Novo and Sumitomo Complete Earn-In Over Kangan Project at Egina With Essential Metals Limited

VANCOUVER, British Columbia, Dec. 16, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. ("Novo" or the "Company") (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has, in conjunction with Sumitomo Corporation of Tokyo, Japan, completed its earn-in obligations and earned a 70% interest in precious metals rights on Essential Metals Limited's (formerly Pioneer Resources Limited) ("Essential") (ASX: ESS) Kangan project. The Kangan project comprises a portion of the Company's Egina project (see figure 1 below). Please see the Company's news releases dated September 17, 2018, and June 7, 2019 for further details.

"We are excited to continue progressing exploration efforts and align the parties' strategic objectives to maximize the potential of the prospective Egina project," commented Quinton Hennigh, Chairman and President of Novo. "We look forward to partnering with Sumitomo and our new joint venture partner, Essential, in order to advance the Kangan project and the broader Egina project."

About Novo Resources Corp.

Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. 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

Chairman and President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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