VANCOUVER, British Columbia, July 11, 2022 (Globe NEWSWIRE) — Novo Assets Corp. (“Novo” or the “Company”) (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 Company’s approvals submission pertaining to the Clean mineralization component of the Company’s Beatons Creek gold project (“Beatons Creek”) does not involve evaluation beneath Part IV of the Western Australian Environmental Security Act 1986.
The Firm will now immediately initiate conversations with the Western Australian Office of Mines, Sector Regulation and Security (“DMIRS”) to seek out acceptance to mine the Beatons Creek Contemporary mineral resource. The Business expects to transition to Phase Two mining of the Beatons Creek Clean mineral useful resource on receipt of requisite acceptance from DMIRS and a make last expenditure determination write-up receipt of final results of the feasibility review1.
The Business appreciates the attempts of the EPA to diligently development the Company’s submission while managing the impacts of COVID-19 and workforce shortages.
Commenting on the EPA’s conclusion, Government Co-Chairman, acting Main Government Officer, and director Mike Spreadborough said, “We are incredibly delighted with the reaction from the EPA and will now convert our awareness to advancing discussions with DMIRS to development critical paperwork and our approval to guarantee we can commence Section Two mining at the Beatons Creek contemporary mineral source. We are informed of the value of this course of action and will hold stakeholders often up to date.”
CAUTIONARY Statement
The final decision by the Business to create at the Beatons Creek Project was not dependent on a feasibility analyze of mineral reserves demonstrating economic and technical viability and, as a final result, there is an amplified uncertainty of acquiring any individual degree of recovery of minerals or the charge of this kind of restoration, which include improved risks affiliated with creating a commercially mineable deposit. Production has not achieved forecast to date. Historically, this sort of tasks have a much better threat of financial and complex failure. There is no warranty that expected creation charges will be accomplished. Failure to accomplish the anticipated generation expenses would have a substance adverse effect on the Company’s dollars circulation and long run profitability.
The Business cautions that its declaration of industrial creation powerful Oct 1, 20212 only indicates that the Beatons Creek Task was operating at expected and sustainable degrees and it does not suggest that financial success will be understood.
QP Assertion
Dr. Quinton Hennigh (P.Geo.) is the experienced particular person, as described less than National Instrument 43-101 Requirements of Disclosure for Mineral Initiatives, accountable for, and possessing reviewed and authorized, the technological info contained in this news launch. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold venture when exploring and developing its prospective land offer covering close to 11,000 square kilometres in the Pilbara location of Western Australia. In addition to the Company’s principal focus, Novo seeks to leverage its inner geological experience to produce benefit-accretive chances to its shareholders. For much more facts, make sure you speak to Leo Karabelas at (416) 543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Means Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Ahead-seeking facts
Some statements in this news release comprise ahead-hunting details (within just the meaning of Canadian securities laws) such as, without having limitation, that the Company will instantly initiate discussions with DMIRS to development approval to mine the Beatons Creek Refreshing mineral source, and that the Organization expects to transition to Period Two mining of the Beatons Creek Refreshing mineral resource on receipt of requisite approvals from DMIRS and a remaining expense selection article receipt of outcomes of the feasibility analyze. These statements address long term events and disorders and, as these types of, involve identified and not known hazards, uncertainties and other variables which might cause the actual final results, performance, or achievements to be materially distinctive from any upcoming final results, functionality or achievements expressed or implied by the statements. This sort of elements include, without the need of limitation, customary dangers of the useful resource field and the hazard variables discovered in Novo’s management’s discussion and evaluation for the three months finished March 31, 2022, which is accessible beneath Novo’s profile on SEDAR at www.sedar.com. Forward-on the lookout statements converse only as of the day those statements are designed. Other than as necessary by relevant legislation, Novo assumes no obligation to update or to publicly announce the final results of any transform to any ahead-searching statement contained or integrated by reference herein to replicate precise success, potential activities or developments, alterations in assumptions or modifications in other components affecting the forward-seeking statements. If Novo updates any forward-seeking statement(s), no inference should be drawn that the Enterprise will make extra updates with regard to all those or other forward-hunting statements.
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1 Refer to the Company’s news releases dated June 14, 2021 and June 14, 2021.
2 Refer to the Company’s information release dated Oct 12, 2021.
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