NOVUS GOLD CORP. EXERCISES REN PROPERTY REPURCHASE OPTION
7,500,000 SHARES ISSUED TO TERRA
VENTURES INC.
February 4, 2010 – Vancouver, BC – Novus Gold Corp. (TSX-V:NOV) (“Novus” or “the
Company”) wishes to announce that it has exercised its option to repurchase a 51% interest in the REN
gold property from Terra Ventures Inc. (“Terra”) by issuing 7.5 million shares to Terra (the “Repurchase
Option”). Prior to Novus exercising the Repurchase Option, Terra had acquired a 51% interest in the REN
property in the Northwest Territories as a result of having incurred $1.5-million in expenditures on the
REN property by December 31, 2009. Terra now holds approximately18.2% of the Company’s 41,125,000 issued
shares.
The REN property hosts banded iron formation gold showings in the Point Lake area,
approximately 90 kilometres southwest of the formerly producing Lupin gold mine owned by Echo Bay Mines.
Approximately 30 drill holes were completed on the main gold showing on the REN property between 1974
and 1990 by Texasgulf, Cominco and Westview. A further nine holes were drilled by Terra in 2009 (results
in a press release dated January 11, 2010).
For further information visit the company's website at
www.novusgold.com or contact Ryan Johnson, Investor Relations, at 1-604-688-0335.
On behalf of the
board of directors of
NOVUS GOLD CORP.
“Mike Magrum”
Mike Magrum, President
NEITHER THE TSX
VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This
News Release contains forward-looking statements. Forward-looking statements are statements which relate
to future events. In some cases, you can identify forward-looking statements by terminology such as
“may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or
“continue” or the negative of these terms or other comparable terminology. These statements are only
predictions and involve known and unknown risks, uncertainties and other factors that may cause our or
our industry’s actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or achievements expressed or implied
by these forward-looking statements.
While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future performance suggested herein. Except as
required by applicable law, the Company does not intend to update any of the forward-looking statements
to conform these statements to actual results.
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