Novus Gold Corp.

Novus Gold Corp.
Terra Ventures Inc.

Terra Ventures Inc.

January 26, 2010 17:56 ET

Terra Exercises Option to Acquire 51% of Novus Gold's REN Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2010) - Novus Gold Corp. (TSX VENTURE:NOV) ("Novus" or the "Company") is pleased to announce that it has been advised by Terra Ventures Inc. (TSX VENTURE:TAS) ("Terra") that it has spent at least $1,500,000 prior to December 31, 2009 on the Company's REN Property in the Northwest Territories. Accordingly, Terra has now exercised formally its option with Novus and it is the owner of a 51% interest in the REN Property.

Novus has the option to repurchase Terra's 51% interest by issuing 7.5 million shares to Terra on or before March 26, 2010. Based on Novus's current 33,585,000 issued shares, if the Company exercises its option, Terra would have 18.25% of Novus's shares.

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)