BC’s Novo Resources, Sumitomo Corporation of Japan Extend MoU for Australian Projects

Vancouver, B.C.-based mining company Novo Resources Corp. (Novo) has announced that it has extended and expanded its memorandum of understanding (MoU) with Japan’s Sumitomo Corporation (Sumitomo) to evaluate, advance, and develop Novo’s Australian gold projects. The Japanese company will provide human resource assistance and make available up to C$61.3 million. Further, the MoU will grant Sumitomo the right to fund a project through an option to purchase an interest or subscribe for Novo’s common shares, with Sumitomo retaining the sole and exclusive right to determine the final funding mechanism. Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, where the company has built up a significant land package covering approximately 12,000 square km with varying ownership interests.

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