NI 43-101 Compliant Technical Report Completed on Novo’s Beatons Creek Gold Project, Western Australia; Subscription Re...

Novo Resources Corp.

Suite 1980 – 1075 West Georgia Street

Vancouver, BC V6E 3C9

 

NI 43-101 Compliant Technical Report Completed on

Novo’s Beatons Creek Gold Project, Western Australia;
Subscription Receipts Not Converted

 

VANCOUVER, March
7, 2013 - Novo Resources Corp. (the “Company”) (CNSX: NVO; OTCQX: NSRPF) is
pleased to report that a National Instrument 43-101 compliant technical report
(the “Report”) on the Pilbara Palaeoplacer (also referred as Beatons Creek) Project
(the “Project”) has been completed. The
Project is located in the located in the Eastern Pilbara shire of Western
Australia.  A copy of the Report will be filed
under the Company’s SEDAR profile at www.sedar.com. 

The
Report summarizes historic work as well as results from reverse circulation drill
programs the Company carried out in 2011 and 2012. Results from the 2012 drill
program were highly encouraging (see news
release dated February 13, 2013 for a summary), and based upon conclusions
drawn from that drill program, the Company is planning further exploration
drilling at Beatons Creek in 2013.

The report recommends the following three actions:

1)     
Completion of specific
gravity measurements for all major rock types.

2)     
Completion of a variety of
metallurgical tests.

3)   Undertaking a resource
estimate and then a preliminary economic assessment following completion of
items 1 and 2,  respectively.

 

Specific gravity measurements and metallurgical test work will be undertaken
on rock core from the Company’s current 8-hole diamond drill program.
Completion of specific gravity measurements is expected around the end of March,
and metallurgical tests by quarter three of calendar 2013. Upon receipt of
specific gravity measurements, a resource estimate will be finalized by Tetra
Tech WEI Inc, Perth, Australia with an anticipated completion date in April,
2013.  Work on a preliminary economic
assessment will be evaluated at that time.

 

“We
are very pleased with the progress of our program at Beatons Creek,” commented
Dr. Quinton Hennigh, President and CEO of Novo Resources. “Our current diamond
core drill program will provide the final data needed to undertake an initial
NI 43-101 resource estimation at Beatons Creek. Looking forward, work on metallurgy
and other aspects of the project will allow us to get a first glimpse of the
potential economics of this large gold system.”

 

Patrick C Huxtable (RPGeo MAIG) of Tetra
Tech WEI Inc, Perth, Australia authored the Report.  Dr. Quinton Hennigh, the Company’s Chief
Executive Officer, President and Director and a Qualified Person as defined by
National Instrument 43-101, has approved the technical contents of this news
release. 

 

The Company also reports that the
subscription receipts issued under the private placement described in the
Company’s news release dated December 21, 2012 were not converted into the
underlying units by the deadline for the satisfaction of the required
conditions.  Accordingly, the
subscription proceeds have been returned to the subscriber. 

 

About
Beatons Creek

The Beatons
Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a
series of Archaean age pyritic conglomerates hosting gold mineralization
similar to that of the Witwatersrand Basin in the Republic of South
Africa.  Shallow gold reefs were first
identified and mined in this area beginning in the late 1800’s.  Novo Resources current drill program is the
first modern, systematic exploration on the property.

 

About Novo
Resources Corp.

Novo’s focus is to evaluate, acquire and explore natural resource
properties. The Company presently has joint ventures earning a 70% interest two
exploration properties, Beatons Creek and Marble Bar, situated in Western
Australia. For more information, please contact Leo Karabelas at [phone]
or e-mail [e-mail]

 

 On Behalf of the Board of Directors,

 

Novo Resources Corp.

 

“Quinton Hennigh”                            

Quinton Hennigh

CEO and President

 

The Canadian National Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content of this news
release.

 

Forward-looking
information

Some
statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation)
including, without limitation, statements as to carrying out the
recommendations set out in the Report regarding the Project.  These statements address future events and
conditions and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements
expressed or implied by the statements. 
Such factors include, without limitation, the ability to complete the
drilling program as currently contemplated, the receipt of successful results
as drilling proceeds, customary risks of the mineral resource exploration
industry as well as Novo Resources having sufficient cash to fund the planned
drilling and other activities.