Novo Assets.
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VANCOUVER, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) — Novo Assets Corp. (“Novo” or the “Firm”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) advises that the Chair of the Western Australian Environmental Safety Authority (the “EPA”) has decided that the Firm’s approvals submission concerning the Contemporary mineralization element of the Firm’s Beatons Creek gold venture (“Beatons Creek”) doesn’t require evaluation underneath Half IV of the Western Australian Environmental Safety Act 1986.
The Firm will now promptly provoke discussions with the Western Australian Division of Mines, Business Regulation and Security (“DMIRS”) to hunt approval to mine the Beatons Creek Contemporary mineral useful resource. The Firm expects to transition to Section Two mining of the Beatons Creek Contemporary mineral useful resource upon receipt of requisite approval from DMIRS and a make ultimate funding determination put up receipt of outcomes of the feasibility examine1.
The Firm appreciates the efforts of the EPA to diligently progress the Firm’s submission whereas managing the impacts of COVID-19 and workforce shortages.
Commenting on the EPA’s determination, Government Co-Chairman, performing Chief Government Officer, and director Mike Spreadborough stated, “We’re more than happy with the response from the EPA and can now flip our consideration to advancing discussions with DMIRS to progress key paperwork and our approval to make sure we are able to begin Section Two mining on the Beatons Creek contemporary mineral useful resource.
We’re conscious of the significance of this course of and can preserve stakeholders frequently up to date.”
CAUTIONARY STATEMENT
The choice by the Firm to supply on the Beatons Creek Mission was not based mostly on a feasibility examine of mineral reserves demonstrating financial and technical viability and, consequently, there’s an elevated uncertainty of attaining any explicit stage of restoration of minerals or the price of such restoration, together with elevated dangers related to growing a commercially mineable deposit. Manufacturing has not achieved forecast up to now.
Traditionally, such tasks have a a lot larger danger of financial and technical failure. There isn’t any assure that anticipated manufacturing prices can be achieved. Failure to attain the anticipated manufacturing prices would have a cloth hostile influence on the Firm’s money circulation and future profitability.
The Firm cautions that its declaration of business manufacturing efficient October 1, 20212 solely signifies that the Beatons Creek Mission was working at anticipated and sustainable ranges and it doesn’t point out that financial outcomes can be realized.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the certified particular person, as outlined underneath Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Initiatives, answerable for, and having reviewed and authorized, the technical info contained on this information launch. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold venture whereas exploring and growing its potential land bundle overlaying roughly 11,000 sq. kilometres within the Pilbara area of Western Australia.
Along with the Firm’s major focus, Novo seeks to leverage its inner geological experience to ship value-accretive alternatives to its shareholders.
For extra info, please contact Leo Karabelas at (416) 543-3120 or e-mail This electronic mail deal with is being shielded from spambots. You want JavaScript enabled to view it.
On Behalf of the Board of Administrators,
Novo Assets Corp.
Government Co-Chairman and Performing CEO
Ahead-looking info
Some statements on this information launch comprise forward-looking info (throughout the that means of Canadian securities laws) together with, with out limitation, that the Firm will promptly provoke discussions with DMIRS to progress approval to mine the Beatons Creek Contemporary mineral useful resource, and that the Firm expects to transition to Section Two mining of the Beatons Creek Contemporary mineral useful resource upon receipt of requisite approvals from DMIRS and a ultimate funding determination put up receipt of outcomes of the feasibility examine.
These statements deal with future occasions and circumstances and, as such, contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency, or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the statements.
Such components embrace, with out limitation, customary dangers of the useful resource business and the chance components recognized in Novo’s administration’s dialogue and evaluation for the three months ended March 31, 2022, which is offered underneath Novo’s profile on SEDAR at www.sedar.com.
Ahead-looking statements communicate solely as of the date these statements are made. Besides as required by relevant regulation, Novo assumes no obligation to replace or to publicly announce the outcomes of any change to any forward-looking assertion contained or integrated by reference herein to mirror precise outcomes, future occasions or developments, modifications in assumptions or modifications in different components affecting the forward-looking statements.
If Novo updates any forward-looking assertion(s), no inference needs to be drawn that the Firm will make extra updates with respect to these or different forward-looking statements.