NOVUS GOLD CORP. GRANTED OPTION TO ACQUIRE 100% OF THE DOROTHEA GOLD PROPERTY, ONTARIO
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NOVUS GOLD CORP. GRANTED OPTION TO ACQUIRE 100% OF THE DOROTHEA GOLD PROPERTY, ONTARIO
Vancouver, May 26, 2010 – Novus Gold Corp. (“Novus” or the “Company”, TSX-V: NOV) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in one mineral claim comprising 192 hectares in the Thunder Bay Mining District of Ontario (the “Dorothea Gold Property”).
Pursuant to the option agreement, Novus has an option to acquire a 100% interest in the Dorothea Gold Property by paying the vendor $102,500 over a period of four years, of which $7,500 is the initial payment, and issuing 25,000 shares to the vendor. Upon the exercise of the option, the vendor will retain a 2.0% net smelter returns royalty on the Dorothea Gold Property, 1.5% of which may be repurchased by the Company for $500,000. The transaction is subject to regulatory approval.
The main target of interest on the Property is the Hillside showing, discovered in the early 1990s. The showing consists of a poorly exposed shear zone in mafic volcanics, cut by multiple quartz stringers, some with visible gold. Assays of grab samples of vein material ranged up to 42 g/T Au.
Mike Magrum, P.Eng, 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 www.novusgold.com or contact Ryan Johnson, Investor Relations, at 1-604-688-0335.
On behalf of the board of directors of
NOVUS GOLD CORP.
“Mike Magrum”
Mike Magrum, President
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.
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.
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