Nova Mining Corp. (OTCBB:NVMN) announced today that the Company has executed an Option Agreement with Natural Resources Recovery Guyana (NRRG) regarding five diamond, gold and timber harvesting concessions totaling 2,567 hectares (6,000 acres) in Northeastern Guyana, South America. Under the Agreement, both parties are to negotiate, in good faith, an Investment and Profit Sharing Agreement related to the concessions. The terms of the Option is 60 days, during which Nova Mining management will conduct due diligence on NRRG’s concessions and resource survey results.
The concessions are located in the Upper Cuyuni Basin - Greenstone Belt, Guyana, between the country’s border with Brazil and Venezuela. All permitting and mining licenses have been secured from the Guyana Mining Commission and verified by a Guyana-based law firm specializing in mineral rights.
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, the need for more diamond tipped oil drilling bits and rapidly rising demand in Asia resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth. Due to these steadily increasing market trends, the Company is initially focusing on diamonds, but is also looking to build a mining asset portfolio that contains copper and gold resources.
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) AngloGold Ashanti Ltd. (NYSE: AU), and Harmony Gold Mining Ltd. (NYSE: HMY).
About Nova Mining Corp. (OTCQB: NVMN)
Nova Mining Corporation is a Nevada corporation listed on the OTCQB 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.
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