Novus Gold Corp.

Novus Gold Corp.

November 16, 2009 09:40 ET

Novus Gold Corp.: Drilling Commences on REN Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2009) - Novus Gold (NEX:NOV.H) is pleased to announce that an aggressive $1,500,000 drilling program is underway on its REN gold property in the Northwest Territories. One diamond drill is drilling onsite and an all weather camp has been constructed. It is anticipated that this first stage drill program will continue through the end of the year.

The REN property hosts banded iron-hosted gold showings in the Point Lake area, approximately 90 kilometers southwest of the formerly producing Lupin gold mine owned by Echo Bay Mines. Drilling was carried out on gold showings on the REN property between 1974 and 1990 by Texasgulf, Cominco and Westview. Previous work outlined a zone of iron formation over a length of seven kilometers. Six zones of gold mineralization were discovered over this length. Most of the drilling was concentrated on the Main Zone, where gold was found in most of the drill holes. The current drill program will include confirming some of the previous drilling on the Main Zone. The highest grades assays from the property were from the Banner Zone where chip samples assayed up to 198 g/t gold. The Company's technical team looks forward to testing new ideas and theories, which have arisen since work was last carried out in 1990. The team believes that the property has the potential to host much more gold than had been previously thought.

A positive development for the area is that MMG Resources Inc., a subsidiary of China Minmetals Corporation has acquired most of the gold and base metal deposits in the area. The government is very interested in mining development in this area of Canada through a port on the Arctic coast.

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

For further information visit the company's website at

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

  • Novus Gold Corp.
    Gunther Roehlig
    (604) 688-0335
    (604) 683-7161 (FAX)