VANCOUVER, Jan. 30 - Novawest Resources Inc. (TSXV - "NVE"; Frankfurt - "NWN"), is pleased to announce the acquisition of the Firecracker Gold Project situated in Catherine Township near Kirkland Lake and Larder Lake, Ontario. The Firecracker Project consists of twenty mineral claims totaling 78 claim units.
Novawest has arranged to purchase a 100% interest in the project by paying the Vendors a total of twenty-five thousand and one hundred dollars and two-hundred and fifty thousand commons shares of Novawest. The shares being issued will be subject to a four month hold period. Of the total purchase price, ten thousand dollars and one hundred thousand shares will be paid upon the completion of the first positive geological report Novawest produces on the property. The property will be subject to a 3% Net Smelter Return (NSR) in favour of the Vendors. Novawest may purchase one-half of the NSR for one million-five hundred thousand dollars and also has been granted a first right of refusal on the remainder of the NSR. All of the terms of the purchase are subject to approval of the TSX Venture Exchange.
Such prolific gold camps as Kirkland Lake and Larder Lake, that have produced millions of ounces of gold to date, are very favorable for gold exploration. They offer an excellent opportunity to make world class discoveries. These camps are located in the Abitibi greenstone belt which contains the other near-by productive gold mining districts of Timmins, Rouyn-Noranda, and Val d'Or. Collectively all of these gold mining camps form the Golden triangle, which historically has produced approximately three-quarters of Canada's gold production.
Novawest invites the public to visit its "NEW" website at http://www.Novawest.com or e-mail us at Novawest@Novawest.com to be added to the Company's e-mail list for press releases and updates.
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RESOURCES INC.
"Patrick D. O'Brien"
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Patrick D. O'Brien - President
S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun & Bradstreet Listed
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUITE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN
Contacts
Suite 1600
The Bower Building
543 Granville Street
Vancouver
British Columbia
Canada
V6C 1X8
Tel: (604) 683-8990
Toll-Free: 1-800-663-8990
Fax: (604) 683-8903
www.novawest.com
novawest@novawest.com
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