The TSX Venture Exchange has accepted for filing an option agreement between Novo Resources Corp. and Beatons Creek Gold Pty. Ltd. and Red Dog Prospecting Pty. Ltd., whereby the company may acquire a 90-per-cent interest in the Mt. Hayes property (tenement EL 46/1018), located in the Pilbara region of Western Australia, plus all relevant property databases and information. Consideration is $25,000 (Australian) cash and either $1.88-million (Australian) in cash or shares at the choice of the company over a two-year period, plus a commitment to keep the tenement in good standing.

If the company exercises its option and acquires a 90-per-cent interest in the property, a joint venture will be formed. If the vendor's interest is diluted down to 5 per cent, its interest will automatically convert to a 2-per-cent net smelter return (NSR). For full details, please see the company's news release dated April 14, 2016.