Novo Resources Expands Mineralization at its Beatons Creek Gold Project, Western Australia

NEWS –VANCOUVER, October 11, 2012 – Novo Resources Corp. (the “Company”) (CNSX: NVO; OTCQX: NSRPF) is pleased to announce initial Leachwell analytic results from its phase two reverse circulation drilling at the Beatons Creek Gold Project. Metallic screen assays from most phase one holes have also been received and confirm gold grades returned by Leachwell analysis.

“We are very pleased to see hole BCRC12-029, located approximately 700 meters out into the basin, return two mineralized intercepts at reasonably shallow depths,” commented Dr. Quinton Hennigh, President and CEO of Novo Resources. “This hole suggests shallow, gold-bearing conglomerates may underlie a much broader area than previously thought. In addition to this large step-out hole, our infill drill holes continue to demonstrate good continuity of gold-bearing conglomerate horizons under Grants Hill. Hole BCRC12-037 encountered over 110 gram-meters of grade-thickness, the best hole yet at this target.”

Phase Two Drilling

Phase two drilling, currently underway, is designed to expand the area of gold-bearing conglomerates (reefs) at Grants Hill as well as infill areas drilled during phase one (see table below; see attached updated drill plan map and cross sections).

Highlights:

-          Hole BCRC12-029, the first phase two step-out hole, encountered significant mineralization including 5 meters at 1.30 grams per tonne (gpt) gold including 1 meter at 4.28 gpt gold and a second interval of 12 meters at 1.34 gpt gold including 1 meter at 13.39 gpt gold. This hole is the northernmost hole drilled to date and is approximately 700 meters from the basin edge. Although the Grants Hill gold-bearing reefs dip at about 12-15 degrees northwest along the basin edge, the shallow depth at which mineralization was encountered in hole BCRC12-029 (45 meters) suggests these beds flatten as they extend northward. Further drilling is needed to verify the extent of area underlain by shallow reefs.

-          Infill drill results continue to demonstrate continuity of mineralized reefs under Grants Hill.

• Hole BCRC12-036: 15 meters at 1.04 gpt gold including 1 meter at 5.69 gpt gold.
• Hole BCRC12-037: 11 meters at 2.56 gpt gold including 1 meter at 24.56 gpt gold and a second interval of 9 meters at 8.98 gpt gold including 1 meter at 74.39 gpt gold.
• Hole BCRC12-038: 9 meters at 0.58 gpt gold including 1 meter at 3.34 gpt gold.
• Hole BCRC12-039: 17 meters at 0.67 gpt gold including 1 meter at 3.48 gpt gold.
• Hole BCRC12-040: 12 meters at 6.16 gpt gold including 2 meters at 28.21 gpt gold and a second interval of 8 meters at 1.13 gpt gold including 1 meter at 3.36 gpt gold.

As of the date of this news release, 89 infill and step-out holes, all vertical, have been drilled as part of the phase two campaign at Grants Hill. Results from remaining holes will be released in batches as they are received from the laboratory over the next few months. Samples from select intervals from these holes will be submitted for metallic screen assays and these results are expected back by the early part of next year.

Metallic Screen Assays from Phase One Drilling

Many metallic screen assays from select samples from phase one drill holes have been received from the laboratory (see table below).

Highlights:

-          Metallic screen assays confirm gold grades in previous Leachwell gold analyses from phase one drill holes reported in a press release dated August 21, 2012.

-          When samples grading 3 gpt gold or greater by Leachwell analysis are broken out of the dataset, there is a 22% decrease in corresponding metallic screen assays. However, for samples grading less that 3 gpt gold by Leachwell analysis, there is a 21% increase in corresponding metallic screen assays. The average grade of metallic screen assays compared to the average of corresponding Leachwell analyses is nearly equal.

-          Metallic screen assays suggest significant amount of gold occurs in particles coarser than ~100 microns (150 mesh used for sieving). Such gold may prove amenable to gravity concentration during processing.

-          A comparison of Leachwell analyses to metallic screen assays indicates gold mineralization is not refractory and may be amenable to conventional leach processing techniques.

Fire assay results from four meter composite samples from holes BCRC11-001 through BCRC11-016 were reported by Novo Resources in a news release dated February 14, 2012. Due to the nuggety behaviour of gold in some samples, the Company decided to undertake Leachwell analyses on one meter splits from these drill holes as well as the one meter splits from holes BCRC12-001 through BCRC12-028. These results were reported on August 21, 2012. The Leachwell technique utilizes a large, 1 kilogram, split of pulverized sample thereby reducing the analytic variability associated with coarse particulate gold. Because this technique uses a solution of sodium cyanide to dissolve gold, it also provides a preliminary indication of what levels of gold might be recoverable from these rocks.

Upon return of Leachwell analyses, a selection of 566 samples was resubmitted to the laboratory for metallic screen assay. Many of these assays are summarized in the table above where they are compared to the original Leachwell analyses. Assays for about 100 samples are still pending. The metallic screen assay uses a 1 kilogram split of pulverized sample that is sieved using a 150 mesh screen. Two fire assays are performed on the -150 mesh fraction and the +150 mesh fraction, usually amounting to a few grams, is assayed in entirety. A weighted average assay is then calculated for each sample. Like the Leachwell technique, metallic screen assays employ a large, 1 kilogram, split of pulverized sample thereby reducing the analytic variability associated with coarse particulate gold.

Because of the shallow dip of the gold-bearing conglomerates being targeted, mineralized intercepts reported in this news release are close to the true width of the reefs. Some mineralized intercepts include narrower intervals of very high grades. These have been broken out in the tables in this news release. Weighted averages were used to calculate all mineralized intervals.

Quality Control and Quality Assurance

Reverse circulation drill cuttings are collected from every one meter interval at the drill, logged and sampled by Novo Resources personnel. Samples were prepared and analyzed by Leachwell technique and metallic screen fire assay by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia.  Both the Leachwell analytic technique and metallic screen assaying utilize a 1 kilogram split of pulverized sample. Novo Resources personnel submitted quality control samples, including duplicates, standards and blanks.

Dr. Quinton Hennigh, the Company’s Chief Executive Officer, President and Director and a Qualified Person as defined by National Instrument 43-101, has approved the technical contents of this news release.  Novo Resources personnel have performed work at Beatons Creek under the supervision of Dr. Hennigh.

About Beatons Creek

The Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa.  Shallow gold reefs were first identified and mined in this area beginning in the late 1800’s.  Novo Resources current drill program is the first modern, systematic exploration on the property.

About Novo Resources Corp.

 Novo’s focus is to evaluate, acquire and explore natural resource properties and make strategic investments in gold exploration companies. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected]

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”                            

Quinton Hennigh

CEO and President

The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation), including without limitation statements as to the planned activities of the remainder of the phase two campaign at Grants Hill.  These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.  Such factors include, without limitation, the ability to complete the drilling program as currently contemplated, the receipt of successful results as drilling proceeds, customary risks of the mineral resource exploration industry as well as Novo Resources having sufficient cash to fund the planned drilling and other activities.

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