Novo Resources – De Grey To Invest A$25 Million To Earn 50% In Egina JV And Invest A$10 Million To Become The Largest Shareholder Of Novo
News out of Novo Resources (TSX;NVO – OTCQX: NSRPF) today announced that De Grey Mining (ASX:DEG) can earn a 50% direct stake in tenements by spending A$25 million on exploration within four years, with a minimum commitment of A$7 million within 18 months, at which time the 50/50 Egina JV will be established. The tenements include Novo’s Becher Gold Project (“Becher”) and adjacent tenements.
Mike Spreadborough, Executive Co-Chairman and Acting CEO and Quinton Hennigh, Non Executive Co-Chairman of Novo Resources joins me to future explain this agreement with De Grey Mining. Mike explains how the deal came together with De Grey and the process for the Company to earn its 50% interest in the future JV. Quinton discusses the geology and similarities between the Becher Project and De Grey’s Mallina Gold Project.
We also discuss the A$10 Million investment in Novo from De Grey and how this money will be used to advance other projects in the Company’s portfolio. Novo will also be listing on the ASX to gain better exposure to Australian investors.
If you have any follow up questions for the team at Novo Resources please email me at [email protected].