GeoNova obtains a 1.5% NSR on the Titao property, in Burkina Faso

Business Wire,  Oct 18, 1995  

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MONTREAL, QUEBEC--(BUSINESS WIRE)--OCTOBER 18, 1995--GEONOVA EXPLORATIONS (ME, VSE: GNE ) GeoNova Explorations inc. ("GeoNova") announces that it has sold its interest in the Titao property, in Burkina Faso, to Incanore Resources Ltd. ("Incanore") in exchange of a 1.5 per cent NSR (Net Smelter Return) royalty. This transaction reflects GeoNova's will to concentrate its exploration efforts in its more advanced projects, including the Chevrier deposit with an estimated geological inventory of nearly 220,000 ounces of gold.

GeoNova and Incanore have agreed that 1 percent of the royalty may be brought by Incanore at a price ranging from $500,000 to $1,000,000 according to the date of the exercise of this right. The remaining royalty (0.5 percent) can be negotiated at any time. This transaction is subject to the approval of the respective boards as well as regulatory approval.

In addition to the Chevrier project, GeoNova has interests in thirteen other exploration properties in Northwestern Quebec. -0-

GeoNova Explorations inc. is listed on the Montreal and Vancouver stock exchanges and its trading symbol is GNE.

CONTACT: Andre Fortier

President and Chief Executive Officer

GeoNova Explorations inc.

(514) 987-1097

or

Jacques Beauregard

Vice-President

Incanore Resources Ltd.

(418) 692-4303

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