Novo Resources Corp. (NVO:TSX.V; NSRPF:OTCQX) announced in a news release it will acquire a 100% interest in exploration licenses E47/1745 (Purdy's Reward) and E47/3443 (47K) in Western Australia from Artemis Resources, thereby eliminating the last Novo-Artemis joint ventures.
"Novo now has the flexibility to advance the Purdy's Reward and 47K projects at its discretion," the release noted.
For both licenses, Novo will issue an aggregate of 2 million common shares and pay AU$1 million in cash, which will be distributed to Artemis and its joint venture partners. Novo also will grant a 1% net smelter returns royalty on the 47K project to one of Artemis' partners in that venture.
With the acquisitions, Novo consolidates its mineral property holdings in the Karratha region. Also, the Canadian company may advance its Karratha gold project "in tandem with its Pilbara conglomerate gold strategy," Novo Chairman and President Dr. Quinton Hennigh said in the release.
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