" and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Novadx's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and is developed based on assumptions about such risks, uncertainties and other factors, including but not limited to changes in commodity prices; the strength of the United States economy; the effects of competition and pricing pressures; the oversupply of, or lack of demand for, the Company's products; currency and interest rate fluctuations; various events which could disrupt the Company's operations; the Company's ability to obtain additional funding on favourable terms, if at all; and the Company's ability to anticipate and manage the foregoing factors and risks. Additionally, statements related to the quantity or magnitude of coal deposits are deemed to be forward looking statements. The reliability of such information is affected by, among other things, uncertainties involving geology of coal deposits; uncertainties of estimates of their size or composition; uncertainties of projections related to costs of production; the possibilities in delays in mining activities; changes in plans with respect to exploration, development projects or capital expenditures; and various other risks including those related to health, safety and environmental matters. Although Novadx has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Novadx disclaims any intent or obligations to update or revise publicly any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

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. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Novadx Ventures Corp.
    Neil MacDonald
    (604) 633-2776 ext 23
    nmacdonald@novadx.com
    www.novadx.com
    or
    Gale Capital Corp.
    Mark van der Horst
    Investor Relations Contact
    (604) 200-1480
    or
    Gale Capital Corp.
    Mike Rowsome
    Investor Relations Contact
    (604) 200-1480
    or
    Gale Capital Corp.
    Christopher Haugen
    Investor Relations Contact
    (604) 200-1480
    info@galecapital.com