Novo Resources

VANCOUVER, May 1, 2013 - Novo Resources Corp. (the "Company") (CNSX: NVO; OTCQX: NSRPF) is pleased to announce the first ever National Instrument (NI) 43-101 compliant resource estimate for its Beatons Creek Gold Project, Western Australia. This resource estimate is based on 16,107 meters of reverse circulation (RC) drilling and 478 meters of diamond core drilling completed in 2011-12. The effective date of this resource estimate is April 30, 2013.

Highlights:

-Inferred resource of 421,000 troy ounces gold contained in 8.9 million tonnes at a grade of 1.47 grams gold per tonne.

-This inferred resource was defined by 16,107 meters of vertical RC drilling. Specific gravity measurements were taken from core samples from eight recently completed diamond drill holes totaling 478 meters. Costs related to drilling total approximately $2.5 million making the cost of discovery about $6/troy ounce gold.

-Most of this resource is contained within two shallow, sub-horizontal gold-bearing conglomerate horizons (reefs) displaying strong lateral continuity.

-Mineralization remains open to the north, west and south into the basin. There is a good potential for expanding this resource through further drilling given the strong sub-surface continuity of these reefs as demonstrated by drilling coupled with the Company's recent success in tracing their surface expression along the northern and northwestern perimeter of the basin (see news release dated January 24, 2013).

-This inferred resource enables undertaking of a preliminary economic assessment planned for later this year. It is expected that upgrading this resource to the indicated category can be accomplished by drilling approximately 3,710 meters more infill RC holes. Doing so would enable advancement toward a prefeasibility study.

"We are very proud that in a few short months, and for a modest budget, we have advanced Beatons Creek from a conceptual target to a sizeable inferred gold resource," commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources. "We are off to a strong start, and from here, we see a straightforward path toward upgrading and expanding this resource as well as commencing a preliminary economic assessment."

Beatons Creek NI 43-101 resource estimate is summarized below:

 -------------------------------------------------------------
 |Classification|Au Cut-off|Tonnage |Au Grade  |Contained Au |
 |              |(grams per|(million|(grams per|(troy ounces)|
 |              |tonne)    |metric  |tonne)    |             |
 |              |          |tonnes) |          |             |
 |-----------------------------------------------------------|
 |Inferred      |0.20      |9.2     |1.44      |424,000      |
 |              |--------------------------------------------|
 |              |0.30      |9.2     |1.44      |424,000      |
 |              |--------------------------------------------|
 |              |0.50      |8.9     |1.47      |421,000      |
 |              |--------------------------------------------|
 |              |0.60      |8.6     |1.5       |415,000      |
 |              |--------------------------------------------|
 |              |0.80      |7.1     |1.67      |381,000      |
 |              |--------------------------------------------|
 |              |1.00      |5.5     |1.89      |334,000      |
 |              |--------------------------------------------|
 |              |1.50      |3.0     |2.43      |236,000      |
 |              |--------------------------------------------|
 |              |2.00      |1.6     |3.02      |160,000      |
 |              |--------------------------------------------|
 |              |2.50      |0.9     |3.71      |106,000      |
 |              |--------------------------------------------|
 |              |3.00      |0.6     |4.22      |78,000       |
 -------------------------------------------------------------

1 troy ounce = 31.1035 grams