Nova records positive results for diamond mining in Guyana

Nova Mining Corporation announced on Friday that the it has received, as part of due diligence, very positive initial test results furnished by Natural Resources Recovery Guyana (NRRG) regarding concessions totalling 2,567 hectares (6,000 acres) in north eastern Guyana, for which Nova Mining has signed an option agreement with NRRG. Under the Agreement, both parties are to negotiate, in good faith, an Investment and Profit Sharing Agreement (IPSA) related to the concessions. The initial test results will be confirmed by Nova Mining as part of the due diligence process in reaching an IPSA. The concessions are located in the Upper Cuyuni Basin – Greenstone Belt, Guyana, between the country’s border with Brazil and Venezuela.

The initial test documents are from test locations on the concessions that are reportedly sanctioned by the Guyana Government. The documents show that on five (5) tested locations, 252.2 carats of diamonds were recovered from 1656 stones. 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 Corporation 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, new material requirements of the US military, the need for more diamond tipped oil drilling bits and rapidly rising demand in Asia has resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth.

Nova Mining Corporation is a Nevada corporation listed on the OTCBB under the trading symbol NVMN. The Company 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.