NSRPF Novo Res Corporation (QX)

Novo Resources Corp.

Suite
1980 – 1075 West Georgia Street

Vancouver,
BC V6E 3C9

NOVO RESOURCES CORP. REPORTS CLOSING OF SECOND BROKERED PRIVATE
PLACEMENT  

VANCOUVER, December 21, 2012 - Novo Resources Corp. (“Novo”) (CNSX: NVO; OTCQX: NSRPF) is
pleased to report that it has closed its previously announced brokered private
placement (the “Financing”) raising
gross proceeds of $1,000,025, in escrow, by the issuance of 1,538,500
subscription receipts (each a “Receipt”)
at a price of $0.65 per Receipt.  Each Receipt
will be convertible, at no additional cost, into one unit (each a “Unit”) upon the satisfaction of certain
conditions.  Each Unit will consist of
one common share and one common share purchase warrant (each a “Warrant”) of Novo.  Each Warrant will entitle the holder thereof
to purchase one additional common share of Novo at a price of $0.90 per share
for a period of 24 months from the date of issue.  The
Warrants will be subject to an accelerated expiry whereby if, at any time following
the expiry of the statutory hold period, the
volume weighted average trading price of Novo’s common shares is equal to or
exceeds $1.20 for any 20 consecutive trading days, Novo may give notice to the
Warrant holders that the Warrants will expire on the 31^st calendar
day following the date of the notice.

Fraser Mackenzie Limited, as Lead
Agent, and BayFront Capital Partners Ltd., Stifel Nicolaus Canada Inc. and
Paradigm Capital Inc. as agents (collectively, the “Agents”) have been appointed as agents for the Financing.  The Agents have been paid, in
escrow, a cash commission equal to 6.0% of the gross proceeds and issued, also
in escrow, share purchase warrants (the “Agent's
Warrants”) to acquire that number of Novo’s common shares as is equal to
6.0% of the aggregate number of Receipts sold under the Financing.  The Agent’s Warrants shall be exercisable at a
price of $0.65 per Agent’s Warrant for a period of 24 months from the closing
date of the Financing, subject to the conversion of the Receipts into the
underlying Units. 

All securities issued
in this Financing are subject to a statutory hold period expiring on April 20,
2013.  

The net proceeds from the Financing will
be used by Novo for exploration expenditures on its mineral resource properties
located in Western Australia and for general corporate purposes, assuming the
conversion of the Receipts into Units.

About Novo Resources Corp.

Novo Resources Corp.’s focus is to
evaluate, acquire and explore natural resource properties. Novo presently has
joint ventures earning a 70% interest in two exploration properties, Beatons
Creek and Marble Bar, situated in Western Australia. For more information,
please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.           

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”

Quinton Hennigh

CEO and President

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