NVMN: Initial Due Diligence Test Documents Reflect Significant Diamond Presence in New Guyana Claim
News Releases
BusinessWire · Mar. 23, 2012 | Last Updated: Mar. 23, 2012 8:51 AM ET
Nova Mining Corp. (OTCBB:NVMN) announced today that the Company has received, as part of Due Diligence, very positive initial test results furnished by Natural Resources Recovery Guyana (NRRG) regarding concessions totaling 2,567 hectares (6,000 acres) in Northeastern Guyana, South America, for which Nova Mining has signed an option agreement with NRRG. Under the Agreement, both parties are to negotiate, in good faith, an Investment and Profit Sharing Agreement (IPSA) related to the concessions. The initial test results will be confirmed by Nova Mining as part of the Due Diligence process in reaching an IPSA. The concessions are located in the Upper Cuyuni Basin - Greenstone Belt, Guyana, between the country’s border with Brazil and Venezuela.
The initial test documents are from test locations on the concessions that is reportedly sanctioned by the Guyana Government. The documents show that on five (5) tested locations, 252.2 carats of diamonds were recovered from 1656 stones. Subject to affirming the assertions by NRRG, Nova Mining management believes that acquiring an interest in NRGG’s Guyana concessions could prove to be a very lucrative move for the Company.
Nova Mining Corp. (NVMN) strongly believes that current market conditions are extremely favorable for diamond prices and sales due to the new significant demand being placed on the existing worldwide diamond supply.
New manufacturing methods requiring superior cutting materials, new material requirements of the US military, the need for more diamond tipped oil drilling bits and rapidly rising demand in Asia has resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth.
More information on Nova Mining Corp can be seen at: http://www.nova-mining.com
Nova Mining Corp. (NVMN) aggressively searches out and acquires the most promising strategic mining resources worldwide. NVMN competes in an industry sector that includes the Harry Winston Diamond Corporation (NYSE: HWD), the Hecla Mining Company (NYSE: HL) Raytheon (NYSE: RTN), and Northrop Grumman (NYSE: NOC).
About Nova Mining Corp. (OTCQB:NVMN)
Nova Mining Corporation is a Nevada corporation listed on the OTCBB under the trading symbol NVMN. The Company’s is a growth-focused company that seeks to acquire an international portfolio of viable mining projects ready for further development. The Company operations philosophy includes securing local partners with strong management abilities and proven records for low production cost and high return on investment. Nova Mining is listed on the NASDAQ OTC exchange under the symbol NVMN.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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Contacts
Nova Mining Corporation
Carmen Joseph Carbona, 315-558-3702