Novus Gold Corp.

Novus Gold Corp.

April 03, 2012 19:26 ET

Novus Gold Corp.-Acquisiton Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 3, 2012) - PanTerra Gold Limited (ASX:PGI)(ABN: 48 008 031 034) (PanTerra Gold or the "Company"), advises that it has completed the acquisition of Vancouver based Novus Gold Corp. (TSX VENTURE:NOV) by the issue of 18,412,632 PGI shares to Novus Gold shareholders (1 for 3).

PanTerra Gold has in effect acquired two exploration concessions in the Dominican Republic held by a wholly-owned subsidiary of Novus Gold.

La Yagua

  • 9900ha concession along strike from Perilya's producing Cerro de Maimon copper/gold mine
  • Preliminary exploration programs have identified significant base/precious metals mineralisation in 5 targets, with grab samples grading up to 18% Cu, 13g/t Au, and 29g/t Ag
  • Mineralisation is strata bound VMS type, same as Cerro de Maimon mine
  • Extension of previous soil sampling work to cover the whole concession is justified
  • Drilling of first target 6 km long and open, expected in Q4/2012

La Paciencia

  • 8.600ha concession located 10 km east of the Pueblo Viejo gold deposit (+25M oz) being developed by Barrick/Goldcorp
  • Underlain by same geology in Los Ranchos formation as Pueblo Viejo
  • Initial exploration will focus on soil sampling and geophysics to identify drill targets
  • Prospecting to date has discovered elevated gold values along structural lineaments
  • Any resource is expected to be predominantly refractory, and amenable to treatment through PanTerra Gold's Las Lagunas Albion/CIL process plant

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