Novus Gold Corp.

Novus Gold Corp.

February 04, 2010 18:55 ET

Novus Gold Corp. Exercises REN Property Repurchase Option

7,500,000 shares issued to Terra Ventures Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - Novus Gold Corp. (TSX VENTURE:NOV) ("Novus" or "the Company") wishes to announce that it has exercised its option to repurchase a 51% interest in the REN gold property from Terra Ventures Inc. ("Terra") by issuing 7.5 million shares to Terra (the "Repurchase Option"). Prior to Novus exercising the Repurchase Option, Terra had acquired a 51% interest in the REN property in the Northwest Territories as a result of having incurred $1.5-million in expenditures on the REN property by December 31, 2009. Terra now holds approximately 18.2% of the Company's 41,125,000 issued shares. 

The REN property hosts banded iron formation gold showings in the Point Lake area, approximately 90 kilometres southwest of the formerly producing Lupin gold mine owned by Echo Bay Mines. Approximately 30 drill holes were completed on the main gold showing on the REN property between 1974 and 1990 by Texasgulf, Cominco and Westview. A further nine holes were drilled by Terra in 2009 (results in a press release dated January 11, 2010).

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.

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.

Contact Information

  • Novus Gold Corp.
    Ryan Johnson
    Investor Relations
    1-604-683-7161 (FAX)