Mr. Quinton Hennigh reports

NOVO ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Novo Resources Corp. intends to undertake a non-brokered private placement, the first tranche of which is expected to raise gross proceeds of $1,299,000 by the issuance of 2,498,077 units at a price of 52 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at a price of 80 cents per share for a period of 24 months from the closing date of the first tranche. The warrants are subject to an accelerated expiry, whereby, starting one year from the close of the first tranche, if the daily high trading price of Novo's common shares exceeds $1.20 for a period of 20 consecutive trading days, Novo may provide notice of early expiry, and the warrants will expire 30 days thereafter.

Finders' fees may be payable in connection with the financing. The net proceeds from the financing will be used by the company for exploration expenditures on its mineral resources properties located in Western Australia and for general working capital purposes.

The financing is subject to acceptance of the TSX Venture Exchange. The material change report filed in connection with the financing will address the requirements of Section 5.2 (1) of MI 61-101. It will likely be filed fewer than 21 days before the expected closing of the first tranche, which is considered reasonable, given the uncertainty of market conditions, in order not to jeopardize the completion of the private placement.