Novo Resources, that explores and develops gold projects in the Pilbara region of Westner Australia, has entered into a $30m farmin and joint venture agreement with Sumitomo. Sumitomo has the right to elect not to continue with the farmin arrangement and, if this right is exercised, it is expected that any amounts advanced under the farmin arrangement will be converted into common shares of Novo through a shares for debt settlement at the higher of $1.5 and the minimum price permitted as at the date the right is exercised, subject to receipt of TSX Venture Exchange approval. “Novo’s Egina project is an early-stage, high-potential gold project. Sumitomo, upon conducting their own technical review, has developed a similar opinion. It is remarkable for an exploration company to team up with a world-class finance partner like Sumitomo. With Sumitomo’s financial backing, we aim to quickly advance Egina through exploration and test-extraction phases with the ultimate goal, should results prove favourable, of setting the project on a path to production. Novo has been developing the relationship with Sumitomo for many years, built on a foundation of mutual trust and respect. The combined teams have the technical capacity to advance this unique gold deposit and we are honoured to work with Sumitomo’s capable technical team.” Quinton Hennigh, Novo Resources Chairman and President.