Novo Reaches First Completion Milestone With Creasy Group, Expands Operations Team, and Presents at 2020 Precious Metals Summit – Beaver Creek

VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has reached first completion with respect to its previously announced binding terms sheet (the “Terms Sheet”) with Mark Creasy and entities controlled by him (collectively, the “Creasy Group”) and issued 2,582,269 common shares (the “First Completion Shares”) of the Company to the Creasy Group (for further details, please see the Company’s news release dated June 15, 2020). The First Completion Shares are subject to a statutory hold period expiring on January 15, 2021.

Immediately subsequent to the issuance of the First Completion Shares, the Creasy Group held 6.46% of the issued and outstanding shares of the Company.

The Company will issue an additional 8,431 common shares (the “Second Completion Shares”) to the Creasy Group upon receipt of Australian Foreign Investment Review Board approval of certain aspects of the Terms Sheet. The Second Completion Shares will be subject to a statutory hold period expiring four months from the date of issuance.

The Company is also pleased to announce that it has made two significant operational management appointments as it transitions towards production at its Beatons Creek conglomerate gold project in the Nullagine region of Western Australia (the “Nullagine Gold Project”).

Novo is pleased to welcome Mr. Chris Mardon as its Senior Manager, Operations for Novo’s Nullagine Gold Project. Mr. Mardon is a mining engineering graduate of the Western Australian School of Mines who brings a wealth of mine operational experience to Novo, with a 30-year mining career spanning both local and international operations. Mr. Mardon has extensive experience in similar roles, overseeing successful gold operations throughout Western Australia, in addition to direct operational experience with mechanical sorting technology.

Novo is also pleased to welcome Mr. Brad Woodland as its Mining Manager for Novo’s Nullagine Gold Project. Mr. Woodland has over 30 years of mining industry experience with the majority directly involved in the gold mining industry. Mr. Woodland’s exposure to paleo-channel mining in the West Australian Goldfields and alluvial gold mining in Laos represents a significant advantage in fully exploiting the conglomerate material in the Nullagine region.