🕐02.03.11 - 15:27 Uhr

Novus Gold Corp. [TSXV:NOV, OTCQX:NVXXF, FSE:VGN] - ENVIROGOLD TO INVEST UP TO
US$10 MILLION IN NOVUS GOLD’S LA YAGUA AND LA PACIENCIA PROPERTIES IN THE DOMINICAN REPUBLIC



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Novus Gold Corp.

[TSXV:NOV, OTCQX:NVXXF, FSE:VGN] - ENVIROGOLD TO INVEST UP TO US$10 MILLION IN NOVUS GOLD�S LA YAGUA AND LA PACIENCIA PROPERTIES IN THE DOMINICAN REPUBLIC

March 2, 2011 - Novus Gold Corp.

(TSX-V:NOV, �Novus�) is pleased to announce that it has entered into a letter of intent with Australian-listed EnviroGold Limited (ASX:EVG, �EnviroGold�) pursuant to which EnviroGold will have the option to invest up to US$10 million to acquire up to a 50% interest in Novus�s Dominican Republic subsidiary (the �Dominican Corporation�) that holds its La Paciencia and La Yugua Properties.

The transaction is subject to entering into of a formal joint venture shareholders� agreement between the parties, as well as regulatory approval.

The funds will be invested directly into the Dominican Corporation and used for the exploration of the Properties over the next three years under the operatorship of Novus.

If EnviroGold exercises its full option and acquires a 50% interest in the Dominican Corporation, it will have the right to purchase an additional 10% interest in the Dominican Corporation from Novus for US$5 million for a one year period.

If Envi roGold does not exercise this option, Novus will have a similar option back.

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