Novo Continues To Move Beatons Creek Toward Production
After my last call and interview with Novo management I was impressed at the duel approach of the Company to move more aggressively towards production at Beatons Creek while also continuing to explore on the other properties. The news below outlines more progress at the Beatons Creek property with a memorandum of understanding (MOU) between Novo and Sumitomo Corporation (click here for the company’s Wikipedia page for more information).
While there are no definitive terms in this MOU the key point is when the “Study” (including basic engineering design work and other studies, and permitting) is completed in late 2017 Sumitomo will have “the right to elect to participate directly in the Beatons Creek project and/or make an equity investment in the Company”. This could be a relationship that is critical in bringing the Beatons Creek property into production but we will have to wait until the end of the year for the study and Sumitomo’s decision.
I hold shares in Novo and will be closely watching how the Company progresses with Beatons Creek but also very closely on the exploration drilling at the other properties.
Click here to listen to the most recent interview with Quinton Hennigh and Rob Humphryson.
Also click here to visit the Novo website for more information on the different properties.
Here’s the news…
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It’s encouraging to see the continued progress Novo is making. Thanks for the update.